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How can HR/Employee Management Software Reduce the Labor Turnover?

Managing employee turnover is one of the biggest challenges for any organisation. It takes twice the income of an old employee to search, hire and train a replacement. Apart from being a costly affair, employee turnover also damages the morale of remaining employees. Here's a solution that would help you ease down on this issue. Read ON!
Managing Employee Turnovers Made Easy Using Softwa Until one of the Experienced employees gives a resignation, you may not realize the significance of reducing labor turnover.

Undoubtedly, you will find a replacement but the same productivity and expertise in work won’t be delivered by the new hire for months or even many years. Therefore, it is absolutely necessary to keep your long-term employees happy and satisfied to benefit the bottom line of the business.

To curb labor turnover, organizations are now switching to strong HR software and Employee management software (EMS) that is equipped with a host of smart features to manage new as well as existing employees and their performances. Like how universities and institutions have been staying in touch with their past students and bring back talent to address their future groups and bring in the much needed funds for various developments, EMS have added ton of value for HRs globally. Enterprises today have quality Alumni Management Software to keep in touch with their past tribe too.

Here are some ways to reduce employee turnover in your organization by using HR software and Payroll Software:

Know Your Turnover Rate

Before fixing the problem, it is essential to know how big exactly the problem is. You need to find out the turnover rate of your business. If an employee leaves what are the reasons for that and how is it going to affect the cost of your company. Having turnover figures, the HR professionals or Hiring Managers can estimate the costs associated with recruiting, onboarding and training the new employees.

Closely Monitor the Top-Performing & Long-Term Employees

Look into the performance of your most successful employees: What makes them content in the organization? What do they like about the work culture? What features do they exhibit? Conducting employee satisfaction or feedback surveys can help the employers to determine the key factors driving their senior and happy employees. HR professionals can work around those areas to build effective employee retention strategies.

Find the Right Talent

Immediate hiring may seem the right option apparently when an employee leaves but what in case the replacement does not come out to be the right fit for the specific profile after a couple of months. Thus it becomes a necessity to determine the right skill set and behaviors before hiring the talent. Utilize tools like online assessments and background checks to invest time and money in the right candidate.

Smooth and Effective Onboarding

Finding and hiring an employee does not give you a loyal or long-term employee. In fact, supporting the new talent post hire plays a significant role in shaping the perception of the employee towards your organization. It is essential to put in place effective onboarding practices that include training on tools, making them aware of work culture, imparting knowledge on talent management programs, setting goals, etc. With a comprehensive onboarding management program, companies can reduce the employee turnover rate.

Timely Performance Feedback

By giving regular feedback to employees about their performance can help them to realize their weak areas and improve their performance. Feedback must be accompanied by rendering training if required and proper development programs to improve the employee performance.
This will not just support the performance system of existing employee but also strengthen the relationship between the manager and their employees thereby reducing the turnover.

Providing Development Opportunities

One of the best ways to reduce labor turnover is giving them a development path within the organization. By providing them with opportunities within the company, employees can recognize their potential in different roles and design a progressive career plan for them. The development must be in the direction to expand skills or knowledge and focus on the performance shortfalls.

Fair Annual Appraisal System

It has been observed that a maximum number of employees leave their companies due to poor annual appraisal system. With an effective appraisal program, the performance of employees can be evaluated consistently and in the right manner by providing them feedback from time to time.

Related Read: 5 Benefits Of Employee Engagement
It is the strong workforce of any organization that helps it climb the ladder of success. Thus, it is the first and foremost responsibility of the employer to treat their employees in the best possible way, give them a positive work culture that binds them to stay and perform exceptionally. Satisfied employees will certainly attract other bright talents. Ankit, the author of this article is Founder at CallHippo.com & SoftwareSuggest.com. He is a strategy guy who loves growth hacking & speedy executions.

If you have experienced these difficulties and already used systems to better your employee turnovers, reach us with your ideas and ways of dealing here in comments or tweet them to us @iUeMagazine

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 2nd September 2017.
Ankit Dudhwewala
Ankit Dudhwewala is a contributing writer at Inspiration Unlimited eMagazine

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