How HR tech platforms can facilitate employee retention

More than just fair compensation, today’s employees seek flexibility, healthy work culture, and professional growth. While employee-centric companies enjoy high talent retention, others suffer from attrition. This has resulted in phenomena like The Great Resignation and Quiet Quitting.

Companies across verticals are trying to minimise attrition and retain their top talent to wade through the looming economic downturn. At such a juncture, technology, specifically HR tech, can be instrumental. Here’s how:

Appraisals

Appraisals are one of the most awaited events as employees eagerly look forward to salary hikes and promotions. They are a reflection of their performance and one of the driving factors for motivation. However, unsatisfactory appraisals result in a higher turnover.

Transparency and impartiality are the keys to employee satisfaction. Employers need to ensure that the appraisal process is clear and unbiased. HR technology plays an important role to solve this challenge. A tech-driven appraisal process enables employers to measure employee performance on an ongoing basis throughout the year. As a result, both the employer and employee can see an unambiguous and fair measurement of the overall performance during the appraisal. 

In this way, HR technology minimizes the factors contributing to confusion and disagreements in the appraisal cycle, resulting in higher employee satisfaction and retention.

Productivity tracking

Hybrid and remote work environments are high in demand but the fear of productivity loss is keeping most employers sceptical about them. Companies with successful hybrid model leverage HR technology to keep track of productivity in real time. SaaS-based and mobile-friendly real-time productivity measurement products help them assign and track work progress continuously so that the throughput is never lost. If the rate of output is falling down, managers get notified to take corrective measures before it's too late. Efficient implementation of HR technology can bring up to 83% improvement in Productivity

So if you leverage the latest HR technology in the right direction, you can provide the much-demanded hybrid work culture to attract and retain top talent.

Gamification and a sense of Camaraderie

Gamification of your rewards and recognition process is a great way to increase employee engagement and motivation at the same time. Rewarding employees’ achievements with virtual points, badges and trophies is  an effective tactic to make them feel rewarded and thrive and succeed more often. 

Additionally, organisations can implement gamification in their Enterprise Social Networking as well to promote camaraderie, foster a sense of community and enable employees to collaborate seamlessly at the workplace. 45% of employees already use tech proactively to collaborate with their team members, providing the right HR tech platform will act as a springboard in boosting collaboration and strengthening professional relations. The sense of belongingness goes a long way in retaining your employees.

Crafting succession plans and facilitating frictionless management

HR tech platforms offer the ability for companies to craft employee succession plans in great detail. It helps the employer to showcase personalised development roadmap that visibly demonstrate an employee’s future career progression in the organization. When employees clearly see the opportunities, they are more likely to stay and take advantage. On the other hand, employees won’t stay for opportunities they can’t see.

Bottomline

The future of work is rapidly changing, and the need for digital  integration is increasing every day. Once the technology and the HR function begin to work in tandem, organisations see a surge in employee experience, retention and satisfaction. As the workforce increasingly looks for better engagement and experience, companies that adapt to it sooner are more likely to succeed when compared to late adopters.

The article has been written by Sumit Sabharwal, CEO of TeamLease HRtech