If you want your employees to do well, they need the right kind of environment and the right kind of care to thrive. When the organisation has the right talent and robust HR processes that foster employee engagement, it is possible to experience substantial business growth, particularly when expanding into new growth markets.
Employees who are happy are more likely to be vital for a thriving workforce and essential for the company’s success. But this raises the question of how a HR system of a large organisation can help develop an environment of positive employee experience that leads to staff retention which in turn increases engagement and accelerates business growth? That’s where the process of “hire to retire” and HXM solutions enters the picture.
Hold on to your company’s most valuable asset for the long-term
To attract and retain the best talent in today’s highly competitive labour market, your employees’ lifecycle with your organisation must be in par with the expectations of modern workers. This requires the use of the right HR strategy coupled with the right HXM technology to make the hire to retire lifecycle an effortless and seamless journey for your workforce.
We have broken down each stage of the hire-to-retire cycle, which in fact is a priority for every novel HR team as it creates the opportunity to provide an exceptional employee experience throughout the tenure within the organisation. Enrich employee experience from hire to retire with the right HXM technology & HR processes.
Before talent acquisition teams hire, they need to know why they’re hiring. That’s why a lot of top companies leverage analysing past hiring trends and applying that information to their current and future hiring decisions.
Organisations that recruit in large numbers, such as those in the retail or healthcare industries, can benefit greatly from strategic workforce planning. By anticipating precisely when turnover will occur, companies can fill these roles almost immediately, ensuring that the turnover does not have a negative impact on the business.
With the help of HR analytics solutions, it’s easy to identify talent gaps. From in-depth reporting to predictive analytics, to diversity metrics, and more, there are a variety of tools available to help organisations identify talent gaps and support recruitment planning.
There are many ways to find and hire qualified candidates. Traditional recruiting techniques such as sending recruiters to job fairs, university events, job advertisements, or through job networking sites remain valid, but technology has made it easier. HR professionals say hiring is one of their top priorities, but in last year’s SHRM study, only 30% said their organisation was effective at finding and hiring people with the right skills.
Employee engagement begins prior to an employee’s first day of employment. 70% of employees indicate that they are more inclined to remain with a company for three years or longer if they have a successful application and hiring process.
Recruiting software, in general, enables organisations to source a significantly larger number of candidates. Modern recruiting solutions facilitate the creation of a comprehensive candidate database and help analyses data against business requirements to guarantee successful recruitment efforts.
It all starts when the hiring team finds the perfect person for the job and it’s the official start of the employee life cycle – onboarding.
A well-executed onboarding process can have a significant impact on the success of a new hire. Organisations that implement effective onboarding strategies are 82% more likely to maintain their workforce and are 70% more productive than those who do not have a pleasant onboarding experience. As a result, it is essential to ensure that the new hire can seamlessly integrate into the company’s culture from day one.
A robust onboarding solution that incorporates business values and goals into the process can make a big difference and create an invaluable experience for new hires. Such onboarding solutions can empower new hires to experience faster employee time-to-productivity, higher performance & productivity, and greater organisational agility.
A survey conducted by Survey Monkey revealed that 63% of employees said they would be “very unlikely” to look for a new job if they were always or usually recognised for their work. Companies will greatly benefit from a well-planned rewards and recognition program, as research indicates that remuneration and benefits remain the primary reason for employees to stay in their current employment.
Compensation planning solutions are designed to simplify the implementation of competitive compensation programs for HR departments. These solutions can offer a unique suite of features to help you create rewards and recognition programs and inspire your workforce to achieve more.
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The relationship between development and engagement is mutual. Employees are more likely to remain in their existing roles when they see opportunities to learn or opportunities to grow within the organisation.
Employee retention rates can be significantly improved by implementing a career development program. These programs can help improve employee satisfaction, employee engagement, employee loyalty, and overall performance. By providing such a program, employers can demonstrate their commitment to recognising employees’ efforts and skills, while also helping them to align their career objectives with the organisational goals and strategy.
3. Succession planning:
For organisations to thrive in today’s highly competitive global marketplace, succession management is a proactive approach to identifying and developing your existing top talent. In fact, companies that build intellectual capital by continually nurturing the next generation of workers can enjoy a unique competitive edge.
Employee succession planning allows you to take your employees to the next level and help them learn faster. This increases employee retention and engagement. In today’s ever-evolving world of work, succession planning & development has become an essential part of the workplace.
A good succession & development solution identifies, develops, and retains talent at all levels of your organisation. With powerful succession planning software, you can map staff movements across teams and regions. Create new department hiring strategies while giving employees more insight into the next chapter of their careers.
If an employee has been performing satisfactorily for a long period of time and their employer has developed them appropriately, it may lead to an entire employment cycle from hire to retire.
The 2022 TIAA Employee Retention survey revealed that 82% of respondents prioritised benefits when considering job changes, with retirement benefits being the most sought-after at 77%. Employers can assist employees in retirement planning by selecting the right benefits plan, ensuring attractive and affordable retirement options. It also helps your business in attracting new employees and reducing employee turnover by making sure your employees are well-off for retirement.
Find an employee retirement plan provider that can manage the administration work, provide transparency as to where all the retirement funds are heading to, and most importantly, provide easy and self-service options for employees to access this data anytime and from anywhere.
In the current job market, it is not unusual for professionals to change employers every 2 to 3 years. However, it is estimated that up to 28% of “new hires” are former employees who are willing to return to the organisation after gaining further experience or exploring other opportunities outside.
So, it’s not just important to have a stellar hiring and onboarding process, it is equally important to ensure offboarding is an experience employees are satisfied with as it elevates the overall image of the organisation and is a good bait for any employee considering to join back. And not to miss out the fact that cost of re-hiring is much more economical and the time to productivity is very low.
Rethink your hire-to-retire strategy with Zalaris PeopleHub
A seamless navigation throughout the employee lifecycle can be challenging, however the goal remains the same, that is to provide your employees (and potential employees) with the best possible experience as they move throughout the various employment stages within the organisation.
HR departments and companies around the world are already making changes to their way of working to try and draw in and keep this new generation of workers that, according to Forbes, is not interested in the old-school, slow-and-steady transition period.
Take advantage of Zalaris PeopleHub’s Talent Management Software, a cutting-edge HR solution that is well-designed to efficiently manage the myriad stages of the employee lifecycle enabling organisations to create an environment that is conducive to employee well-being. Get in touch with our experts to learn more.