While many companies focus their human resources efforts on discovering and hiring talented employees, less energy is typically spent on retaining employees. This is troublesome for a few different reasons.
First, the average employee exit costs 33% of their annual salary. Next, a business must consider why employees are leaving in the first place. One common reason for employee turnover is simply that workers don't feel recognized when they do great work. Other reasons for leaving include poor or nonexistent feedback on performance, lack of clear advancement opportunities
, and lack of trust.
Your company doesn’t have to fall victim to these problems. You can empower your employees and promote their engagement with the use of employee talent management software.
1. Performance Analytics and Feedback
Employees typically perform better when they know precisely what is expected of them. With talent management software, you can provide real-time feedback and enable the employees to give status reports directly to management. This streamlines communication and ensures that employees receive feedback promptly.
In addition, employees can take note of time-sensitive, prioritized goals, making it easier for them to know what to focus on. If your company likes to promote competition, you could even show rankings of the respective teams and their employees, which could drive your workers to step up their game.
2. Training and Skills Management
Even after an employee is hired, they likely have much to learn. Talent management software allows employees to view and select various training modules that can aid them either in their current duties or provide them with the necessary skills for advancement. Such software also allows employees to complete mandatory training at their own pace
, instead of forcing a human resources representative to gather everyone together at once just to show a video. This allows management to quickly and easily view who is completing what training and when, which provides a better and more complete picture of employees’ skills, strengths , and progress.
3. Compensation Management
A 2018 study found that 46% of employees feel that they are underpaid. Many people will leave companies if they find that they can make more money elsewhere. Fortunately, talent management software can provide a road map for employees to see how they can increase their earnings. The software will clearly demonstrate avenues to higher compensation, such as merit-based raises and performance bonus requirements. Being straightforward about how employees can increase their earning power demonstrates that you care about their professional growth and want to see them advance rather than stagnate.
Boost Morale ith Employee Talent Management Software
When employees feel that their work is important, their voice matters
, and they are making a difference, they will likely want to stay with the company long-term and thus perform optimally. One study found that employees who feel in control of their career are 20% more likely to remain loyal to their company. Moreover, according to Corporate Leadership Council, employees who are committed and engaged while they’re at work perform 20% better and are 87% less likely to leave their current workplace.
Your company can empower and engage your HR reps as well as your other employees if you implement talent management software