Last week we looked at how you can attract and retain talent during the Great Resignation by being the kind of company that employees want to work for, and offering benefits that reflect their actual needs.
Technology also has a role to play. Analyzing the data you already have may unlock secrets as to why people quit, and which employees are most at risk of leaving. And, research shows that being a technology-savvy company is in itself a positive factor for your employer brand, so having efficient, technology-enabled HR processes can help to attract top talent.
Here are two ways HR tech can help you keep your talent.
Find answers in your data
Analytics can help identify why employees quit, as well as providing other valuable insights. Leveraging people analytics can help you to correlate employee attrition to factors like pay, compa-ratio, job role, location, promotion history, age, gender, and other factors, to discover trends that may not be obvious to the naked eye.
Bringing all of your employee and compensation data together on one platform can allow for analysis that can help you to not only reduce turnover, but boost employee satisfaction, improve productivity, and ensure fair pay practices. Once you uncover meaningful correlations, you can then predict which employees are most at risk and take action before it’s too late.
What can an employer do? Make sure that your HR and compensation systems are providing you with the data integration, data mining, and analytics tools to be able to find answers to why employees are quitting and which ones are most at risk.
Give people good technology
Employees are attuned to the changing nature of jobs in an era of increased automation and technology-driven work, trends likely exacerbated by the pandemic. A 2021 beqom survey of employee expectations in hiring found that 63% of job candidates surveyed expect a learning stipend or tuition reimbursement to invest in upskilling.
According to research by Adobe, one in two (54%) workers globally would switch jobs if it gave them access to better tools that made them more effective at work. In a survey of 5500 workers around the world, 91 percent of individuals surveyed said they’re interested in tools which would make tasks or processes more efficient.
Employees, especially younger ones, want more efficiency, more time spent on important tasks, not administrative ones. This is the time for HR digitization, such as automating compensation processes like salary reviews, bonus allocations, or long-term incentives.
“Employee experiences have been challenged since before the pandemic. Employees have wanted their workplace experiences to mirror the seamless, flexible experiences in their personal lives,” says Todd Gerber, vice president of document cloud product marketing at Adobe. “Based on findings from our new survey, enterprise workers and small-business leaders are dissatisfied with their time at work; they’re spending more hours working on unimportant tasks, struggling with work/life balance, and feel that technology is the missing piece to achieving productivity.”
Administrative tasks are a big contributor to employee burnout, Gerber notes. “People are motivated by passions that lead them to pursue their career, and they don’t want to spend most of their week on paperwork. Younger generations grew up with digital technology and are accustomed to its simplicity, so they know there are better and faster ways of doing things.”
“Technology is an important talent attraction and retention tool because many employees don’t have what they need to do their jobs effectively,” Gerber says. “Companies that have adopted a digital-first mindset have a recruiting advantage—they’re able to provide the tools that offer simplicity and that help to make employees’ jobs less stressful.”
What can an employer do? Take the manual labor out of compensation processes. Eliminate spreadsheets for enterprise scale tasks. Digitize HR processes, such as Implementing a centralized, automated compensation management solution. Doing business as usual with spreadsheets or legacy systems may be holding your business back.
Find out more
For more insight into what job seekers expect from employers today, including tips for competitive hiring, download our free report: Employee Expectations in Hiring: Rethinking Compensation Strategies to Attract Talent in the 2021 Job Market.