Things you can do to boost employee retention rates
The human resources department at any major multinational company will always prioritize employee retention and satisfaction. There is very little that is easy about the hiring process, the global pandemic has made this significantly harder with many people now being onboarded in a remote or virtual environment.
Retention rates are now being looked at in a new light, particularly as a cultural phenomenon known as the great resignation has taken hold on a global scale-the result of this has been mass resignations with people choosing to prioritize other aspects of their lives, and consciously choosing to exit the labor market. The implications of this are massive for company culture and global employers around the world are already reporting significant staff shortages as well as difficulty acquiring suitable candidates for open vacancies.
This is a whole new problem facing HR directors and managers, and while all of them are working hard on possible solutions to this very unique challenge, many are also of the view that prevention is better than cure and retaining the employees they currently have is going to play a major role in the stability of their organizations. Employee retention strategies to tackle high employee turnover are being looked at with additional care these days.
So, naturally, their thoughts are turning to what they can do to ensure stronger retention rates and that their, current globally dispersed employees remain as satisfied and committed as they can possibly be. In this article, we are going to look at a couple of things that multinational companies around the world can do to boost employee retention rates and ensure they are not subject to the whims of this great resignation.
Prioritize the onboarding process
The onboarding process is always an important part of the employee experience-first impressions last, and the early stages of a new job can be a challenging time for new employees. In a post COVID world, the onboarding experience may be a virtual one, and in the absence of a face to face greeting it is more important than ever to focus on a positive initial experience for any new candidate. This is about making sure that a new joiner at an organization is both made to feel welcome and is also set up for success right from the very beginning. Training, support and access to all the information they need will go a long way to helping them settle in, a friendly face on the end of a video call just checking in and seeing how they’re doing can also be a nice personal touch. There is an opportunity here for HR professionals to set the tone right from the outside and let new hires know that this is exactly the type of company that all top talent should be working for.
Recognize and reward success
Many companies talk about recognizing and rewarding the effort & success of their employees-but most never get around to implementing an official recognition and reward program. This does not have to be hugely comprehensive, but it does need to be consistent and create a sense that employees are a valuable asset. Employee recognition is often simply a case of letting a global workforce know that their efforts and hard work are always appreciated and that the leadership teams inside the organization are willing to take a little bit of time out of their day to celebrate successes. This can take the form of an official program that awards prizes to individuals or teams, or it can simply be a commitment to consistently recognize hard work and performance with a thank you message or call. Formal rewards and recognition programs have been known to incentivize and motivate a number of employees even further, but for a lot of employees, they just need to feel that they are seen and heard.
Work, life and screen time balance
Everybody is seeking work life balance, and this is hardly a new concept-however, the global pandemic has put a new spin on this. Balance has become more important than ever with more and more people working from home-the lines between home and office responsibilities sometimes get blurred. Zoom fatigue and excessive screen time have become an issue-in the absence of the nine to five working hours, global employees have switched to an ‘always available’ mode, which often sees them checking emails late at night or on weekends. This is not a sustainable or satisfactory lifestyle so any attempts by HR professionals to introduce ideas that help create separation between work from home and family responsibilities will generally be welcomed by the global workforce. Sometimes this can be something simple that just helps employees, like introducing a policy of no video conferencing meetings at specific times during the week-giving people a break from screen time and allowing them to focus on priority tasks so they are not continuously feeling overwhelmed or too busy. The onus here is on team managers, they know the workloads of their direct employees the best-but they would appreciate some guidance at HR level.
A growth industry has emerged in the space of employee wellness and mental well-being. The pandemic was a time of massive strain for many people, especially those who were juggling home life and caring responsibilities along with their day today employment obligations. Burnout and stress became commonplace, and many organizations today are looking to implement an employee wellness program to improve employee morale as part of an ongoing retention strategy.
Physical fitness has a role to play here, but the main focus has been on the mental side of things-stress management tools such as applications that help them monitor the time they spend on emails or video conferencing calls can offer helpful insight into how they are prioritizing their time.
Some global organizations have chosen to offer their workforce free or discounted subscriptions to meditation and wellness apps in an effort to help them avoid burnout. All employees know when they’re feeling stressed, but many of them do not know how best to react to the feeling of stress or what techniques they can employ to help them manage it better. More and more wellness tools are coming onto the market- when global employees see an organization take the time to make these tools available, then they at least feel that their well-being is being prioritized at a leadership level-it sends the right message.
No payroll complications
You can be certain that if you are struggling would employee retention, then payroll complications or any failure to pay people accurately and on time will quickly make everything worse and increase the employee turnover rate. It is best to run your global payroll from a single digital platform, deployed in the cloud, operating with innovative digital tools that guarantee excellent payroll operations and data security.
Everybody in the human resources department needs to think about employee retention on a global scale-therefore a global payroll control platform that is designed to manage the complexities of global payroll delivery across multiple countries will immediately take the issue of global payroll failure off the table and that is one less thing to worry about in terms of company reputation and employee satisfaction with how they are paid.
Some employees really need to feel valued, while others really enjoy it when things are easy and convenient. Things like an employee self-service facility can really help with this kind of convenience-this way, global employees regardless of where they are located can access all of their payroll related data such as payslips and year-end tax information on a self-service basis from the device of their choosing.
This can be a really strong employee engagement tool with the added value of dramatically reducing the number of employee data queries coming into an already burdened HR, global payroll or finance department.
For information on the Payslip Platform contact us today.
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Using Payslip, we can manage all our payrolls across nine in-country vendors on one platform. When the global Covid-19 pandemic arose, it was not an issue from a payroll perspective, and critically getting everyone paid. The Payslip platform enabled continuity for our international payroll service including the fast and seamless implementation of the Payslip Employment Self Service during this time.
Payroll Manager, LogMeIn
Payslip as a technology platform has added a missing piece in our payroll set-up. As an international company with offices in 16 countries, it’s important to us that every employee at GetYourGuide has the same great experience when accessing their pay data.
At the same time, we work well with smaller local payroll providers, supporting us with direct local expertise in their countries. We were able to combine those two elements by placing the Payslip platform in the middle, to simplify reporting and communication with local providers, and to have one simple employee-facing solution across all locations.
Head of HR, GetYourGuide
With business and employee growth rates of above 50%, we rely on our vendors to deliver on time, every time. Payslip’s workflow automation, enables Phorest to manage our payroll provider process – data driven, real time and transparent. Payslip saves us time so we can focus on our business growth.
International Payroll Manager, Phorest
Payslip positions your team for success, and allows you to onboard hundreds of people when you need them very quickly and efficiently, in the same way for each country. The uniformed approach empowered our payroll teams to keep pace with our business.
Payslip also made our payroll process entirely transparent, which is invaluable to our payroll teams as we continue to grow and scale at such a rapid pace.
HR Systems Lead, Wave