The unemployment rate in the U.S. stands at 4.1%, and while this is the lowest it has been in 17 years, people are still hopping from one job to another, according to Trading Economics. To ensure employee retention, companies must learn how to attract and keep the best employees through mobilization, solving conflicts and enhancing productivity. A single human resource manager may sometimes not be able to multitask, which results in the deterioration of annual sales and subsequently, losses. However, managing human capital can be easy. Below are two approaches and tools to help you run a human resource department.
The Technology Approach
Technology might just be the best thing to happen in the business world, though it is highly overlooked, especially in traditional companies. As an HR manager, you probably run into a lot of people, both in the recruitment process and in your networking. If you manage a large organization or work at the headquarters of a multinational company, managing all the employees is a lot of work. Workforce management experts, Advance Systems Inc believe technology simplifies workflow and organizational management. This is because it allows you to manage and monitor all your employees in real time.
For instance, workforce management software allows you to track employees on the go, schedule shifts effortlessly, and foster a good working relationship with all your employees. Technology also aids in the recruitment process, offering you a more streamlined platform to advertise vacancies and conduct background checks on potential employees. Having all your employee data in one place, enables you to use the information to implement working arrangements that motivate your employees.
The Human or Emotional approach
As an HR manager handling employee and even departmental conflicts, compassion is one of the traits you have to constantly show. Employees tend to negotiate or compromise when an emotional approach is used. While technology affords you employee data, privacy and data security are non-negotiable, so HR managers must work closely with IT to promote data security in the workplace. Employees also tend to move on to other companies for better opportunities to grow or even to learn.
In fact, 70% of millennials and 54% of employees cited lack of leadership and career advancement opportunities as reasons they wanted to leave, according to an article by B2C. It typically takes up to 7 months’ salary to train a new salaried employee. These numbers mean that your company needs a better approach to retaining employees. Investing more in human capital by engaging employees, encouraging communication and organizing mentorship opportunities are easy ways to increase your employee retention rate.
A good HR manager knows how to handle employees without compromising the values of the company or losing the shareholders’ investment, while staying true to the company’s culture. Combining technology with a human approach ensures that you become an exceptional HR manager without the stress of trivial administration duties.