The costliest endeavour in any workspace as per 95% of business managers is employee turnover. Also known as employee retention, this is a troublesome affair for most HR practitioners. Almost 50% of managers are of the view that businesses need to bear huge losses due to this. It actually has the potential of pulling down an organization into nowhere. The employee turnover meaning means when employees quit a company during a particular time period due to reasons like dissatisfaction, no career growth, etc. However, it is a lot different than employee attrition. How damaging employee turnover can be is making businesses craft certain strategies such as implementing HRMS software. Such technologies ensure that companies can always safeguard the workforce from dread of losing energy, morale and time. The automation that takes place with each human resource management duty is making such software highly favourable for businesses in today’s time.
Combat Employee Turnover with HRMS Software:
Let us look at some stats.
- 80% of business managers measure employee retention as urgent or crucial
- 100 to 150% of an ex-employee’s annual pay is what a business needs to bear along with lost productivity and the entire severance cycle
- 77% of voluntary proceeds is preventable
Key Reasons for Employee Retention can Include:
- Displeasing benefits and compensation
- Absence of career development prospects
- Unhealthy balance in the sphere of work-life
- Inauspicious work environment
- The mismatch between skills and job requisites
- Unapproachable management
Looking at all those stats and valid employee turnover reasons can concern any HR department of any company. But here is some good news. Celebrated software vendors like Exactlly are now emerging with high-end and best HR software that can address all the factors as mentioned above seamlessly. How strategizing human resource management software can drop off employee turnover is listed below. Some of the employee retention strategies are as follows:
Discovering the True Candidate –
There is a good reason why the HR of a company allows a considerable amount of time while hiring a new candidate. If done right, it can actually benefit a company in many ways. However, the current era includes all types of technologies and automation like HRMS systems that make recruitment a predictive and responsive process. Any HRMS system will include an effective recruitment model that helps in automating tasks like shortlisting, profiling and screening candidates. It also assists in briefing the old employees about their responsibilities and duties and guarantees that the candidate is the ideal fit for the position that is available. Employing the right candidate will also mean zero retention.
Powering Predictive Analysis for Effective People Analytics –
The human resource department keeps collecting employee data but do they actually use it? But when businesses use HRMS software, they are getting hands-on analytical features as well that will help in drawing valuable insights from the data. This is favourable for discovering the workforces behavioural pattern, prospects and risks. HR managers can actually make decisions based on evidence with predictive analytics. They can even discover the points of concern and put a hold on resignations.
Support Development –
Employee training is a highly crucial aspect for eradicating labour turnover. With today’s digital economy taking various turns, businesses must invest in employee training by leveraging systems like employee turnover HRMS. This software is very useful for conducting and managing training sessions for keeping the employee development efforts on track. There are many steps present in the entire training process such as pre-training goal setting, following up surveys, questionnaires for post-training, discussion sessions between line managers and trainees, skill set tests and a lot more. The software can coordinate with each of these processes seamlessly. HRMS integration is a necessity for companies of today’s time. This can help any business by improving employees’ skill set. As employees can get hands-on a progressive job plan with this, there will be very low chances of employee turnover.
Sync between Business Forecasting and Hiring Process –
As a business plan to expand, it sometimes neglects the importance of growth amidst the workforce. However, growth in every stage is paramount for accommodating fresh business requisites perfectly. This is the time when businesses must take a step forward and start using advanced software like HRMS. These systems come with core business procedures & forecasting systems that assists executives in realizing the number of needed hires. Such an HRMS features list will be valuable for any organization. They can even predict how the connected expenditure of training and onboarding will merge with the annual budget. The department of human resource can then make calculated approaches while recruiting. This will automatically lessen employee turnover to large extents.
Evaluating the Turnover Rate and Grounds –
It is very crucial for an organization to discover the exact amount of employee turnover and also the reasons. A robust human resource management system can largely help in simplifying these tasks. HRMS software like this always comes with an all-inclusive feedback system that throws light on the factors that are driving the dissatisfaction in employees. But the system will also recognize the people who are planning to quit the company soon. HRMS systems come with embedded analytics that helps in suggesting prescriptive methods for implementing various strategies. These help in enhancing employee morale and improving employee retention rates.
Balance Between Work and Life –
Every working person in this world always has to plan their life, entertainment, vacation, doctors’ visit as per their work schedules. It is hard for a working person to find liberty at all times that can lead to discontentment. This ultimately results in employee turnover with huge losses for the organization to bear. Businesses are able to operate seamlessly simply because of the teams it has erected. Hence, investing in them in today’s time is a must. For instance, HRMS software enables the workforce to inform about their schedules before time. HRMS systems come with self-service modules as well with which employees can apply for loans, leaves and time-offs by themselves. The attendance management feature of HRMS software is a sought-after one. Employee attendance system always helps in tracking and storing everyday operations on a concurrent basis. They can even get hands-on quick approvals and with very fewer delays. This can help employees in establishing an improved life-work balance. Automatically employee dissatisfaction will simply not be there that will help in curbing turnover rates.
With the times changing, today employees remain inquisitive about how their employer perceives them and how the organization values them. Along with accomplishing organizational goals, the employees also want to grasp personal development. Any lack of this can lead to employee turnover. We already know how catastrophic it can be for an organization. However, the correct HRMS software can change the game plan though. Stakeholders can instantly appreciate and recognize the efforts of the employees in a better manner with such software. As organizations start strategizing for increasing employee retention with exactllyHRMS, they will truly identify the workforce as the biggest asset. To know more, watch Free Demo. Connect with Us today for further details.