Cultivating a strong workplace takes a lot of time and effort. With an HR solution? Just about anything is possible.
There’s a common saying many people swear by — ‘don’t put all your eggs in one basket’. That doesn’t mean you can’t find multiple benefits in the same package. This minor, yet significant difference practically defines the nature of the HR solution. From encouraging higher rates of employee retention to helping your workers be paired with the healthcare they need, this resource can become the proverbial glue that keeps your business together. If you haven’t used one, however, you need to brush up on what it can and can’t do.
Today’s businesses are facing more obstacles than ever. Not only does everything seem to get more expensive by the day, you also have astronomically high rates of employee turnover and fluctuating healthcare norms. While some decide they want to completely overhaul their hiring process, others feel the problem lies within the fabric that makes up their business’ day-to-day. This is where a good compensation management solution comes in.
Let’s first take a look at what most businesses are concerned about. According to a Mercer Canada study conducted just the year prior, the second highest concern after employee retention is the overall economic climate. This concern was ranked even higher after administering salary increases. This same study also found nearly 70% of employers being most concerned about employee retention when it also relates to compensation decisions. This has carried over into 2018, making it one of the most prevalent issues in dire need of addressing.
What are employees worried about? Considering just how high the rates of dissatisfied and unengaged workers are in North America, this is a detail you can’t afford to overlook. Today’s job climate can feel unsteady for both parties, particularly when it comes to being compensated and encouraged to remain in the long-term. As of earlier this year, Canada has had a rather strong run of created jobs. Recent reports have found nearly 415,000 full-time jobs over the past 12-month period. That’s as much as a 2% growth increase.
Many workers, however, are still struggling with personal wellness and satisfaction. Disengaged and unhappy workers have been found to cost the North American business economy over $350 billion every year in lost productivity. This includes lackluster performance, employee turnover and constant sick days. A recent report also found one-third of Canadians are actively planning on finding a new job in 2018. What does this mean for you and your own HR solution?
A smart combination of benefits and recognition programs goes a long way in creating a workforce that cares. According to a Sanofi Canada Healthcare Survey conducted in 2017, employees who are very satisfied in their job also think very highly of their benefit plan. This survey went into greater detail, with 60% saying it meets their needs extremely well. Compare this to more dissatisfied employees, who barely reached 40% on the same consensus. The same survey also found over half of employees with wellness programs reporting their employer does a good job of helping them manage stress.
Overall, unemployment in Canada has decreased by 10% in just the past two years. The future is looking quite bright for both businesses and workers eager to meet each other halfway. HR platforms are designed to represent people at the most common level, seeing eye-to-eye on issues relating to compensation and wellness so everyone can go to work happy and go home happier. When your employees have benefits they can count on, they are proven to feel better, work better and live better.
How can HR solutions and HR technology give your brand an edge?