Being in the commercial lending space, I speak with business owners daily, generally the company CEO. In most conversations, the topic of employee hiring and retention comes up. It seems that even today, almost three years since the Great Resignation, when 47 million Americans voluntarily left their jobs and 50 million more followed in 2022 (according to data from the US Bureau of Labor Statistics), the repercussions continue to be profound. I know this as truth, as a business owner myself, attracting and retaining employees continues to be an uphill battle.
Recently, I was invited to a demonstration of an online behavioral assessment tool, which we have since found great value in and I wanted to share. It helps analyze and measure the unique cultural dynamics within an organization and focuses on identifying the innate qualities, work styles, and behaviors of individuals to help us, as leaders, make better-informed decisions related to hiring, team building, and overall company management. There are many such tools, but the one I was introduced to and use is called the Culture Index.
With some estimates indicating the cost to replace an employee at three to four times the position's salary, tools such as this one can be incredibly valuable and if you haven’t already, I would encourage exploring this, or a similar such tool for your business.
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