We all know the popular phrase, ‘Are we there yet?’ usually attributed to kids in the back seat of the car who can’t wait to reach the destination and be released from the tortuous (as they see it) trip.
(See several funny iterations of this on urbandictionary.com.) But taken in another context, people are frequently searching for the ‘are we there yet?’ moment in their careers – whereby they have attained the position in which they are comfortable – and want to stay. Companies can help their employees reach this goal by offering the right interaction that engages and motivates – encouraging their talented professionals to want to stay…
Employee Relationship Management as part of an HR Shared Services System, offers employees, managers and HR professionals the tools to easily deliver company news and information while also providing multiple methods of personalized and direct communication – for a more engaging experience. Firms implementing this technology realize higher rates of employee satisfaction and retention, as well as better insight into the wants and needs of their workforce.
According to well-known recruiting specialist Robert Half, “Employee retention should be at the forefront of every company’s radar. Employees want to know they are being treated fairly, receiving the highest compensation possible and being appreciated by their employers. Businesses must cultivate a positive workplace with an eye toward developing engaging new hire orientation programs, creating above-average compensation and benefits packages, ensuring top-of-the-line communication and building a teamwork-oriented attitude among employees. Businesses that work toward such goals will likely experience higher employee retention rates than those that do not.”
Employee retention strategies have become even more important with the improving economy. As the need for hires increases, companies are competing for the best talent. Keeping productive professionals motivated and from ‘jumping ship’ is crucial to the health and success of an organization. Sherrie Scott of Demand Media in her column, ‘Why Are Employee Retention Strategies Important?’ says, “Retaining a positive and motivated staff is vital to an organization’s success. High employee turnover increases expenses and also has a negative effect on company morale. Implementing an employee retention program is an effective way of making sure key workers remain employed while maintaining job performance and productivity.”
A study by Ernst and Young ‘The New Case for Shared Services’ outlines the need for companies to ‘find a workable balance between staffing, costs and a high level of service for back office operations.’ And while this study was developed for the gas and oil industry in particular, many of the tenants set forth are applicable for other industries as well. Maximizing the potential of Shared Services in areas such as Knowledge Management, process improvement and automation, and workforce retention; enables companies to remain competitive, provide superior service and keep costs in line with strategic and tactical growth goals.
Putting HR Shared Services Systems in place demonstrates to employees a commitment to the long-term value and respect placed upon them by the firm. “And most importantly of all, we have to remember that people are what we call an “appreciating asset.” The longer we stay with an organization the more productive we get – we learn the systems, we learn the products, and we learn how to work together,” Josh Bersin, Principle and Founder, Bersin by Deloitte, ‘Employee Retention Now a Big Issue: Why the Tide has Turned.’