Employee Experience: retaining talent, a challenge for organizations
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Experience in companies. According to the latest Infoempleo and Adecco survey on supply and demand in the job market in Spain, companies estimate the employee turnover rate to be 21%, 38% of which is due to voluntary resignations, motivated by a desire for higher pay or a lack of professional development in the current company. The corporate culture in Spain has changed in recent years and the challenge for organizations to retain talent has meant that many companies are investing more than ever in attractive, new customizable and data-driven HR platforms.
According to the latest figures, about 40% of the companies surveyed do not have tools to measure employee satisfaction in Spain; however, most of them would like to have such tools in their talent management solutions.
Today, in Spain and other European countries, any company that wants to be a pioneer in personnel management must have BI that gives managers the autonomy to have real-time data and make decisions based on reliable and up-to-date data.
Any company that wants to successfully implement their digital transformation project needs to change its mindset. This type of solution is very different from the methods that we have been implementing for decades: employees are now treated as end customers; i.e. they have become the focus of a company’s strategy.
Acceptance by HR professionals
It is important to note that digital transformation projects are successful when they supported by HR professionals, who can now focus on more analytical work, since their more routine tasks will be automated.
These solutions provide many advantages, but there are essentially three main areas:
- Increased productivity. Automating routine tasks and processes, for example.
- Reduced costs. Concerning materials, for example, which results in reduced effects on the environment.
- Increased revenue, which is a result of the previous two.
This is a continuous process. When technological solutions of this type are implemented, not only HR professionals benefit, but also employees.
The success of a digital transformation project of this scale can be measured by the fact that employees actually use the tools, that they are more independent, which leads to a simplification in managers’ decision-making and, ultimately, that the HR professional can free up time for other more important tasks. The aim is to place the employee and the Human Resources department at the center of the company’s strategy, and to give everyone the role they require: employees focus on their tasks while HR professionals focus on analyzing rather than simply collecting and processing data.
Today, any company that wants to be a pioneer in personnel management must have BI that enhances the managers’ autonomy
These solutions, if well implemented and if an appropriate change management project has been carried out, provide major support for simplifying personnel and talent management.
As we mentioned at the beginning, turnover rates are changing due to the difficulty of companies finding and retaining talent, which penalizes the decision-making process. Businesses need to make decisions faster, and to do so, they need digital environments, as well as solutions that simplify centralized processes, such as HR Portals for employees. Human Resources departments need a BI tool that gives them real-time data that they can easily understand, with graphs, for example. In addition, BI is capable of analyzing data not only on a global level, but also regionally and locally. This means, for example, that the central HR department of a Madrid-based company can view data on employee absenteeism in Buenos Aires, can see peak turnover and anticipate hiring requirements, or can investigate why employees in a given country had a lower performance rating than other employees in the same position in another region.
This is now commonplace, but was unthinkable ten years ago.
Finally, new technologies, such as artificial intelligence and, more specifically, chatbots, empower employees to manage their professional lives and their HR questions and requests. This frees up time for HR professionals, who can focus on tasks that are essential for HR.