Losing top talent is costly for business. According to Forbes, an employee who generates $500,000 in sales each year results in a loss of $1,961 per day if they leave your firm.
In a bid to combat high staff turnover, organizations are looking at new ways of managing staff. This is where HR has become a strategic essential. HR teams realize that they need more than just time and attendance software to take care of and retain their best people. They need an effective HR software stack.
In this blog post, we share nine key objectives that you should be looking to achieve as you build the best HR software stack for your business.
1. Implement effective onboarding and integration paths
Research shows that as much as 22% of new hires leave within 45 days of starting a new job. The reason? Poor employee onboarding. Often, organizations don’t have set plans for helping new starters assimilate into their teams and new roles.
This problem can be addressed with a structured onboarding and integration plan for every employee, from interns to c-level executives. Your HR software stack should allow you to create a plan that involves check-ins with key management personnel, includes training, and exposes your new hires to important initiatives like diversity and inclusion committees.
2. Embrace diversity and inclusion
Diversity and inclusion are grey areas that many businesses are not equipped to handle. They simply don’t have effective strategies or the tools to help them make a difference.
The best HR software should help you identify trends and create an inclusive workforce. To do this, your software should give you a clear view of the generations that form your workforce and create retention strategies that appeal to your diverse staff compliment.
3. Create stronger retention strategies
Often cited as a reason for low retention, employee engagement doesn’t seem to be improving. In fact, research by Gallup suggests that only 15% of employees worldwide are engaged in their jobs.
Creating engagement is challenging for organizations because it’s hard to manage. This is where relying on robust HR software can make all the difference.
You should be able to schedule mentor meetings, wellness activities, provide real-time feedback, and more to create a rewarding experience for each staff member.
4. Identify and retain your top talent
Losing a star employee should never happen, but it does, and few organizations have preventative measures in place.
A key to retaining top talent is being able to identify it. Your solution should give you a clear picture of your top performers and help you create retention tracks to hold onto them.
5. Foster intrapreneurship with in-house gigs
The gig economy is attracting more professionals to freelance work. The downside for businesses is that they are losing talent because they don’t have a way to offer the same outlet the gig economy does.
The solution? Your HR software stack should allow you to create an internal gig economy of your own and manage it efficiently.
For example, you should be able to create short and long-term projects, match the right talent to each project, and promote gigs to all staff.
6. Motivate staff with real-time feedback
The millennial workforce is now the largest generation in the U.S. labor force and they see immediate feedback as a critical component to their success. Without it, they are likely to search for better employment opportunities.
To keep your millennial workforce happy, you need to be able to schedule and manage real-time feedback effectively. This includes the creation of easy-to-follow performance management processes and action plans for each employee.
7. Develop skills
Like feedback, growth is something that millennials want, and if they don’t receive it, they are likely to seek it out elsewhere.
Therefore, solutions like applicant tracking systems, learning management systems and credit tracking, and performance management systems become integral to employee retention. Together, these tools help you create growth plans for staff and track their development.
8. Provide a clear real-time overview of everything
It’s often difficult to track how the people side of your business is performing. Do you know if you’re losing more people over time or what talent your business is missing?
Is there a trend you’re just not seeing?
The best HR software should be able to give these and other insights in easy-to-digest reports that allow you to quickly gauge the state of your business.
Managing a growing and demanding business requires more than standard HR software. You need a software stack that offers insights and executable plans to help you manage and retain your best staff.
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