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A recent study revealed that more than half of global organizations are having difficulty retaining some of their most valuable employees. Many even cite it as one of their main concerns in the next five years.
There are a variety of reasons why you want to keep your turnover rates as low as possible, such as the fact that the cost of replacing even a single highly trained employee can often exceed 200% of your annual salary. But beyond that, creating the kind of company that people really want to work for should always be a priority.
If you really want to improve the employee retention efforts of your company with the help of Performance Management Software here are some key things you should keep in mind.
Remote Work Consideration:
One study found that attrition rates decreased by 50% for employers who offered the option of working remotely. But this is strictly the only benefit that remote work brings to a company.
People who currently work remotely say they have the ability to achieve maximum productivity. In other words, they eliminated all the distractions that come with being in the office and can do much more in much less time. It has also been proven that working remotely reduces stress, increases morale and increases employee commitment
Gamify your office:
If employee participation is one of the most important parts to reduce turnover, then games can be a smart way to improve both your culture and your retention levels in a single drop.
Gamification involves taking the elements of a game and applying them to other environments, in this case, to your office. Consider using work simulation activities to recruit or train new employees, for example. Or, by implementing a new piece of software, you can run a contest and award a prize to whoever is able to master it first. When done well, gamification can increase motivation, productivity and the overall culture of the company.
Training and Incorporation:
According to a recent study, 34% of turnover comes from employees within their first year at work. One of the main reasons why this number is so high is thanks to a poor incorporation experience.
The first days of an employee’s experience with your company cannot be based on lack of confidence. However, that is exactly what happens if you skip a strategic integration program and the appropriate training. Make sure your incorporation and training programs are as effective as possible. HR Software will help to give clarity, and it will give them a reliable to act as a support.
Create a culture:
Finally and despite being the most important, one of the most powerful ways in which your company can improve employee retention is to request open and honest comments from your workforce.
This should go beyond “what kind of snacks do you like in the restroom?” and “where should we celebrate the company’s party this year?” You need to deepen how employees feel, why they feel that way, and what you can do to make significant improvements as often as possible.
What do employees like to work for your company? What do you not like? How do you compare with previous employers with whom you were very satisfied? What are the types of problems that would lead them to look for work elsewhere? These are just some of the many, many, often difficult, questions on which you should request comments.
The opinions your employees are forging each day are the most critical aspect of the relationship you create with that job. Make no mistakes with the help of Cloud HR Software ; all your employees have opinions about your company. They spend most of their time helping the company achieve its goals, so it’s up to you to listen to them and help ensure that each day is better than the last.
Features of Performance Management Software :
- PeopleQlik Core
- Core HR Software – HRMS
- Cloud Payroll Management Software
- Employee Self Services
- HR Analytics Software
- Corporate Wellness Platform
- Talent Management Software
- Recruitment Management Software
- Applicant Management
- New Hire on Board
- Succession Planning
- Performance Management Software
- 360 degree feedback form
- Compensation Planning & Administration
- Social Recognition
- Talent Development
- Learning Management System
- Competency Management
- Training Management
- Workforce Administration
- Leave Management Software
- Time and Attendance Management Software
- Shift & Scheduling
- Claims & Reimbursements
- Timesheet Management Software