14 Jun Use HR Software to Stop Losing Your Best Performers
Turnover is inevitable, but its negative impacts are magnified when it’s your top performers who decide to walk away. Instead of scrambling with last-ditch efforts to keep your best talent from leaving, why not take a proactive, long-term approach to driving retention?
Today, there are multiple HR software solutions available that can help you retain your leading employees. Here are just a few:
- An Alternative to Exit Interviews
Rather than asking employees why they leave during exit interviews, employers who utilize stay interviews access insights about what employees need in order to stay, as well as the factors that, if left unaddressed, would drive them to quit. Stay interview software also provides managers with the tools to generate effective stay plans, which drive focus on individual aspirations. This is critical, because as a Harvard Business Review study found, 20% of employees feel that their aspirations aren’t aligned with the company.
- A Powerful Performance Management System
Many of today’s talent management software solutions are centered on performance management. According to the HR Council, a powerful performance management system needs the following components: clear expectations, an open and continuous feedback exchange, growth and development opportunities, and recognition for achievements. To talented and skilled employees, these four facets of management are indispensable for encouraging long-term growth, which is the leading factor determining whether employees will stay or quit (as reported by this 2015 Ranstad survey). The best performance management software has tools that allow managers to achieve each of those four objectives, such as goal approval controls, 360 feedback, real-time alerts, performance ratings, and development plans.
- A Communicator for Total Value of Employment
The Ranstad survey referenced above also states that low compensation is the second-most common reason employees quit. Don’t let your best associates go based on the perception that you’re not paying enough. Instead, use talent management solutions such as total reward statement software to effectively communicate the total value of employment. When your best talent has a clear view of the competitive benefits your company offers, they’ll be more likely to stay committed to your organization.
Keeping your best performers requires a commitment to ongoing performance management tactics, but HR software solutions can help by simplifying and aligning retention efforts and management processes company-wide.
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 Talent Management Software, click the button below!