Must-Know Technology to Increase Employee Retention
(Photo : Image by David Mark from Pixabay )

Obviously, companies want their turnover rates to be as low as possible. Did you know that businesses with low turnover rates make a whopping four times more profit than businesses with high turnover rates? Yup, everything adds up. It's not just the time spent by recruiters searching for candidates and hiring them. It's the time employees need to start working in full effectiveness, which, according to experts, can take up to 8 months

Companies have high turnover rates because they fail to understand what employees want, what kind of employees they need, and how to keep them happy at the workplace. Fortunately, technology can come in handy here. Read on for 5 ways that you can use technology to increase employee satisfaction and decrease turnover rates!

1.  Workforce analytics

Maybe all of the information needed to increase employee retention is already within your business but just isn't structured? It's extremely difficult to keep track of all workforce-related data. Fortunately, there's plenty of workforce analysis software available. 

Workforce analysis software collects all data related to hiring, employee satisfaction, employee retention, and employee turnover. Workforce analytics can help your organization in all aspects related to employee retention, such as:

  • Forecasting whether candidates are suitable for your company;
  • Analyzing and finding effective and non-effective HR strategies;
  • Determining why employees tend to quit and improving in that area;
  • Understanding the wishes of employees.

These are just a few ways that workforce analysis software can help increase employee retention. Not to mention, it will greatly benefit the HR department by making data much more structured and easier to read.

2.  Online learning platforms

If you want the most ambitious employees to stay in your company, you need to give them some ammo. The best employees usually don't want to stand still without learning new skills or improving in their field. To prevent employees from seeking learning opportunities in other companies, provide in-depth online learning courses. Let employees spend an hour or two of their work week studying.

When employees have the opportunity to grow in their field through learning platforms, they'll likely be much more motivated in their work and be eager to stay in your company. Plus, you'll be getting more and more qualified employees after each course is completed, so it's a win-win.

3.  Work from home

These days, most office jobs can be done from the comfort of home. Companies have started to use online meeting platforms, and important work information is usually stored on work devices that can be taken anywhere. Allow your employees to work from home at least a day or two each week.

This will give employees more freedom and make them feel trusted, which can even lead to increased employee productivity. The less you push your employees and boss them around, the more responsibility they feel to be productive and do some good work. In fact, the vast majority of employees working from home during the COVID-19 pandemic have been at the same or higher level of productivity compared to working from the office.

4.  Anonymous feedback system

Employees are often unhappy at work but too scared to confront their bosses about it. Or maybe the boss is the problem? Either way, employees don't want to risk looking like a tattletale or putting themselves in their manager's bad graces.

From an employee retention perspective, you want to know everything that's bothering your employees, right? By using an anonymous feedback platform, you can make this happen. Once you set the platform up, communicate to employees that you actually want them to be tattletales if need be.

5.  Wellness apps

We all know how stressful work can get in this day and age. Stressed employees don't translate to motivated and productive employees. Offer employees subscriptions to wellness apps related to meditation or fitness. This way, they'll know that their company truly cares about their well-being and not just about the work they perform.

Conclusion

Employee turnover is a real problem in pretty much every business. The main reason for this is that companies don't take employee retention tools seriously enough. As you learned, this can lead to significant drops in profit in the long run. Hopefully, your company will start taking advantage of technology in the ways mentioned above and start creating a nicer and more profitable workplace!

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