It's no secret that employees are the lifeblood of any company. Without productive and committed employees, businesses would lose their competitive edge and falter. That's why it's so important to keep employees happy and engaged.
Employees leave for many reasons, but often the root cause can be traced back to one of three things: their relationships with their boss, their workload, or their pay and benefits.
1. Employees leave companies because of their relationships with their bosses.
Bosses play a big role in employee retention. The Harvard Business Review found nearly 50% of employees who left their jobs did so because of their relationship with their direct supervisors. If your employees are unhappy with their bosses, it's likely that they're also considering leaving your company.
Software analysis can help by giving employees a way to provide feedback about their supervisors anonymously. This anonymous feedback can identify problem areas, helping management to address these issues before they lead to employees quitting.
2. Employees leave companies because of their workload.
Employees who feel like they're constantly overworked and overwhelmed are more likely to look for a new job. In fact, a study by the American Psychological Association found nearly 80% of workers say their job is a major source of stress in their life. Work stress and lack of work-life balance impact mental health, leading to more sick days and burning out.
3. Employees leave companies because of their pay and benefits.
Pay and benefits are always a major consideration for employees when deciding whether to stay with a company or not.
With inflation spiraling upwards, employers must keep pay levels and benefits competitive...
The Society for Human Resource Management (SHRM) found nearly 60% of employees would leave their jobs for a 10% pay increase. With inflation spiraling upwards, employers must keep pay levels and benefits competitive, so employees don’t feel they are falling behind pay levels at other organizations.
Managers equipped with appropriate management software tools have a powerful method to track employee satisfaction with their pay and benefits. Anonymous data provided by employees can help identify problem areas and guide preemptive compensation changes to keep employees happy.
The people management software solution
Software solutions can help companies manage all three of the above human resources issues, keeping employees committed and morale high.
These applications make it easier for businesses to build engaged and high-performing teams using data analytics and management scoring. They improve employee productivity and retention by quantifying how managers are doing, tracking that progress over time, and anonymously benchmarking progress against peers.
Employees who feel like they're constantly overworked and overwhelmed are more likely to look for a new job.
Such software should aim to provide managers with a starting point, or baseline, to guide them to improve and become the best they can be, especially when managing virtual teams. The software should have, among its key features, a leaderboard that helps managers to compare their scores against colleagues, which, in turn, promotes healthy competition. Let’s look at how people management software addresses those three reasons why employees leave businesses:
- Managerial performance can be improved by tracking the Net Manager Score™ (NMS), a quantitative way to understand how effective managers are at managing high performing teams. It’s simple to calculate yet offers powerful insights. Similar to the Net Promoter Score, the NMS is based upon a system of Promoters (or Contributors) and Detractors.
- Employee workloads can be tracked by a “1-on-1” application which tracks concerns identified by the employee for discussion purposes with their manager, as well as through online performance checks and progress reviews that open up further opportunities for conversations.
- Software applications can launch surveys focusing on Employee Net Promoter Score (eNPS) and employee engagement can solicit information on compensation to better inform HR teams.
Although it's impossible to keep every employee happy 100% of the time, using today’s software tools can help managers address common employee retention risks and go a long way towards retaining top talent, preventing employees from leaving, and improving workplace performance and satisfaction.