Time and Attendance systems will play a crucial role in 2015 as employers focus their attentions on staff retention and attracting new talent.
A survey from the Institute of Leadership and Management (ILM) has warned employers that they are likely to experience an increase in potential employee turnover over the course of the new year.
The results of a recent ILM survey of more than 1000 UK workers and managers revealed that 37 percent would consider changing jobs at some point in 2015.
It’s not just a pay rise that employees want more from their job in the current climate, with almost three-fifths of respondents (59 per cent) stressing that career development was more important.
Cost of staff turnover
Employers must find ways to optimise staff job satisfaction and assist staff retention if they are to remain competitive in 2015.
Increased staff turnover rates can have a detrimental impact on an organisation, not only through lost productivity but also intensified skills shortages which can be hard to replace.
High staff turnover also leads to increased recruitment and training costs.
Improving staff retention with Time & Attendance
Integrated time and attendance systems can support staff retention strategies and engagement by providing managers with the tools needed to analyse staff performance.
These include managing individual activities, tackling absenteeism (a typical side-effect of staff disengagement by addressing underlying issues at the earliest opportunity), paying employees on time and accurately, and supporting staff work-life balance through flexible working options.
Transparency of staff performance allows managers to treat all workers with fairness and create a full audit trail of individual records, enabling high-performing employees to be identified and rewarded whilst tackling unproductive time.
Supporting staff engagement and flexibility through self-service
Self-service functions offered by today’s systems also play a critical role in reducing staff turnover enabling employees to better manage their own working time.
Allowing staff to take ownership of their own working time boosts staff loyalty and job satisfaction.
A happy workforce is inevitably a more productive one, and consequently means they are more likely to stay in their current role.
Offering the option of flexible working is a great way for organisations to demonstrate their commitment to staff and create an environment that staff enjoy working.
Flexible working also allows managers to develop work schedules that will attract individuals from a greater talent pool.
Improving staff retention rates is no easy task but a time and attendance system will enable you to reward productivity and support career progression in your organisation.