Many factors can lead to high employee turnover rates, including poor management, lack of growth opportunities, and low wages. Employees leaving costs the company money in terms of lost productivity and the need to find and train replacements.
It’s therefore critical for human resources professionals to have a sound employee retention strategy and talent employee retention tools to keep their company’s top talent from leaving. An employee retention platform helps organizations keep track of their employees’ goals and objectives, identify at-risk employees, and create a plan to improve employee engagement.
What is an Employee Retention Platform?
An employee retention platform is a real-time tool that helps organizations keep track of employee performance and identify potential issues that could lead to turnover.
Employee retention platforms track data related to:
- employee satisfaction
- employees’ feelings
- career goals
- user experience for different onboarding processes
- how the company culture is perceived
- employee feedback
- employee pulse surveys
- employee experience
Why Employee Retention Has Become More Difficult
In today’s business environment, employers must deal with many new challenges regarding employee retention. The Great Resignation has seen many talented employees leave to explore self-employment options. Also, the rise of the gig economy and the availability of more job options have made it easier for employees to find new positions that better fit their needs. As a result, employers must work harder than ever to keep their best employees happy and engaged.
Top 12 Benefits of an Employee Retention Platform
Helps organizations keep track of employee performance
Employee retention platforms are management tools that help organizations keep track of employee performance and the work environment by tracking data points such as attendance, productivity, and engagement. By understanding how their employees perform, organizations can identify issues early on and take steps to address them.
Employee retention platforms help organizations identify potential issues that could lead to turnover by tracking employee data and providing actionable insight into trends. By understanding which employees are at risk of leaving and which factors are causing employees to leave, organizations can take steps to improve employee engagement and reduce the risk of employees going.
Provides insight into your employee engagement level
An employee retention platform is a valuable employee engagement tool to understand the employee voice. By running engagement surveys and tracking employee engagement data, employee retention platforms help organizations identify issues that could lead to turnover. Additionally, organizations can create targeted plans to improve employee engagement by understanding which employees are most engaged. This is an essential part of your talent management system because employees who are not engaged are more likely to leave their jobs.
Improves communication between managers and employees
Employee retention platforms enhance communication between managers and employees by providing a central place for managers to give feedback, set goals, and provide recognition. This helps employees feel like they are part of the team and keeps them engaged with their work.
Increases transparency into employee performance
Employee retention platforms increase transparency into employee performance by providing insight into employee data through the entire employee lifecycle. They can also incorporate employee rewards and peer recognition. By understanding how their employees perform, organizations can identify issues early on and take steps to address them.
Helps employers create a culture of retention
Employee retention platforms help employers create a culture of retention because they provide the data that helps organizations understand what is important to their employees. When organizations know what their employees value, they can take steps to create a work environment that meets those needs and retain their top talent.
Aids in the development of succession plans
Some turnover is inevitable, particularly in the fast-food and retail industries. However, an employee retention platform can help develop succession plans because it provides data to identify high-performing employees. This data can then help create a pool of potential replacements for critical positions.
Helps organizations save money
Employee retention platforms help organizations save money because they reduce the need to recruit and train new employees constantly. By retaining your best employees, you can avoid the high cost of turnover.
Enables employers to focus on their business goals
Employee retention platforms enable employers to focus on their business goals instead of constantly searching for new employees. When organizations have the time to focus on their most important work, they can grow the business faster.
Improved recruitment and hiring processes
When an organization has a good employee retention platform, it can use the data to improve its recruitment and hiring processes. For example, they can use performance management and diversity and inclusion data to identify the type of person most likely to succeed in the organization and target their recruiting efforts accordingly.
Fostered sense of ownership and pride
When employees feel like they are part of something larger, they are more likely to take pride in their work and be more invested in the organization. An employee retention platform can help create this feeling by giving employees a way to track their progress and see how their work and employee experiences impact the organization.
Assists your learning management systems
An employee retention platform can also assist your learning management system by allowing employees to access on-demand training about working culture or technical processes. Additionally, an employee retention platform can create a system of onboarding new team members so that they are properly trained and mentored from the start.
Incorporate Better Hiring Tools and Maximize Retention
Incorporating better hiring tools is one way to maximize retention. For example, hiring tools like HourWork automate reaching out to former applicants and employees.
HourWork: Top Employee Retention Platform for QSRs & Retailers
Similar to HR software, HourWork is designed to help with the entire employee life cycle, from recruitment to performance management and retention. It is a comprehensive HR solution that automates retention solutions like employee recognition and performance management.
HourWork is a SaaS recruitment and retention platform for quick-serve restaurant (QSR) franchise owners.
HourWork enables employers to dramatically improve applicant flow, eliminate retention challenges, and match demand for labor with workers who have certified skillsets in specific areas and are available to work.
HourWork mitigates the root cause of hiring and retention woes for hourly employers today: Miscommunication.
Currently focused on solving applicant flow and retention challenges for QSR franchisees, HourWork has experienced explosive growth, adding 4,000 franchise locations to the platform in 2021 for a total of over 5,000 locations.
This represents 5.3 million hourly workers on the platform.
HourWork’s franchisee customers represent some of the largest multi-unit operators across iconic QSR brands such as McDonald’s, Burger King, Taco Bell, Dominos, Wendy’s, White Castle, and many others.
Get in touch today to schedule a demo and learn how HourWork can solve your hiring and retention needs.