46 percent of new hires leave their jobs within 18 months of being hired - While only 11 percent of these lack adequate skill, the rest of them left their job for reasons like lack of motivation and coachability.
Considering the statistics, it’s obvious that employee retention has become a major concern for corporate leaders and hiring managers. And, they need to take concrete steps towards keeping employees motivated with proper mentoring, training and compensation strategies.
Further, workforce related decisions like hiring new talent, training them towards acquiring more skills, managing their pay structure, and keeping them motivated towards achieving bigger goals are becoming complex in their own ways. These activities require constant efforts from HR professionals to acquire and retain new talent. In this scenario, HR management systems that can simplify these processes have become indispensable.
Let’s look up the case of one of Techjockey’s clients, who was finding it difficult to manage different HR processes with the size of its workforce increasing gradually.
WealthChaser Global Research is an investment advisory firm in Indore, which is SEBI (Security and Exchange Board of India) registered. Its expert team is proficient in predicting the actions in Equity and Commodity market in real time to ensure a profitable deal for clients.
The Business Problem
The team of WealthChaser is made of people with multiple specialties, who work together towards helping clients make right investments and reach their financial goals. However, keeping the champs motivated to make the most of their potential as financial advisors was becoming difficult for the leaders of this firm.
- Recruiting key talent was getting difficult, as there was no tech support for filtering eligible candidates, fixing a quick interview schedule, nor being able to provide timely updates on hiring
- A proper training structure was missing that could help employees in developing added competencies and adopting the evolving trends in financial advisory
- Leaders were not able to utilize all possible metrics properly to determine the effectiveness of different departments
- The performance review process was not streamlined, making it difficult to determine competitive benefits offerings for every employee
- In the absence of proper benefits offerings, retention of high-performing employees became a challenge.
Before it was too late, Avadh Singh Chandrawat, the HR manager of WealthChaser Global Research decided to follow the strategy of automation. Leaders of the firm gave a nod to the idea of adopting exponentially booming technology of HR management software. The next significant step was to get the best software for the firm’s specific HR management needs, and that too really quick.
Rather than knocking doors of different HRMS vendors and scrutinizing the exclusive features of their offerings, Avadh decided to make the quick and trusted software selection at Techjockey. Convinced by the online demo of HR-One HR management software, he closed the deal and got the software implemented successfully. Want to know which features of HR-One HR management software helped him make the final selection? Read to know more.
- It’s training module can help in analysing all training needs and setting plans or the same. Also, effectiveness of every training session can be measured
- A robust compensation system and benefit packages can be designed with the use of performance module to keep financial advisors motivated
- Measuring the effectiveness of every department becomes easy with its 360-degree feedback process
- The advanced reporting tool can provide data and analytics for making informed business decisions
- Recruitment for different positions can be done in a faster, paperless and transparent manner.
To make HR management processes easy and effective, embracing the evolving enterprise technology is imperative. Even more important is picking the right HRMS software based on the metrics of performance, productivity and profit.
- Performance: The HR management software you choose must have essential modules to make the process of hiring, training, performance review and benefits administration efficient and performance-driven.
- Productivity: It should assist in achieving higher productivity by automating different human capital management tasks. By setting key responsibility areas for different job profiles, assessing the performance on an ongoing basis, and determining the effectiveness of every employee, the HRMS software can play a detrimental role in improving productivity.
- Profit: The one that falls within your budget with all essential features can prove to a be a profitable solution in the long run.