Employee turnover has reached the highest levels in 10 years, costing US companies around $160 billion a year. A high rate of employee turnover can be problematic for businesses in general. Every time a position is left vacant, it takes significant time to find the right talent to fill it. Along with time, a lot of effort is invested in repeat training sessions. This can have an adverse effect on the company by reducing the impact on what is truly essential for its survival – brand expansion and growth in revenue.
Businesses must look towards automating their processes that will help in streamlining daily tasks. This automation also addresses reversing the spiraling figures of employee retention. When employees spend less time on mundane tasks, they are allowed to concentrate on more strategic initiatives and be more proactive in improving their individual skill sets. This creates an overall feeling of fulfillment at work, which in turn helps in retaining their loyalty towards the organization at large.
Be Sure of Employee Sentiment
Is your business new to automating processes at work? Do you have doubts about its implementation within your organizational framework? Why not conduct a survey to gauge the overall employee sentiment about this transition?
There are multiple ways of getting an employee survey done at your workplace. You can use a survey makerto design the form. If that does not appeal to you, invest some monetary resources and opt for a professional survey software that allows you more leeway in terms of designing the questionnaire and template. Lastly, if you do not have too much time in hand, the best alternative is to opt for pre-designed employee survey templates. You will only have to tweak the template slightly in order to suit your survey requirements.
The Promise of Technology to Drive Organizational Capabilities
Over the past decades, technology has drastically transformed an organization’s fundamental capabilities through innovative processes and tools. Even though most of these technologies have some merit, the majority of them are not really backed by adequate levels of human intelligence that fully meet the needs of a workforce that is now digitally empowered. It is probably the right time for organizations to start looking under the hood of new technology investments.
Is Artificial Intelligence the Answer to Employee Retention?
Artificial intelligence tools like chatbots, robots, virtual assistants and algorithm-powered analytics are increasingly empowering organizations, right from the stockroom to the boardroom. Organizations are able to interact more with their customers through productive and personalized engagements.
In addition, identifying patterns from historical data with technological intervention also permits prediction of future behaviors, assess probable risks and estimate business growth and expansion. With intelligent listening, organizations are able to promptly act on customer feedback and initiate connections at a speed that evades humans.
By applying a similar scenario to human resource practices within the organization, it is evident that customer experiences can overlap with the requirements of the workforce too. For instance, HR can start by embedding AI tools for employee feedback that is able to automatically direct concerns to the relevant HR team member having the right expertise, emotional background and leadership capabilities required to resolve the issue swiftly. By having access to the employee’s history, HR is equipped to offer real-time counseling that matches the seriousness of the situation.
More progressive organizations are open to enabling AI capabilities to take on a more straightforward and streamlined approach to work experience. Implementation of artificial intelligence will trigger automatic follow-ups that can assist employees to figure out issues either relating to the business or customer through analysis. Additionally, employees can share relevant intelligence through a process of escalation to managers and share possibilities of improvements needed to capitalize on success.
Smart ways of AI Implementation for Employee Retention
Organizations can apply a few smart AI techniques to improve employee retention:
- Enhance Work-Life Balance with Custom Scheduling: Employees today seek more control over their work time and overall schedules. With smart AI tools, employees have more autonomy whilst ensuring that their work needs are met. Better work-life balance keeps employees satisfied and helps in retention.
- Recognize Growth Opportunities: Employees want to be challenged at work. It provides them with an opportunity to grow. With AI intervention, organizations are able to design touch-point approaches geared towards employee development to retain talented employees who are potentially close to switch over.
In addition to the smart ways of AI application directed towards employee retention, other key aspects that can enhance workplace efficiency include performance, work-related attitudes and the overall health of the business culture. Technology here triggers a process-driven, measured and non-stop flow of insights that helps in detecting employee sentiment.
AI is a Natural Step to Evolving Talent Management
This is an opportunity for organizations to better understand their workforce by connecting the dots of truth along the line of employee experience. By taking advantage of AI’s predictive capabilities, HR teams can analyze reasons for employee disengagement. With access to data and information, convincing employees to stay with the organization becomes an easier process.
What is more important is allowing employees to interact in the capacity of co-creators of organizational success through AI platforms. This develops a work culture that is strong and unified. A change of perspective in talent management brings about a fundamental shift in how employees perceive their relationship with their employers and their all-round contribution to the organization.
