Your customers have experienced a significant amount of stress and strain in the last few years. From the onset of the pandemic to the Great Resignation and a flurry of challenges in between, employers have endured excessive pressure. As a result, they’re looking for ways to overcome business challenges—and providing them with the right Human Capital Management (HCM) solution can make a big difference.
To better understand the challenges employers are facing, we surveyed 500 HR leaders to get their perspective. We found that the most common issues keeping HR leaders tossing and turning at night were holding on to top talent (22 percent), competing for top talent (15 percent) and improving the employee experience (12 percent).
Let’s take a deeper look at each issue and how the right HCM technology partner can help your customers rest easy—and in return, help you build stronger, more profitable relationships.
Stressor #1: The struggle of retaining top talent
The bad news for customers? Keeping top talent isn’t getting any easier. In fact, 51 percent of HR leaders believe that retaining employees will be more difficult in 2023. The good news: that number is down slightly from 56 percent the year prior.
It’s well-known that replacing an employee is not a cheap proposition. In an uncertain economic environment, the costs to replace talented employees are a drain on already limited resources. Additionally, business continuity and smooth operations are at risk when talent retention has become a revolving door.
The remedy: Empowering workforces to perform common tasks independently with self-service tools (like uploading direct deposit information, downloading W-2s and electing benefits) leads to more engagement within their role and the individual employee journey. Joining the isolved Network gives you the ability to offer this technology to your clients.
Stressor #2: Finding the next game-changer
While retention is interrupting more sleep than recruitment, HR leaders are still deeply concerned about adding new talent to their rosters. Forty-four percent foresee recruiting being more difficult this year. HR leaders believe finding new talent will be more difficult due to competitors with larger budgets, new remote work expectations and a widespread talent shortage.
Whether a company is experiencing hyper-growth or looking to fill a single vacancy, recruiting for talent has never been more challenging.
The remedy: In a crowded hiring market, providing a best-in-class hiring process has never been more imperative. When you partner with the isolved Network, you can offer your clients a streamlined, modern and intuitive application process. With a powerful HCM platform, customers can set themselves apart from the competition and gain a competitive hiring advantage.
Stressor #3: Offering an exceptional employee experience (EX)
With employees increasingly exploring their job prospects (47 percent were tempted to apply for a new job last year), businesses need to differentiate themselves through EX. Many organizations understand the importance—91 percent of HR leaders say EX is a top priority.
Here are the top reasons EX is being prioritized:
- To improve retention rates
- To reduce employee stress
- To improve culture
- To improve recruiting
Our research shows that learning and development is a key area of improvement for EX. When we asked employees what keeps them engaged at work, 53 percent said learning opportunities. Another 36 percent believe that a learning management system (LMS) is the tool they most need at work, but don’t have.
The remedy: Employees want to take charge of their learning and development—and you can make it easy for your customers by offering isolved as a Network Partner. Our talent management platform allows organizations to leverage short videos, gamified content and intuitive navigation to provide an enjoyable and engaging learning experience. This not only helps customers boost EX and retain their best people: it also ensures that employees continue to grow and develop, providing even greater business value.
As an isolved Network partner, you can provide your clients with access to isolved People Cloud, enabling them to deliver an experience that today’s workforce craves. Learn more about our platform and how it can help your customers boost employee retention—while boosting your customer retention.