Case Study – WealthChaser: Massive Shift to Automation & Productivity

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 toward keeping employees motivated with proper mentoring, training, and compensation strategies.

Further, workforce-related decisions like hiring new talent, training them, managing their pay structure, etc. are becoming complex. Another major challenge is keeping the workforce motivated toward achieving bigger goals.

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.

Related Categories: Payroll Management Software | Attendance Management Software | Leave Management Software | Recruitment Management Software

The Client

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 consists of people with multiple specialties. They work together to help clients make the 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 is no tech support for filtering eligible candidates, creating interview schedules, or even providing hiring updates
• A proper training structure was missing that could help employees develop added competencies and adopt 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, which made 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.

The Solution

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 quickly.

Rather than knocking doors of different HRMS vendors, Avadh decided to make the quick and trusted software selection at Techjockey.

He was convinced by the online demo of HR-One HR management software. Then finally 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.

• Its training module can help in analyzing all training needs and setting plans or the same. Also, the effectiveness of every training session can be measured
• A robust compensation system and benefit packages were designed with the use of performance modules 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.

Key Learnings

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 must have essential modules to make the process of hiring, training, performance review, etc. easier. It should benefit the administration and make them more 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 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 be a profitable solution in the long run.