Peoplewave’s ERM platform addresses the following key HR issues:
Retention and turnover
Retention / turnover was the top workforce management challenge cited by 47% of HR professionals in a SHRM/Globoforce survey and 87% of HR leaders consider improved retention a critical or high priority for the next five years in a research by Kronos and Future Workplace.
Turnover is very costly and it can affect the performance off an organization. The cost to replace a highly-trained employee can cost up to 300% of their annual salary. Although that may seem like a massive cost, the true cost is likely even higher. Add on training, learning and development, loss of productivity and so on, the costs are substantial enough to keep a CEO up at night. If you’re not convinced employee retention is an important business objective, try out our Cost of Employee Turnover Calculator. It’s designed with transparency in mind, so you can see exactly how and why turnover costs stack up.
G2 Crowd says that 66% of HR employees believe that employee engagement has increased over the past year, yet only 34% of non-HR employees feel more engaged over the same time period. According to a Gallup research, employees who are “engaged and thriving” are 59% less likely to look for a job with a different organisation in the next 12 months.
In addition, employee happiness is 23.3% more correlated to connections with co-workers than direct supervisors. While an employee’s relationship with their line manager matters a great deal, it’s often their coworkers that truly inspire them to go the extra mile at work. Hence it’s important to help an employee set up their network when they first join the company and / or get regular fair transparent feedback from their co-workers to improve their performance (and not just from their line manager). This is where Peoplewave can come in and help.
Data and statistics for immediate action to address any red flags
Most organisations do not know who their high performing teams or employees are at any point in time. If you have an exceptionally high performing and productive employee in your organisation, it’s crucial to recognise the massive value they’re bringing to the table. If they’re doing really well, but they’re not being recognised or rewarded for it, they’re likely going to leave at some point. Conversely, if you have an employee whose performance suddenly declined, it’s imperative to identify them immediately so that something can be done to improve their performance, instead of waiting till it’s too late. The Peoplewave ERM platform will allow you to access such critical insights for timely actions to address any red flags.