Today’s quintessential HR department is a little different than the stereotypical image that it is often associated with. Instead of being dragged down by paperwork, many companies have instead opted for digital HR tools that eliminate a lot of the daily dirty work. From HR management software to employee onboarding software, a number of different platforms can now make up your digital footprint.
Employee engagement isn’t just a trending topic in HR, it’s proven to have a significant impact on operations and employee retention. Studies have shown that positive employee engagement affects productivity by as much as 17%, and profitability by as much as 21%. Companies are recognizing this and implementing technology with features and services that bolster engagement, starting with onboarding software.
The demand for companies to retain top talent is escalating. And, yet, companies often spend very little time in onboarding new hires. In a recently published survey of HR managers by job site CareerBuilder, 16% said poor or non-existent onboarding lowers their company’s productivity, 14% said it brings on greater inefficiencies, and 12% said it leads to higher employee turnover. Another report by the Harvard Business Review notes that 32% of global executives rate the employee onboarding they experienced as poor and replacing each failed executive can cost a business up to 213% of his or her salary.
Employee turnover is never desirable, but, unfortunately, it's becoming more and more prevalent. The latest studies suggest that the average employee tenure is about four and a half years. This high turnover rate costs businesses huge sums of money every year.
What can your company do to combat this alarming trend? In this blog post, you'll learn three top ways to better retain your talent. Let's dive in!
It's been said that a company is only as strong as its employees. If that's true (and we think it is), there's an enormous responsibility on HR departments to find, vet and, ultimately hire the perfect team members. And the quicker the better!