HR Shared Services, while a serious piece of tactical and strategic planning for firms – also provides key components for employee engagement, enjoyment, sense of belonging and social interaction…
Over fifty percent of recruited employees will depart a firm within two years according to HR.blr.com, with one in four leaving in only six months. So how does an employer keep valuable talent from walking out the door and thereby minimize the financial impacts of replacing and training new recruits? Employees need to feel valued, and interactive and open communications, as well as easily accessible and frequently updated and personalized online resources, are critical for keeping them engaged and happy at their places of work. More than half of surveyed firms don’t have a formal strategy for retaining employees. (From Entrepreneur.com)
Keeping the best employees motivated and satisfied in their careers means more than great benefits packages – although these, of course, do help. A company also needs to incorporate other programs – both quantifiable and social – the former as a benchmark for progress – and the latter as a tool for ongoing engagement. Measurable performance objectives for career growth, open communication, fostering loyalty and competitive advantage (people like working for a winner) go a long way toward realizing incredible results – and serving employees – and thereby customers well.
In addition to a proactive and personalized means of communication, interactive HR portals also provide a resource for corporate responsibility; giving employees a sense of corporate philanthropy, citizenship and sustainability. HR Magazine’s ‘Corporate Social Responsibility Pays Off’ from a few years ago outlines how companies have taken to this idea – and the results and giving have continued to grow. The overall social impact of business decisions has in turn impacted diverse causes including environmental initiatives, charitable contributions and a wide variety of social causes.
Human resources departments can help ensure that companies positively affect their global profile by adopting sound corporate responsibility programs – having a profound effect on how the firm is viewed by those employed – thereby boosting employee engagement and increasing employee brand recognition. Implementing green practices such as environmental waste reduction and conservation – garner warm feelings towards the organization – helping HR with both employee engagement and retention. (From The HR Role in Promoting Corporate Social Responsibility)
As the average tenure with a company continues to decline, and firms have a harder time replacing professionals; it’s clear that having the growth strategies and programs in place, along with the proper tools to implement these, is pivotal to retain employees and keep turnover low.