Employee Turnover Is Causing Countless Businesses To Fail What Can An HR Solution Do To Fix This?
How do you properly use human resources to keep your business going strong?
You hear about compensation management. Competitors stress the need to keep your business’s image in proper order all days of the week. Yet more employees require a human resource department to look after their needs. As you have already assumed, human resources needs to be the full package to be of any effectiveness. Your very own HR solution needs to be geared to your company size, budget expectations and goals. What can HR software or HR platforms do to help reduce employee turnover and create a happier, smarter business model for the new year? Find out below.
Did You Know?
Every good business needs an HR solution. Failing to stay up-to-date on what modern employees need from their job is a long-term fallout just waiting to happen. Unemployment in Canada has seen a 10% decrease from 2016 to 2017 thanks to new hiring initiatives, with the Employment And Social Development Canada processing an estimated three million applications for employment insurance. HR technology is geared toward every facet of maintaining a healthy and happy employee, from insurance information to personal frustrations that need to be dealt with in a timely manner.
Put A Dent In Employee Turnover
Yes, the dreaded word…employee turnover. The key element that is seeing business after business either going belly-up or having to severely downsize to stay relevant. Getting to the root of employee turnover is the best method of reducing its impact and creating a business filled with happy, engaged employees. Disengaged and unhappy workers have been found to cost the North American business economy a staggering $350 billion every year in lost productivity. That’s before we look at today’s generation being the most likely to hop from job-to-job!
Reap The Benefits Of Employee Retention
How can an HR solution help your business reap the benefits of employee retention? Human resource management means being in touch with not just your customers, but your worker base. What do they need? Are they being properly encouraged? How comfortable are they with their day-to-day responsibilities? Organizations that have a much more standard on-boarding process have been found to experience 55% greater new hire productivity and retention than those that don’t. There’s no benefit to being mysterious here!
Reduce The Cost Of Running A Business
As you can imagine, long-term employees do much more for a business than short-term ones. While some losses are inevitable (such as an employee moving to a new state or needing maternal leave), others can be easily avoided with some extra care. A well-structured on-boarding orientation program makes new hires 70% more likely to remain with a company for three years at the least. Employees that have a positive first few weeks are also 10 times more likely to stick around than those that are initiated with poor management, rude managers and a lack of focus.
What To Expect From An HR Platform
Everyone wants a job that embraces them and appreciates what they have to offer. An HR solution makes sure nothing gets lost between the cracks. Of all the HR professionals replacing their HR software within the next year, over 50% said they needed better overall capability as well as increased functionality. This is especially important for companies with a large amount of employees — it’s thought nearly half of companies have HR software that’s over seven years old, putting them in a bad spot for keeping up with new hires and their unique perspectives on the job market.
What can an HR solution do for you? Let’s switch up the language and think about what an HR solution can do for everyone.