Great employees are irreplaceable.
But with technology making companies transparent and connecting a global talent pool, employees can seek out and jump ship to the best possible opportunities available. In fact, CareerBuilder found that 3 out of 4 employees are open to or looking for new job opportunities.
And the cost to try and find another qualified candidate to fill the position is astronomical, especially when it comes to highly educated executives. According to a Center for American Progress (CAP) study, the turnover cost for a CEO is up to 213% of his/her annual salary.
Company retention and engagement models have never been more important, yet Deloitte University Press found 87% of organizations have cited engagement as one of their top challenges.
But can an employer fight fire with fire? Can an HR solution help with employee retention and engagement?
How HR Tech can help
Of the global workforce, Deloitte found only 13% to be “highly” engaged. That’s a very small handful of employees feeling passionate and committed to their jobs, which has taken a toll on retention rates.
From people analytics and employee self-service portals to mobile apps and professional collaboration tools, technology has streamlined many HR tasks. This makes HR role more robust and focused on people instead of paperwork.
Modern HR technologies have pushed the limits of improving internal company communication and evaluating employee satisfaction, complementing more traditional HR functions during and beyond the hire.
Here are a couple of innovative technologies that give HR leaders a data-driven edge:
- OrangeHRM’s #ProjectNova – This is a hybrid of the modern applicant tracking system and IBM Watson’s personality analytics. In the recruitment process, HR can keep a cap on biases, while discovering behavioral patterns in a candidate’s social media platforms to determine if the applicant is a good fit into the company’s culture. This allows you to find the right person for the job the first time, as well as discover the best ways to engage with potential employees early on.
- HRsoft’s Stayview – This technology automates all the tasks of “stay” interview (an interview allowing employees to discuss what they like or dislike about their position while evaluating their motivation) and easily analyzes the information gained to reduce employee turnover. The solution not only offers features like meeting templates and automated scheduling, it also allows managers to create reports on employee performance and forecast which team members are most likely to leave. Scheduling regular stay interviews with employees is a practical way to boost employee engagement and retention.
In an annual Employee Engagement report, WeSpire found that 52% of employees who have a method of collaboration are very engaged. If you are already using an integrated HR technology, some common features that can help boost employee engagement are:
- Employee self-service tools – The technology gives managers and employees a direct method of communication to create personal career paths, schedule meetings, and fill out evaluation forms, as well as empowers employees by by managing their personal information.
- Social media and collaboration tools – Platforms like professional chat-boxes and company newsfeeds give employees a variety of ways to collaborate. These also keep employees in the loop making them feel more like team players than individual workers.
- HR Mobile Apps – A mobile solution offers employees the flexibility to access HR-related information anytime, anywhere. They’re helpful in completing work tasks quickly, such as requesting time off or looking up a fellow employee’s contact information.
When creating an employee engagement or retention model, HR should take an evidence-based approach. Tim Long, who created a data-driven initiative at Micron Inc., said that it’s not enough to “copycat” the leading practices of other companies and expect results. Not all companies are made the same, so what is effective for one may not be for another.
According to the above-mentioned Deloitte’s study, only 7% of organizations rate themselves excellent at measuring, driving and improving engagement and retention.
As companies become more transparent, managers need to treat employees just like customers. Instead of relying on what you think your employees want, HR solutions can give you powerful insights to effectively engage and retain your employees.