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. There is a continuous and cutthroat competition among the competitors who are hunting for top-tier talent. All 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 toes to ensure less turnover of top talent. As mentioned above, good staffing software is a key component in retention of employees. 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 and continues along the screening of applications, interviews, selection and finally onboarding. 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. Most importantly, hire the right people for the right roles.
How good staffing software can improve employee retention?
Companies are advancing forward by incorporating new technologies and automating the manual processes. A simple Human Resources Information System (HRIS) is not just good enough for companies to stay competitive. Companies now require software that are 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 meant for recruitment purposes but also offer a lot of other functions. An employee management software like RecruitBPM can streamline your talent management processes right from talent hunting, employee onboarding to complete record 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. Some most significant 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 related to recruitment process and monitor their performance. Thus, it is a viable tool for increasing the productivity of employees.
A 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. A good staffing software integrated with the learning management systems and succession plans for employees keep the employees motivated and satisfied. When employers value an employee’s career growth within the company, the employees are then naturally expected to stick for a longer time 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 resumes 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 every time. This will not only save your efforts but also make the hiring process faster and more importantly help you hire the right person. Additionally, you can collect all insights pertaining to previous actions with the help of the staffing software. Thus, it allows you to improve your recruiting strategies when it comes to hiring again.
A Tool for Compensation
Good staffing software also serve as a good tool for compensation. Beside 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 systematically rewarded and compensated, it serves to enhance their trust in your organization.
Why do employees leave?
Let’s first take a look at what causes your staff to leave. There are several elements that contribute to this unfortunate event. These factors include but not limited to disturbed work-life balance, lack of job satisfaction, lack of autonomy, lack of innovation, lack of career development etc. A few facts and figures regarding employee turnover have been listed below:
- 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 employees turnover.
- A research study conducted by Leigh Branham showed that 88% of people leave their jobs 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 yet another survey, it was found that 73% of employees who 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 roles and 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 burned out 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 non-monetary perks and benefits. These could be in form of health services, bonuses, provident funds, paid subscriptions etc. Such benefits helps to keep employees intact and creates better possibility of acquiring/retaining top-level employees. Tiering the employee rewards with the company’s performance KPIs can encourage them to perform better and grow with the company.
If an employee feels that he/she has got no opportunities to grow within the organization, then there is a higher logical possibility of them looking out for better opportunities. Providing your top employees with 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 right from their hiring. This can be useful to build progressive road maps for each employee. Therefore, managers, during interviews, should be eloquent about career development opportunities that they are offered 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.
A lot of employees are concerned more about the company’s culture instead of the salary. It is a big factor leading employees to switch their jobs to other options. Employers need to incorporate policies that foster collaboration, empowerment and work-life balance. Otherwise, you are most probably going to lose top talent. Keep track of factors that promote productivity and employee engagement. Creating a culture that positively responds to the emotional needs serves to foster an encouraging environment. For example, recognition of your top employees, having dinners with the boss, and handwritten notes all contribute to building an overall positive morale. Moreover, treating your employees with due respect will create healthy experiences and a profound 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!