The role of good staffing software in the retention of top talent has become more important than ever in today’s fast-paced world. It is challenging for businesses to keep the staff engaged and committed to one organization. As there is cutthroat competition and competitors are hunting for top-tier talent. All of the organizations are seeking to hire top talent but it is also essential to retain this talent. HR managers and recruiters need to stay on their feet to ensure less turnover of top talent. As mentioned above, good staffing software is a key component in retention. However, it can also solve a number of your organizational issues and you can end up saving a lot of money. Every single hired employee results in the cost of time, money and effort for an organization.
The process of retention begins from job posting, screening of applications, interviews, selection and onboarding, etc. Organizations and HR Managers improve retention rates with the help of smart use of technology. Software solutions designed to streamline HR processes and make jobs of HR managers easier to evaluate employee journeys more effectively. More importantly, hire the right people for the right roles.
How good staffing software can improve employee retention?
Companies are moving forward by incorporating new technologies and automating manual processes. A simple HRIS is not just good enough for companies to stay competitive. Companies require software that is a one in all talent management solution that helps them to save both time and money. Good applicant tracking and good staffing software is not only for recruitment purposes but also offer a lot of other functions. An employee management software like RecruitBPM software can streamline your talent management processes from talent hunting, employee onboarding to complete records of each employee of their tenure within the company.
Efficient recruitment software is effective in the management of payrolls, attendance, compensation and benefits, onboarding to rewards management, performance tracking, learning management and much more. Furthermore, the benefits of these tools have been discussed below.
Apart from application tracking, good staffing software is good for tracking employee performance. With the help of it, you can assign various tasks and monitor their performance. Thus, it is a good tool for increasing the productivity of employees.
Secondly, good staffing software must include a solution for employee onboarding and orientation. Such solutions can help new employees accustomed to the office culture and become part of the team. One software platform offering comprehensive onboarding further includes learning material for the employees to train them from day one.
Career development opportunities are an important aspect of improving retention rates. Good staffing software integrated with the learning management systems with succession planning for employees keeps employees motivated. When employers value an employee’s career growth within the company then they are expected to stay loyal for a longer period.
When it comes to retaining the top talent, it is important to hire the right people as well. An applicant tracking software has the functionality to facilitate in analyzing CVs of potential candidates and saving it in your database. You can contact these applicants without the need of searching and screening out the best candidates. This will not only save your efforts but also make the hiring process faster and more importantly help you hire the right person. Furthermore, you can collect all insights related to previous actions with the help of the staffing software. Thus, it allows you to improve your methods when it comes to hiring again.
A Tool for Compensation
Good staffing software will also serve as a good tool for compensation. Along with performance tracking, you would also like to compensate your staff fairly. Such features help track progress and automate benefits administration. Moreover, make changes to employee benefits as per your defined workflows and easy-to-understand reward statements. Easily integrate payroll and other financing solutions on one platform. If employees know they are being
Why do employees leave?
Let’s first take a look at what causes your staff to leave. Several factors cause staff to leave. These include factors such as work-life balance, lack of job satisfaction, lack of autonomy, lack of innovation, lack of career development, etc. A few facts and figures have been listed below related to employee turnover.
- Turnover has become a major issue for companies. Scott Clark from CMSWire, (2020) has reported that companies lose more than $ 600 billion every year due to the turnover of employees.
- A research study conducted by Leigh Branham showed that 88% of people leave their job due to reasons other than money. Whereas, only 12% considered monetary compensation as the critical factor for switching jobs.
- A study has shown that 80% of employees leave due to a lack of leadership and bad company culture created by the manager.
- According to another survey, it was found that 73% of employees that face a lack of work-life balance leave or intend to leave their jobs.
- Research on “Employee Turnover: Causes, Importance and Retention Strategies” conducted by Al-Suraihi et.al (2021) revealed that factors such as work environment, job stress, motivation, rewards, etc. all result in a turnover. Furthermore, this can negatively impact the productivity and profitability of the organization.
Bonus: Effective Staff Retention Strategies for HR Managers
Good staffing software provides a great assist for automating functions. However, there are also some additional strategies that HR managers can apply to improve employee retention. These strategies are discussed below.
Promote Work-Life Balance
Providing employees sufficient time to relax is very important for them to stay productive and committed to your organization. When employees don’t get the chance to refresh, they will get burnout and will seek other options. Therefore, providing sufficient time-off to your talent is necessary as encouraging work-life balance is a key component to retain top talent.
Competitive Salaries and Benefits
Providing competitive salaries is a great external motivator for employees. However, to retain top talent you must also provide other perks and benefits. These can be in the form of health services, bonuses or provident funds, etc. Such benefits do not detract employees and there is a far better chance to acquire or retain a top-level employee. Tiering the employee rewards with the company’s performance can encourage them to perform better and grow with the company.
If the employee feels that he has no opportunity to grow within the organization then there is a higher possibility of them leaving out for better opportunities. Providing your top employees learning and development opportunities such as skill development or career advancement can definitely help in retaining the top talent. Good staffing software can help track employee progress since their hiring. This can be useful to build road maps for each employee. Therefore, managers during interviews should be brief about career development opportunities that they can have within your company. In addition to this, it is believed that allowing your employees to learn new skills and giving promotions are all ways to retain top talent.
Many of the employees are concerned about the company culture instead of the salary. It is a big factor that plays into staff switching to other options. Employers need to incorporate policies that foster collaboration, empowerment and work-life balance. Otherwise, you are probably going to lose top talent. Keep track of factors that promote productivity and employee engagement. Creating a culture that positively impacts emotional needs helps to foster an encouraging environment. For example, recognizing your top employees, having dinners with the boss, and handwritten notes all contribute to building positive morale. Moreover, treating your employees with respect will create positive experiences and create a strong culture.
Prevent needless turnovers by keeping your talent appreciated for their loyalty and hard work. Keep track of top talent and their performance. Adequate hiring will lead to better performance and appreciating top resources improves employee retention rate. A little investment can result in great value in return by automating and streamlining manual processes. Hence, you end up not only retaining talent but also saving money.
Looking for a talent acquisition software and guide? RecruitBPM is the recommended solution for acquiring and retaining top talent. Why? Because you get access to the most important functions combined in one platform. Furthermore, all these valuable services come at a very affordable cost. So, Take a Free Live Demo Now!