Through interaction with Price Associates founder, Ron Price, PayrollAmerica CEO, Wayne Davis, felt he had discovered a leader and team who had the experience and insight to put their finger on the best solution for the turnover challenge.
Price Associates became an extension of PayrollAmerica, taking time to understand the business and the causes of the current rate of turnover. After talking with upper level management and staff, Price Associates determined the solution hinged on creating effective job benchmarks.
Using a unique approach involving both scientifically proven job analysis and close interaction with staff, Price Associates helped PayrollAmerica benchmark 12 key positions. Each benchmark began by creating a list of "key accountabilities" for the targeted job. These are the key results the position must achieve to be in alignment with the company's mission and objectives. A 37-factor inventory/analysis was performed to identify the specific talents-soft skills, behaviors, motivators and thinking processes-essential to success in each position.
Once the job benchmark was established, hiring candidates participated in an online assessment determining their specific talent potential utilizing the same areas of analysis (soft skills, behaviors, motivators and thinking patterns). A comparison was run between the job benchmark and candidate to find the truest match for the position. "The thing that sets Price Associates apart is the expert interpretation they provide us from these assessments. We have used assessments for some time, but we didn't have the level of expertise necessary to make the best possible hiring decisions," reported Davis.
The right talent in the right job spelled success. The job benchmark and talent assessments proved to be excellent predictors of a candidate's success in a position.
PayrollAmerica began using the job benchmarks in hiring in 2004. Within 12 months, the turnover rate had dropped from 33% to 14%, overall job satisfaction rose dramatically and productivity increased. Savings through employee retention was well over six figures in the first 12 months.