In some ways, today’s focus on the customer experience (CX) echoes the same sentiments of the saying “the customer is always right.” Everything revolves around providing potential and existing customers with a valuable experience from start to finish. It is so important that 58% of global businesses participating in a survey perceived it to be their main competitive differentiator.

Do you feel like you’re in a constant struggle to retain employees? If so, you probably know how expensive it is to hire new talent.

Fortunately, businesses now have data that shows the main reasons employees stick around for the long term. While keeping top performers is difficult, it’s a lot easier when you have all the information.

Here’s how your company can use data to motivate your employees to stay with you

Retaining employees versus hiring employees

Hiring employees is an expensive process. According to research by ELMO Software, hiring one employee costs organisations $18,982. These costs are immense when hiring a new executive ($34,440); senior-level managers ($23,059); mid-level ($17,841); entry-level ($9,772).

Retaining employees is more cost effective for numerous reasons. Less money is spent on familiarising new hires with your company processes. Moreover, less resources need to be allocated for advertising open positions, interviewing and so on.

The hidden benefits of employee retention

For companies, one of the largest employee retention benefits is keeping their most innovative and forward-thinking staff. In the long run, this helps companies increase their bottom line and provide better value to customers.

Internally, retaining top talent is excellent for morale. If employees see that your best team members are sticking around, they will feel inspired and motivated to remain a part of the company.

Employee retention is also excellent for HR teams. Beyond the monetary cost, the hiring process eats away at an even more important asset: time. Instead of continually having to replace employees, the HR team can focus more energy on nurturing their colleagues’ career growth.

Another overlooked benefit of employee retention is uninterrupted productivity itself. When an employee leaves, projects are delayed and disrupted. Until a new person is hired, tasks need to be delegated between the remaining team members. If they are overloaded and under pressure, this can lead to stress, productivity loss and even burnout.

What makes employees stay?

A great workplace culture

Various industry reports show that salary is not the only important factor for taking a new job. According to a Glassdoor survey in 2019, 56% of participants said that a company’s culture is more important than their paycheck.

Throughout the years decision making has been through many phases. From the traditional tool kits to modern algorithms. But the basis of all these have been how you make decisions, the use of facts and calculations. The aim is to make it more relatable to HR scenarios. Addressing this need, the addition of Simulations to the PeoplesHR solution identifies the answers to your what if’s.

In simpler terms, one is able to conduct certain scenarios and see how best it suits your organisational needs.

For example, you may want to see what happens if you give increments or bonuses, hire new individuals or even the repercussions if someone leaves. The goal of simulations is to facilitate various types of decisions with the use of data.

The functionality of the system enables these decisions to be made with existing data available in your HR solution. Hence the what if’s are based on actual organisational data and given in a perspective that is based on specified parameters and one can attribute values and determine a certain outcome. As these are based on real data the results derived have a high probability of accuracy.

The PeoplesHR platform has a workbench which one can simulate 4 elements according to real scenarios.

Example 1: 

Imagine a yearly budget given to a department head and how they would utilize it. In such a situation, the simulation workbench helps the department head simulate against different entities within the organisation. Another interesting feature is that these scenarios can be shared among colleagues for verification opening doors for collaborations and sharing of opinions.

In terms of yearly increments, organisations can tackle this annual concern by identifying how a certain increment can affect the bottom line and cost to the company (CTC). The platform allows simulations for different pay elements and sees the corresponding results with the generation of real-time figures.

When conducting the simulations, the system also indicates the fairness of the scenarios and if the compa ratios are met and is colour coded for convenience. 

This also facilitates to carry out fairness among the organisation as when increment decisions are made with the use of peer level analysis to see if the decision made is just. This can be through performance ratings, talent ratings or even the criticalness of their job role.

Exits on the other hand is also considered important within the simulations framework

Exits too are a part and parcel of the daily HR environment and come at a cost.  With employee data available in the system, simulations automatically calculate the cost to the company based on their service duration.  

All these formulas are exact formulas used in payroll,which therefore gives your accurate figures.

Hence organisations can always think twice before any harsh decisions are made before it affects the CTC.

Did you know?

Another feature of simulations that is highly critical is what can be applied to the scenario of opening a branch or different entity where the system can derive the cost of new hires based on the headcount required. Hence giving you the cost upfront.

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PeoplesHR shows you how best resources can be utilised by creating future scenarios in a simulative environment that let you use the available information for future requirements. Here are some key features that enhance PeoplesHR simulations:

⦁ Get the full picture of your simulations, last two years vs the current year.

⦁ Know the difference between allocated and actual usage of your organisation’s cost of Increments, new joiner, bonuses and resignations.

⦁ Get a complete summary of all those budgeted, simulated and the variations that may come up in your increments, new joiners and bonuses.

⦁ Know the top 5 employees whose exits will significantly cost the organisation.

⦁ Compare the past three bonus allocations.

⦁ Know the cost spread across your organisations increments, new joiner, exits and bonuses.

⦁ View allocated salary, increments and bonuses with the options to adjust if necessary.

⦁ Identify maximum and minimum salary scale positioning.

⦁ Make required budget allocations, view remaining budgets and identify under/over paid employees.

⦁ View and share the created simulations with/to required individuals.

⦁ Dashboard view of utilised allocations, cost allocations, total utilisations for the past 2 years with current year.

So why risk your business with just a gut feeling, when simulations give you an actual snapshot of all the possibilities.

Sounds interesting? Get in touch with us.

The corporate world is flooded with theories and saying about employees.Some say that happy employees result in great customer satisfaction while some consider the greatest asset of any organisation to be it’s employees.

In a world of constant uncertainty and obstacles surrounding a person’s daily work-life, how do you know if your employees are REALLY happy? How many times have you assumed an employee is extremely happy and satisfied doing his job, but ends up not showing results or even resigns the organisation?

In most cases, happiness is measured as a gut feeling but in a world of masked individuals (literally) and virtual workspaces, how does one really figure out the reality behind the fake smile.

We rate the satisfaction behind multiple experiences, whether it is food, transportation, or hospitality. Name it, we rate it! So why not get employees to rate their happiness at your workplace, to evaluate the employee happiness level with actual stats and create analytics out of it rather than just a gut feeling.

The Happiness Indicator in PeoplesHR does just that. The concept behind this feature is similar to the satisfaction ranking that can be done after obtaining a service. The Happiness Indicator gives employees to do something similar. Employees are able to provide their satisfaction towards their work simply by selecting the relevant mood emoji. This provides organisations to capture happiness and measure happiness and also make decisions based on employee satisfaction which is a rare occurrence.

This happiness indicator opens doors to a variety of analytics and insights. Happiness levels can always differ during an employees shift. This can be due to stress, fatigue or time of the day. This information is now readily made available in the system. Another example is that newcomers are always excited and happy to join, but the level of engagement and enthusiasm gradually reduces with time. The Happiness Indicator now enables this information to be generated through data enabling employers to analyse the situation better. As a result of this analysis various aspects can be brought to light. Whether the problem is due to a particular supervisor or the group of peers associated with or the organisational culture.Therefore HR can look into how best they could provide a good working environment for their employees.

Happiness is also paired with other parameters, such as employee performance, their Bradford factors, work hours, the service period, the number of subordinates they manage any many more in order to have a drilled down analysis of employee happiness. Which in turn would be a critical point for the retention of employees.

Combined indicators such as the top performers, employee talent and their potential along with the predictive models indicating leaving probability shows whether the organisation is going to face a problem if a high performer wants to leave. As a result the insights derived from the Happiness Indicator can be used to resolve the problem. Hence it can be stated that it takes a series of dimensions and provides recommendations on what is to be done.

The PeoplesHR Happiness Indicator is available on the PeoplesHR Mobile App for anyone with access to a smartphone. But it’s not limited to a smart device, the Kiosk application comes in handy to those who have no access to a smart device or a pc. The PeoplesHR Mobile App and Kiosk are completely identical in order to provide the same level or experience and engagement to all employees despite their occupational level. The kiosk is available as a windows app and a web browser and is localised for upto 16+ languages, breaking language barriers too.

In short, we give your organisation to know what every single employee feels. Whether they work in a production plant, at the head office, customer site or even at home the opinion of every employee matters to us.

In case you are interested in getting to know if your employees are truly happy, connect with us and we are happy to guide you.