07 Dec Employee Engagement Software Solutions That Reduce Turnover
According to research done by Engage for Success, companies with low engagement scores are about 32.7% less profitable than their more effective counterparts. Moreover disengagement has a very high financial cost. The American economy loses close to $350 billion every year in productivity because of employee disinterest and detachment.
Not only is an engaged worker more likely to contribute to the attainment of company goals, he or she is also more loyal and committed to the organization and thus poses less of a flight (or turnover) risk.
Compensation is one lens that gives management a perspective on the issue of disengagement and turnover. But it is not the only means to foster a culture of success and accountability. Exit interviews are more administrative than strategic. They gather information about what has driven the employee to quit but don’t really stop turnover. Performance reviews are concerned with the competence of workers and how valuable they are to the company. Satisfaction surveys are too generic and rarely ever lead to the creation of customized plans with concrete actions to retain individual employees.
STAY INTERVIEWS AND EMPLOYEE ENGAGEMENT SOFTWARE SOLUTIONS:
Stay Interviews entail focused one-on-one conversations between managers and their direct reports. The sole purpose of these structured meetings is to ensure that employees can discuss their issues and grievances in a candid setting so that the company can take steps to eliminate the problems. After a Stay Interview, the line manager creates a ‘Stay Plan’ to grow the potential and expand the horizons of workers – eventually boosting engagement and retention.
However, getting managers to commit large chunks of time may be a challenge. This is where a complete employee engagement platform comes into play. Stay Interview Software, like STAYview, does the following:
- Offers managers advice and tutorials that coach them (at their pace) in the art of being patient and probing – the two prerequisites of successful stay interviews
- Stay Interview templates with tested questions that are guaranteed to get employees thinking (and engaging) in the process
- Powerful reporting capabilities, including the creation of retention forecasts and final turnover number sheets for comparison
Stay interviews are not a fad. They are here for the long haul. The introduction of employee retention tools can guide managers through the stay interview process while increasing engagement and reducing turnover.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Stay Interview Software, STAYview, click the button below!