How HR Software Can Reduce Employee Turnover?
If a business manager is offered a question- what is the costliest affair in his workspace, about 90 percent of the business managers/ entrepreneurs will have only one single answer i.e. the Employee Turnover.
Employee Turnover or Employee retention is one major concern of HR practitioners around the globe. 48% of HR Managers believe that employee turnover can cost businesses huge and can even place enterprises in those shoes that they never dreamt of. It can pull down the business to nowhere, deprived of all suffices.
Today thereafter understanding how detrimental employee turnover can be, organizations have started pulling in many strategies to reduce the employee turnover rate in their business place. In order to protect themselves from the fear of losing time, energy, and morale, companies have started investing in various mediums like HRMS to stay immune from the malice of employee turnover.
With the latest technological crop- HR software, in other words, a human resource management system, business organizations believe that they can significantly curb the practices of employees leaving the workspace. Because, with HR software, every human resource management undertaking gets automated and initiated on time.
With the manually handling of employee tasks and requirements, there is no guarantee that each individual’s requirement is covered or met. With a larger workforce, employee management becomes all more challenging. Here the chances of mistakes, rectifications, and quick resolution to issues are barely lesser. And these management inadequacies often pave the way for an employee to leave the office, without prior notice or correspondence. Ultimately leaving the business organization to suffer from all losses.
The born expenses and time spent overtraining the employee is gone futile, pushing the company all way back to the starting point. If we look closer, the large percentage of employee turnover is on account of the following circumstances:
1. Lack of career development opportunities.
2. Lack of good working environment'
3. Management behavior.
4. Job characteristics, compensations, and benefits.
5. Work-life balance.
However, if business organizations start to take care of the employee issue wisely and wholeheartedly, employee turnover can be prevented to a great extent. An HRMS can be one medium to regulate the outgoing of employees in an organization.
So far you would have read many articles on how HR software profoundly takes care of automating administrative tasks and significantly improving the return on investment(ROI). However, this article introduces you to the new dimension of HR software i.e. how an HRMS can reduce employee turnover in a business organization. If you are keen to know, continue reading the article.
Here are the ways an HRMS helps businesses curb the issues of employee turnover.
Improve Employee Engagement
Many studies conducted so far in the field of Human Resource Management ascertain that 87% percent of employee turnover is on account of a less engaged workforce. If employee engagement is settled, the companies can guarantee long employee retention within their workspace. So how an HR software, succeed in establishing employee engagement. Here we go.
HR software often comes in a modular fashion. It comes integrated with several management modules like recruitment management, onboarding management, employee appraisal, employee benefits, and so on. Therefore, every aspect revolving around employees is looked after and streamlined by the HR software. Before, the joining of a new employee in a business place, the HR software helps the HR Manager or other designated to plan onboarding requirements. And as soon as he steps into the office, he is delivered with all sufficient information pertaining to company protocols, the important newsletter for learning about his new workplace. With access to the company software that comes integrated with HRMS, the newly joined is all-powered with necessities to liberate himself. He need not wait for his superiors to spoon-feed him each element, be it professional or personal development.
Thus the boredom of any newly recruited employee can be easily erased with HR software. Right from the beginning, the employee will feel engaged and valued. The continual education, quick feedback, and responses, thus help in reducing the employee turnover in a business, propelling the company to reach greater heights in lesser time. Also, employee engagement via HR software will brew future company leaders in a short span of time.
Track Employee Performance and Recognition
Employee turnover cannot be categorized as bad practice if your workers or employees are failing to meet the company's expectations. However, the management needs to check whether it’s the underperforming employees who are stepping out or the rated performers. In any case, monitoring employee performance is a tedious and challenging task to conduct.
However, with HR software, monitoring employee performance becomes easy as there is many specialized breed software that takes care of employee performance part. There is software like Employee Time Tracking, where the companies are facilitated with the options of employee time tracking. Both managers and employees can without much stretch monitor their performance progress, abilities, and achievements. The managers can then timely allocate the guidelines and further necessary pushes to employees in order to accomplish their tasks.
With the help of employee timesheets or employee tracking software, both workers and employers are benefited.
While employees are benefitted from clear monitoring of their performances, improvements, and scheduled reviews, employers or managers in a business organization are benefitted with assessing their workers in a more quantifiable way. An HRMS software will help the business managers to provide relevant feedback to their employees based on their performance, determine appropriate assignments and thereby recognize the employee achievements over the same.
In simple words, the HRMS can reduce employee turnover via equipping the employees with the right amount of work based on their skill and monitoring the same, giving away adequate feedbacks.
Thus employees will feel considered and are prone to stay longer with the organization.
Predictive Analysis for People Analytics
Often an HR software comes with the power of predictive analysis of employee turnover and retention patterns. The mammoth employee data collected via the HR software helps to draw valuable insights about the employee like his pattern of leaves, performance indices, behave and so on. Thus risks and opportunities to leverage employees can be easily ascertained from data collected by the HRMS.
Predictive analytics thus drawn from the HR data will help the HR leaders make adequate and quick decisions upon the situation. The data also helps them to timely address the employee concerns and thereby reduce the number of resignations, terminations, and other panics.
To conclude,
With the right HR software, the business organization can streamline the entire management of human assets, thereby keeping them happy and satisfied in all phases. A happy workforce will never think of leaving an office and will always work for the betterment of their company.
Open HRMS is a comprehensive suite of applications for effective human resource management. A built-in open-source framework, the modularity of the Open HRMS application, makes it highly adaptable to any business type. Your company can get a bird’ view of all running operations with Open HRMS software, thereby generating evidence-based insights to reduce employee turnover in your organization.
If you want to assess the potentiality of Open HRMS software, try our free demo. We’re committed to giving away qualitative solutions to our clients.