What seemed like a pandemic-induced short-term disruption, focusing on employee retention is now becoming a long-term norm. With the continuation of “The Great Resignation” wave, employers are finding it hard to retain their top talent. This is resulting in the need to implement employee retention tools and strategies at scale that are more focused on understanding the changing needs and preferences of the talent, investing in intelligent employee retention software while keeping the employee turnover at the minimum.
Considering the modern-day business scenario, it is safe to conclude that employee turnover immensely affects the profitability of a business, as it takes immense time and effort to seek and then onboard talent. In the process, the existing team members often feel overworked, leading to burnout. This ultimately results in more employees quitting.
To reduce employee turnover, companies are now proactively adopting intelligent, scalable, and agile artificial intelligence (AI) technologies. In this blog, we will look into how intelligent employee retention software is the answer to improving employee retention rates.
How does AI in employee retention software help?
AI in employee retention is still a fairly new strategy. But here are some use cases of retention tools that organizations are proactively exploring:
1. Helps measure employee sentiment and identifies attrition patterns
As the workplace dynamics continue to evolve, traditional yearly surveys alone fail to predict attrition. The new-age digital tools leverage predictive analytics to measure employees’ sentiments. Judging by the success ratio of these technologies in measuring the employee engagement levels, businesses are now adopting AI-powered tools to run surveys that assess employee sentiment. These interactive surveys dive deep into intricate themes including but not limited to workload, communication, manager, work environment and much more.
Advanced AI-powered employee retention platforms seamlessly collects ample employee feedback and segments the collected data, which can be further used for building future retention strategies.
For instance, AI-driven retention software uses data related to employee workstation logins, the time between consecutive meetings, communication, and more to gauge an employee’s involvement at work. Using this data, such platforms further help check the employee pulse about their role, predict attrition, perform mood analysis, and identify burnout before it occurs. These insights can then provide the HR department with insights that can help them optimize the employee’s journey for positive satisfaction levels – be it in the form of tailoring their schedules, providing them with more training material or bringing changes to some work policies.
You can use this data and actionable insights to take measurable steps and accelerate your retention efforts.
2. Helps new hires settle in faster, leading to retention
The onboarding processes before the pandemic didn’t have many challenges. You trained your new hires in-person in a conference room, and they were introduced to the company policies and values in a fun and interactive manner. Now, they need to read a handbook online to get themselves acquainted with the company policies .
Consequently, the entire process requires a digitized solution because of remote and hybrid teams. AI-powered platforms help automate the entire onboarding processes and improve the onboarding experience for your new employees while also saving your time that you can otherwise use to focus on more strategic tasks.
AI technologies personalize each newly hired employee’s experience, offer tailor-made training opportunities, and answer their queries in real-time, irrespective of time and location.
This provides your new hires with numerous growth opportunities by gauging their current skill set, and giving them a chance as well the resources to upskill or reskill in the same environment. It also sharpens their attitude towards your organization by helping them understand the vision and mission of the company, and how their role impacts the same. When you have an efficient and individualized onboarding process in place, you make way for enhanced employee engagement and, ultimately, better employee retention in the long run.
3. Automates repetitive tasks and resolves queries in real-time
AI-powered employee retention tools can help you set up a flexible, customized scheduling system using the various data points around your employee’s existing work patterns and engagement rate. This ensures that the employees and your organization’s needs are met equally.
For example, it can help you analyze the number of hours a task takes to be performed and the workflow that typically gets followed. This further helps identify which of the functions in the workflow can be automated to enable the employee to move through the task faster, keeping them more engaged towards the end goal.
In addition to the above, AI-powered employee retention software can also identify when during the day there is a dip in productivity of the employees. You can use this data to then schedule breaks or team building activities to rejuvenate their minds.
AI can also help eliminate the back-and-forth between employees, managers, and the HR department for tasks such as time tracking, scheduling time-offs, and similar requests/ processes.
With AI-powered employee retention tools, you can check employee pulse regularly, allow fair allocation of tasks, and encourage open communication amongst your employees to let them know they are heard. This is where employee retention platforms that enable pulse surveys come into play, as they can help extract insights from the automated surveys to act as actionables and direction to improve retention programs.
4. Identifies skill gaps and suggests customized training solutions
Employees feel stagnated in their roles due to poor growth and a lack of learning opportunities at their disposal. Failing to provide new and exciting challenges to employees can cause a high employee turnover.
A recent Global Brand Health Report showed that 64% of tech employees experience a lack of challenges and less room to grow. It also states that the inability to grow in their current roles is also one of the top reasons for quitting the organization.
Another survey also found that 81% of employees believe training for upskilling or reskilling would boost their productivity and involvement at work.
Employees’ skills and capabilities are unique even under a similar designation. HR teams undergo tremendous strain customizing training and creating learning paths for each employee. And often, not much thought is given to enabling each employee’s growth journey.
An AI-driven employee retention software can send reminders to every manager whenever an employee completes a milestone and provide training recommendations that best suit their caliber. It can also help customize the learning path provided to ensure the employee gets ample time to upskill or reskill and implement the new learnings into the role; without the pressure to do it within a very strict timeline. This helps with employee retention as their role evolves more naturally, preventing them from seeking out opportunities outside the organization.
5. Aids in building succession plans
Employees continue to upskill and reskill during their journey with the organization. AI can help keep track of their performance. With close attention to how they perform in their current roles, how they feel about their responsibilities, their growth within the organization and the impact they have made during their time, helps identify high-potential employees.
This lets your organization make data-driven decisions on which employees to train for leadership roles in the future, helping them create custom journeys targeted at enabling them to ease into the role. When you plan out succession journeys for employees, you carve a path for their growth in the role, leading to higher employee retention.
6. Improves communication and builds a sense of community
Communication between employees in the same department as well as the other teams is important to form a sense of community in the organization. This only happens if there is an active channel for employees to voice their opinions, concerns and ideas, and a chance to actively get them addressed.
A powerful employee retention software backed by AI helps set up a forum that employees can use for the same. It can seamlessly send automated notifications to members in order to ensure no conversation goes unnoticed. Additionally, it can help automate answers to specific questions and concerns pertaining to issues like leave policies and rewards, proactively engaging the members.
This leads to better communication between employees and the organization, leading to improved retention.
How to avoid employee turnover: The answer lies in an AI-powered employee retention software
The basis of any effective employee retention strategy lies in how engaged and motivated the employees are in their workplace. Organizations failing to address and rectify this core problem can undoubtedly see a rise in attrition rate.
Your best bet to reduce attrition is implementing the insights provided by artificial intelligence in HR processes such as onboarding and ongoing engagement using an employee retention software.
Many firms that use a traditional strategy to collect employee feedback data miss out on critical factors that could indicate the cause of turnover in their organization. However, by incorporating AI and leveraging technologies such as machine learning and natural language processing, you can gain a clear understanding of your employees’ behavioral patterns, find ways to keep them motivated and engaged, help in the promotion of a healthy work-life balance, and eventually see an improved retention rate. It is the solution for high employee turnover that is still untapped by most!
Leena AI’s virtual assistant and employee retention tools promise to revolutionize the employee experience across all interactions, including onboarding, document management, engagement surveys and an entire suite of other powerful features. Leena AI’s intelligent and fully-automated employee retention software solutions buy more time for your HR teams to focus on more strategy-based decisions.
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Schedule a demo todayFrequently Asked Questions
How to avoid employee turnover?
Employee turnover is caused due to factors such as poor management, lack of engagement and motivation to work, poor work-life balance, and toxic work culture. To combat this, you must leverage AI and implement innovative ways to increase employee productivity and engagement, improve your employees’ mental health and work-life balance, and provide them with more room to grow as individuals and professionals. This is where having a good employee retention software that comes with features like engagement surveys, automations for onboarding and other crucial milestones in an employee’s journey comes into play.
What is employee turnover?
Employee turnover, also known as staff attrition, is the rate at which employees are quitting their organization and are replaced by new employees. This critical metric can directly influence an organization’s revenue and market competition. There are varied tools for employee retention software that can help track turnover in real-time, enabling organizations to plan hiring in advance.
What is an employee retention tool?
An employee retention tool aims to drive employee engagement, collaboration, productivity, and satisfaction for employees in the workspace. Such employee retention software can help reduce employee attrition rates by leveraging AI and enabling stakeholders to make data-driven decisions.
How do you monitor employee retention?
You can start monitoring employee retention by calculating the number of employees who stayed in a specific period dividing it by the number of employees at the beginning. Based on these numbers, you can integrate an AI-powered employee retention software to maximize organization’s retention rates.
