How workforce intelligence software can impact today’s top HR challenges
By Adam Chose
It’s not surprising that the top two HR issues most critical to organizations are employee engagement and retention. Yet studies abound with proof that investing even 1 percent of payroll into improving the employee experience and measuring its results can have a long-lasting ripple effect on employee retention analytics and happiness on the job. Gallup polled more than a million employees and those that worked with highly engaged organizations reported less absences and less turnover.
Validation is key
While we are seeing an increase in the number of organizations that have recognition programs, some are still lagging behind and are paying the price. Those with robust programs in place have reported higher employee happiness rates, increases in humanity in the workplace, better overall relationships and stronger engagement.
Companies that don’t invest in a true community and experiences that consistently provide recognition for good behavior and work quality end up with employees that are likely to either job hop or start looking around. According to TINYpulse data, about one in every five employees that does not feel recognized when they do great work have interviewed for a job in the last three months. One in four report interviewing already. Yet, when validation is provided and managers are involved and helpful, employees are more than eight times as likely to stay, says the report.
Analytics change the game
Reports suggest the best way to implement and measure an employee recognition program is to tap into technology and HR analytics. Using real metrics to identify how an employee engagement program is impacting workers is key to lasting change and enhanced business outcomes and is proving to be the missing link for many organizations. Being able to look at retention rates and how they impact business metrics will help identify what’s leading to turnover and help companies make better business decisions in the future.
If you’re ready to invest in HR analytics and workforce intelligence software, here’s what you need to look for, according to provider Visier:
As you begin down this path of using people analytics, just know that the process of implementation takes time and one of the biggest challenges in ensuring your data is in good order and that you have the right team in place to help analyze your data. You should expect to see some quick wins in certain areas with the understanding that other issues will take longer to resolve.
Connect with Corvex Sales Director Adam Chose on LinkedIn or email him to schedule a demo of the Corvex platform.