There are lots of reasons why employees quit their jobs. Some employees quit their jobs as a result of career advancement, pay or job security. However, according to one survey, about 20% of individuals quit their jobs because of a lack of technical know-how and because they are not a good fit for the job.
Employees can create better value at work when they are properly assessed on their strengths and talents to improve productivity. Again, companies can train their employees to gain the right technical know-how.
Technology is an indispensable tool to train employees and help them add better value. In this article, we will take a detailed look at how companies can use technology to bring down employee churn rates. So, let’s jump right in!
Identify Employee Skill-Gap
Identifying skill gaps to attain business goals is vital. When it comes to training employees, the most
important concern is how to properly identify skill-gaps. With the help of technology, there are certain ways to identify an employee skill-gap.
Key Performance Indicators (KPIs) is one of the best ways to determine skill gap. However, the most vital thing when using KPIs is to watch out for your employees’ overall performance trends. Additionally, using benchmarking performance and also making observations is vital in identifying an employee skill gap. It is essential that all these methods are used with good data gathering and thorough analysis. Making use of numerous data sources can help you to note the skill-gap and its root causes.
Build an Employee Information system
Building a Human Resource Information System, or HRIS for short, will help you get feedback on your employees’ skill-gap. You may consider building a 360-degree profile for your employees; this will help you to understand what their current role is, the skills they have, and therefore, create a training plan.
Furthermore, a 360-degree review can get you feedback regarding certain performance-related problems of your employees as a whole. It is possible to take different approaches to this, but one vital one is the use of employee surveys, this is due to the fact that you can easily create and deploy it. A 360-degree review contains customizable employer fields (which allows you to be flexible to organize and manage employee data), document vault for every employee (secure storage for all your employees’ documents), and an org chart and employee directory (to understand your entire company).
Create an engaging onboarding program
It is essential to note that employees need to be trained before they can start working in your company. A solid onboarding program can boost the value an employee adds to the organization and also improves their retention; thereby averting the cost of hiring replacements.
To create an engaging onboarding program, do not invest in simple text-based lessons; instead invest in interactive video content. Rob Evans, the founder of Graviteq, a company that trains rope access technicians says his organization creates helpful video content on their YouTube channel that teaches the basics of their training course to online viewers. While hands-on training is an absolutely essential component of this industry, video lessons help learners revisit these lessons later on in order to help them perform better.
Studies show that the human brain processes video content nearly 60,000 times faster than text. Training your employees through video content should hence be the standard way to convey knowledge and values across the team.
Your company only needs to create an onboarding video once, and then new hires will be able to move forward with their training. This saves time and cost. There is a wide range of video templates you can use for the perfect orientation. While you make onboarding video content, ensure there are engaging, interesting, short, inspiring, and offer opportunities for further learning.
Offer flexible-working and remote working opportunities
It is not surprising that employees can make or mar your business. Hence, it is essential that your company pays more attention to its employees. Letting employees work from home can help improve morale and boost productivity; not to mention bringing down the churn rate.
Recognizing the importance of remote work capabilities positively helps in bringing down churn rate. Recent studies show that nearly 65% of employees today report that their work allows them to work remotely, and it is becoming a norm.
Investing in collaboration tools that can make remote working easy will also help your company reduce its churn rate. These tools come in different categories such as Audio/video conferencing, chat/messaging, project management, document management, file sharing, and so on. These tools ensure a smooth workflow in your team and ensure that your workers feel more comfortable. They will also know what is expected of them and remain focused on the right tasks.
The role of technology in bringing down employee churn rate proves to be vital. New technologies have emerged with the aim of reducing churn rates; to speed up onboarding and decrease turnover costs when employees leave their job. It is essential to identify your employees’ strengths and leverage them into achieving a better output, but this can’t be done easily and that’s where technology comes in — to help your management processes much easier.
Besides using the technological methods listed above, it is essential to have a purpose for your company, which will make employees find meaning in their work and stay devoted. Additionally, also validate that working is an essential part of your life — ensure your employees know that you value them and always want them fulfilled. Putting all these together, you will successfully curb the churn rate in your company.