Vicky Jain is one of the Founder of uKnowva, a cloud-based HRM software that happens to be the brainchild of Convergence IT Services. Vicky along with his co-founding members Abhay Talekar and Priyanka Jain has played an active role in the development of the software, which provides a 360-degree solution for HR Automation and People Management. Vicky has been responsible for the software’s exponential growth & operational excellence that has merited uKnowva the badge of a trusted brand.
Employee turnover is a critical issue for businesses especially considering the huge loss it can incur to them. As per studies, the overall cycle of recruitment, training and loss of productivity can cost businesses anywhere from 90 per cent to 200 per cent of the old employee’s salary. While retaining talent is indeed a difficult task for human resources, finding the right talent is equally hard. When coupled with the trend of ‘ghosting’ (a situation where a candidate all of a sudden stops communicating during the hiring process), the situation further becomes a nightmare for HR professionals. However, thanks to emerging technologies like AI, RPA and ML, the fundamental practices of the HR function are being transformed to drive better employee retention, satisfaction and engagement. The inception of HR tech tools is enabling organisations to automate and streamline several essential HR processes which make it easier to assess work performance, assign required tasks, and compensate for good results.
Role of HR Technology in Reducing Employee Turnover and Retaining Talent: Good leadership must recognise the value of having innovative HR technology in place that transforms employee behaviour and facilitates work, without becoming an extra burden. There are several positives HR tech can bring to recruitment and retention processes, along with addressing the challenges that organisations face with people management. Here’s how:
Pre-Hiring Engagement: To strategize better and avoid dropouts, HR software is being used to gain analytics and joining predictability scores of candidates. As part of a unique engagement template, the HR software comes up with different engagement methods to gain insights and draw analyses based on a candidate’s attitude, tone and personality. This helps companies to better understand a candidate, get an idea about their dropout rate, and come up with ways to retain them.
Streamlined On-boarding: It is important for employees to feel like a part of the organisation right from the first day of joining. Automation of the on-boarding process allows HR managers to make the process convenient and swift for new joiners. Also, HRs can be relieved of the tedious tasks of documentation, form filling and introductions through digitisation. Through a centralised information hub, human resource management systems (HRMS) allows new employees to access essential updates, reading materials, company policies, safety regulations, and more round the clock, irrespective of where they are.
Performance Management: One of the biggest advantages of HR software is that it can take complete control of the projects and find out ways to assign employees to different tasks and monitor their performance. Other than reviewing the performance, these tools also allow managers to set up improvement goals which help build positive morale and create a workplace where every employee feels eager to improve and excel at their job.
A continuous feedback process allows employees to understand where they are falling short and how they can improve on the same. Modern-day HRMS platforms enable real-time assessment with the help of daily tracking, 360-degree feedback as well as coaching and mentoring. Modern tech is enabling managers to become coaches instead of micro-managing employees.
Fair Appraisal: Without a shred of doubt, fair compensation is one of the biggest drivers of employee satisfaction. Employees expect to be fairly compensated depending on the amount of work that they do. However, most often, organisations lack effective appraisal systems to correctly measure employee performance and reward them accordingly.
Today’s AI-based HRMS helps companies to put in place a consistent and reliable compensation system which ensures that employees stay motivated, engaged and happy. At the same time, organisations can avoid issues while assigning bonuses as they’re well aware that the value being proposed is proportional to an employee’s output.
Learning and Development: When organisations invest in the learning and development of employees, it actually shows their commitment towards them and also makes employees motivated to perform better. Advanced technological innovations are now providing HRs with the opportunity to devise efficient training and development processes without compromising on output or work productivity.
Microlearning is emerging as a new trend in a digitally advanced work environment. By using AI, easy-to-understand, small pieces of information are being delivered in the form of texts, videos, etc. to engage employees for short time periods. Most of these lessons are aimed towards specific employee needs and outcomes.
Employees of the present day want to know how a company judges and values their potential as well as implements a plan for them to learn and grow within the company. When learning and development are incorporated into employee engagement programs, employees feel motivated to commit to an organisation’s success and stay loyal.
Final Words: The possibilities for artificial intelligence-based systems are immense. While there are concerns of tech making employee experience depersonalized and commoditized but it all depends on how employers balance the digitization drive with the need to make sure that employees are still at the heart of talent management. Technology can enhance the efficacy and delivery of employee communication. To be more specific, an employee communications platform increases job satisfaction, keeps employees engaged for long term, and even reduces turnover.