April 26, 2022Continuous Improvement, Implementation Support
Decrease Turnover Rate and Improve Your Onboarding Process With an HCM Implementation
One benefit of cloud-based HCM systems that is not spoken about enough is their capability to improve employee morale and retention rates. As turnover increases across industries in the United States, companies are looking at how improving their internal human capital management strategy could make a positive impact on achieving better employee retention.
Though the “Great Resignation” has affected every industry, there are real things companies can do to convince employees that staying is the better option. A robust HCM system can be leveraged to help:
- Identify the primary reasons people are deciding to leave
- Uncover internal inefficiencies that create employee frustration
- Examine and implement improvements to recruiting, onboarding, performance management and a host of other processes that can negatively impact morale or place what can feel like avoidable burdens on employees
If you’re lacking insight into the real reasons why your company is losing valuable workers and how to mitigate this ‘brain drain”, read on to discover how the strategic implementation or optimization of a robust HCM system can be a powerful way to boost feelings of connection and confidence in your employee population.
Turnover Rates Continue to Hit All-Time Highs
Millions of U.S. employees have chosen to leave their jobs in the past year—and voluntary turnover trends only continue to rise. Work Institute’s 2020 Retention Report shows that there has been an 8% increase in turnover rates since 2018 and an 88% increase since 2010. While turnover rates include terminations and retirements, the increase in voluntary resignations shows that the events of the past two years have left a mark on retention rates across all industries. In June of last year, job openings in the U.S. hit an all-time high, with over 10.1 million available positions on the market.
High turnover gets expensive when it comes to training and onboarding costs, not to mention the time spent bringing replacements up to speed. High turnover can also affect morale, which can lead to more employees jumping ship. What starts as a spike in resignation letters hitting HR’s desk can quickly spiral out of control.
If you lack insight into the why behind the influx of two-week notices from your employees, you should start by evaluating your internal logistics. Many modern HCM systems offer the capability to automate paper-based processes, leverage HR analytics to improve workplace morale, personalize employee communications and better support workers looking to move locations or work from home (if your company supports hybrid or remote work). If you don’t currently use a cloud-based system to manage your internal payroll and human resources, it’s time to consider the value that implementation of new HCM software could offer your organization.
Modern HCM Systems Automate the Onboarding Process
First impressions matter: employee retention starts with the recruiting and onboarding process.
High turnover at your organization means you’re stuck in a cycle of onboarding replacements while loyal staff suffer, working harder to cover for departing colleagues. Recruiting and onboarding can be costly and time-consuming—it often takes weeks or even months to get a new employee competent in the day-to-day aspects of their role. For those who have stayed, the job of covering additional responsibilities adds stress, can cause low morale to become contagious, and increases their risk of searching for different employment.
A consistent onboarding strategy and a robust HCM system go hand-in-hand. These systems lift the burden of paperwork and administration, enabling automation of standard procedures and allowing human contact to be more meaningful than pushing forms back and forth. Innovative HR technology can automate the process of sharing information with new hires and collecting signatures electronically. This gives new employees more time to learn their role and ask thoughtful questions. The automation and digitization of the onboarding process is a game-changer for onboarding remote workers.
Other ways HCM system features can transform your onboarding process include:
- Providing employee self-service portals to ease the process of open enrollment and other benefits as well as empower employees to access their information and learning materials independently and on their own schedule.
- Sending required forms, surveys and email templates automatically.
- Housing all onboarding materials and training videos in one place.
- Including FAQ’s for new employees to reference, saving time and avoiding confusion.
- Automatically capturing hours that include breaks and remote work.
- Obtaining accurate insight into workloads for new employees, no matter their locations.
- Helping managers develop real connection with their new team members.
You can also leverage HCM system features to share information about the position, including role and responsibility checklists, company mission and vision statements, and training documents. The more information that can be stored digitally and shared easily with new hires, the more quickly they will get up to speed and take work off of your veteran employees’ plates. It’s a win-win.
Make the Results-Driven Choice to Invest in an Innovative HCM System
At Wise Consulting, our implementation support specialists can examine your organizational requirements and set you up for success. We have helped thousands of companies successfully implement new HCM software and we know the value that a properly configured HCM system can bring to an organization. Talk to a Wise consultant about our implementation support services and how a new system can help you streamline your onboarding process and improve your retention rates: call 800-654-4550 to get in touch with a member of our team.
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