As someone who works with employers every day, you undoubtedly understand how critical employee retention is—and how increasingly difficult it has become. Despite fears of a recession, workers continue to quit their jobs at record highs and hiring managers are feeling the pressure. According to isolved’s survey of 500 HR leaders, 56 percent say retaining talent has become more difficult over the last year.
Most of today’s employers, including your clients, know the key to boosting retention is to create a positive employee experience (EX). According to the same survey, of the 83 percent of HR leaders prioritizing EX this year, half say it’s because they want to improve retention rates.
The pandemic accelerated the adoption of new technologies in the workplace that have now become commonplace. That technology plays an important role in shaping EX. If the human capital management (HCM) platform you provide your clients isn’t meeting their employees’ needs, you risk losing them to a competitor.
3 Ways to Help Your Clients Deliver a Better EX
Here are three ways the right HCM technology can impact your clients’ EX for better retention.
Deliver Effortless Onboarding
The onboarding experience influences employees’ perceptions and can make or break the employer/employee relationship. In fact, according to isolved’s survey of more than 1,000 full-time employees, 49 percent say they have been tempted to leave a new job after a poor onboarding experience that included limited transitioning, an unprepared first day and excessive paperwork.
HCM software with onboarding solutions enables new hires to complete all necessary paperwork, elect benefits and acknowledge company policies from the office or the convenience of their laptops or cell phones.
Ensure Accurate, Timely Compensation
Despite being an essential HR function, payroll is often overlooked. Not only are employers legally obligated to provide timely and accurate compensation, but it’s also essential for positive EX. While 78 percent of employees say their company offers a modern HR experience, there is room for improvement when it comes to payroll and attendance—nearly a third say their HR department makes frequent payroll and attendance errors.
Expenses are another area that’s often neglected. Forty percent of employees say there is room for improvement in their current expense reporting process, including simplifying, automating and speeding up submission and reimbursement.
Cutting-edge HCM technology provides clients with full payroll preview to alert admins to errors before processing. When it comes to expense management, the right platform automates the process and helps the organization comply with regulations—without the need for additional software.
Provide Tools that Empower
Employees are most likely to build connections with organizations they feel invest in their growth and development. Although most employees say they have access to the tools they need to do their jobs effectively, 16 percent say they are lacking support in some areas:
- Thirty-six percent say they are missing a learning management system (LMS).
- Thirty-three percent want anywhere, anytime access to self-service HR tools for monitoring performance, checking their schedules and accessing their paystubs.
- Twenty-eight percent desire collaboration tools for connecting with other employees.
A robust HCM platform addresses employees’ need for education and connection through learning management and engagement tools. Self-service tools empower employees to perform common tasks independently—like requesting time off, downloading W-2s and electing benefits—within a single platform.
Employees expect the technology they use at work to perform like the technology they have for personal use and favor organizations that meet this expectation. Providing clients— and your own employees—with intuitive, intelligently connected HCM technology gives them the competitive edge they need to thrive in today’s tight labor market.
isolved People Cloud delivers the experience today’s workforce craves. Learn more about our platform and how it can help your clients boost employee retention—while boosting your client retention.