Let’s face it: Hiring rates have outpaced quit rates since November 2020. The world changed and the workforce changed with it. Many workers are quitting their jobs and even more are getting re-hired somewhere else. So how can you become a company or “employer of choice” and attract people to stay?
Companies in various industries have worked to extend new benefits and opportunities to their employees. Many business leaders have had to adjust their business practices to attract and retain workers. Recognizing the importance of exploring different ideas for your workforce and opening the door to how technology can bring that vision to life plays a critical role in hiring and retention. Let’s take a look at a few ways HCM technology delivers people-driven HR solutions for your organization.
3 Ways HCM Technology Delivers
1. Improved Onboarding Experience
Offering a smooth and quick onboarding experience can make a difference in retaining new hires in a tight labor market. Poor onboarding can leave your employees with lower confidence in their new roles, worsened levels of engagement and an increased risk of jumping ship when they see a new, more exciting position elsewhere. On the other hand, an HBR study informs us that companies that implement a formal onboarding program could see 50 percent greater employee retention among new recruits and 62 percent greater productivity within the same group.
How you onboard your employees will determine their experience. As a business leader, take the following steps to ensure you set your new hires up for success:
- Set clear goals and measures for success.
- Create a multi-departmental onboarding team.
- Provide support throughout the onboarding journey.
HCM technology offers a wide variety of automated solutions. Making it so that new hires can easily enter pertinent information with on-the-spot onboarding and quickly get started in their new roles boosts morale and workforce productivity from the beginning. This also results in less time spent filling out forms, eliminates any delay in your employees’ ability to start work and vastly improves hiring and retention rates for your organization.
2. Scheduling Flexibility and Self-Service
There are a variety of ways to make the lives of your employees easier. It’s the little things that leaders often overlook, but when you combine all the little things together, they can help you with employee retention. One such way is with self-service tools that give employees access to company information at any time, from any location.
More workers are seeking jobs that provide scheduling flexibility. The pandemic has shown us that having an easy way to quickly adjust schedules and coverage is critical to the success of all employees, especially remote and hybrid workers. Millennials and Gen Z-ers, who make up a very large portion of today’s workforce, use smartphones and technology to accomplish a great majority of tasks from personal to professional. Enabling employees to pick up and swap shifts or make adjustments to their schedule right from their phone empowers them to be independent and allows them to complete a wide variety of tasks easily, on-time and on-schedule.
This automated approach to scheduling also helps streamline administrative tasks for leadership, leaving you free to focus on the bigger picture.
3. Improved Workforce Management (WFM)
As a business leader, you want to be able to strategically allocate people and resources, track time and attendance, and comply with constantly changing workplace laws and regulations. Once a company implements new business practices to improve hiring and retention, HCM solutions like workforce management (WFM), can provide valuable insights into the performance behind these newer practices. It’s important to understand the benefits of WFM and what it can do to improve processes for your organization:
- Increase in productivity: Eliminate paperwork and free up time for what is really important, which can include strategic planning.
- Cost reduction: Prevent more resources from being spent than necessary and make the task of hiring faster and simpler.
- Quality of life: Provide employees with a better quality of life with the ability to manage schedules, exchange shifts, request holidays and PTO on the spot.
- Performance management: Different professions require different evaluation methods. Knowing what leads an employee to perform better allows the company to strategize individualized training and performance KPIs.
- Compliance: Prevent human error with the management of absences, breaks, vacations and any additional labor regulation laws that must be met.
WFM uses data to provide employers with valuable and actionable insights into the heart of their organization – its people.
Streamlining Hiring and Retention
Ultimately, to improve hiring and retention rates for your business, the objective is to optimize productivity and reduce risk. Manage and engage your entire workforce from “pre-hire to retire” with the HCM experts at Quanta. We use the industry’s most powerful suite of tools and services, the UKG Workforce Ready system, to optimize your workforce by streamlining HR and payroll.