October 14, 2011
We start by bringing together the tools of labor economics and the human resources data you already have. Proper analysis of your existing data can uncover economic relationships that can be utilized to formulate business decisions. We model the economic processes specific to the workforce at your company. This model includes your company goals as well as the economic forces affecting employee behavior. Some examples are:
Hiring
In analyzing hiring practices, we use the rich data of company hiring decisions and subsequent job performance in order to uncover those hiring patterns that are “optimal” in the context of subsequent productivity and profitability. When you have a better understanding of the optimal structure of hiring decisions, you can also cut the costs of turnover and increase productivity. Over time, you will attract higher quality applicants, as work and workers become better aligned.
Promotion and Career Paths
Everyone knows that promotion of the right employees at the right time is a critical driver of business success. In some companies, employees take many different paths to get promoted to the same job. Which are the most efficient paths? Which paths are the most incentivizing to employees? We will figure this out.
Employee Engagement
An important result of our optimization work is that employees who are more productive are also more engaged with the company and have better morale. The labor economics literature on job-matching is very rich in implications for real world employment settings. Our professionally recognized survey researchers can work closely with you to assure alignment of your climate surveys with our studies.