The ideal employee experience is the impression your employees get of your company at every interaction—when they’re recruited, onboarded, during performance reviews, training, succession planning and offboarding. Why does this matter?
The better your employee’s experience is, the more engaged they will be. And companies that have employees who are engaged from the start are 21% more profitable, have a 41% reduction in absenteeism and experience 59% less turnover.
Start off strong by offering a great candidate experience
You never get a second chance to make a first impression. An applicant tracking system (ATS) allows companies to put their best first forward with potential employees. It ensures when a candidate applies for a job, the process is easy and fast, not clunky and time-consuming, keeping your candidate engaged. Research from Indeed.com shows the longer the application process, the higher the abandonment rate.
An ATS can simplify the application process, providing a great candidate experience, by:
- Removing the need for an applicant login, making remembering passwords or creating a profile unnecessary
- Ensuring the application process only take minutes, due to resume parsing which auto-fills candidate information based on an uploaded resume
Once the employee is hired, keep the momentum of your good candidate experience going with an efficient onboarding process. Onboarding is a chance for employers to ensure their new employees that they made the correct decision in committing to work for them. The process should begin before the employee’s first day by completing necessary paperwork online and reading company manuals. A thorough onboarding strategy will not only increase retention, but it will also offset further hiring costs and create empowered employees with higher performance rates.
Show your employees you’re invested in them
According to LinkedIn’s 2019 Workforce Learning Report, 94% of employees say that they would stay at a company longer if it simply invested in helping them learn. Helping employees grow starts with a performance review.
A modern performance review process, one that occurs more than once a year, supports both the employee and the company by providing the opportunity to set goals to improve their work in the position. Performance management software can organize goals, tasks, evaluation forms, employee competencies and even offer 360-degree feedback.
To achieve goals set during performance reviews, you need to develop your employees’ skills. Not only will development help your employees improve, but it is intrinsically tied to retention. In fact, companies with a strong learning culture have employee engagement and retention rates 30 to 50% higher than those that don’t. A learning management system equips your employees with on-demand courses and required training to help them reach the next level.
Aside from improving your employees’ experience, development also benefits your company by closing any existing skills gaps through succession planning. Succession planning helps managers map out an employees’ future with the company, offering them an opportunity to advance their career while identifying any weak points in your workforce.
Put Your Money Where Your Employees’ Hard Work Is
Now that you’ve invested in your employees, you need to seal the deal by rewarding them for their hard work. Compensation is fundamental to retaining your employees. According to SHRM, U.S. salary budgets are projected to rise by an average of 3.3% in 2020, up from 2019. The problem is striking the right balance between your compensation approach while protecting your bottom line. Compensation management software can help you review compensation patterns in the market and assess any potential impact of raises, or other pay changes, to your budget. Automation tools can also be used to streamline your compensation decisions so you can make sure your employees are rewarded while keeping your company in the black.
Creating an ideal employee experience all comes down to using the right tools. Arcoro has an entire suite of products designed to help you hire, manage and grow your workforce. These systems allow managers and HR to recruit, onboard, train and develop employees and compensate them fairly.
Arcoro features a built-in integration that connects to top-of-class insurance carriers, ERP, payroll, HRMS, HRIS and business intelligence tools. Employees can easily access important documents, benefits statements, workflows PTO and more. With our configurable modules, you can add or remove the parts of the platform you need as your business requirements change.
The Arcoro platform was created with a modular approach, and offers innovative technology in the following categories: