Amidst the great resignation, quiet quitting, and now employee layoffs, the one thing that has garnered attention from organizations is their focus on employee experience and retention of the best talent. This has led to companies setting aside budgets and resources for powerful HR tools to help them with the same.
Dive into this blog to explore why you should reduce turnover rates and how to improve retention rates using HR service delivery software.
What are the benefits of reducing turnover rates in the workplace?
Here are some of the benefits of employee retention:
Reduces hiring and onboarding costs
As per statistics, it costs companies more than $1 trillion to find and recruit replacement workers annually. These costs typically include running ads to promote the job opening, the interview process, and screening.
Helps improve employee morale
When the existing employees continually see their team workers seek new jobs and talk about quitting or leaving the company, it negates their morale. From finding faults that may not exist to being pressured into taking the same steps, employee turnover can impact your workforce’s psychological health.
Reduces costs of onboarding and training
The cost to replace an employee is considerable. If an experienced employee walks out, there is no knowledge transfer for the replacement that comes in – you have to start their training from scratch. Similarly, if you hire someone new and they leave within a few months of joining, all the money goes down the drain.
Prevents loss of institutional knowledge
A high turnover rate can result in losing institutional knowledge, skills, and relationships. This includes both within the organization and with external customers and partners. The loss of this information can impact succession planning and lower your opportunity cost.
Improves productivity
On average, it takes around one to two years for a replacement to understand a job role in totality. This impacts the operations across all departments, leading to lower productivity rates as well. Proactively looking into this can also help ensure a positive customer experience by keeping functions running at their best.
Prevents overtime and burnout
When employees continually leave an organization, their work snowballs to existing members. This results in the team feeling understaffed and with an unrealistic amount of work. As a result, they work overtime and experience frequent burnout, eventually leading to a negative employee experience.
Improves company culture
The behavior, perception, preferences, and work ethic of employees in an organization impact the overall culture. When employees continually walk out and get replaced, no consistency gets built, leading to an indistinct culture that becomes a common ground for those who stay.
Now that you know the benefits of reducing turnover rates in the workplace, let’s look at how Leena AI has been helping organizations in the same.
How to reduce employee turnover rate with Leena AI
Leena AI platform is built keeping in mind that no two organizations are the same – nor are employees. All the capabilities bring efficiency into HR processes and ensure that HRs derive insights to improve employee experience and retention strategies.
Here is why organizations find Leena AI the best solution to reduce the turnover rate:
Set up a thought-through employee onboarding process
Leena AI leverages the power of machine learning and artificial intelligence to help organizations create an experience-driven onboarding process. Its AI-driven employee onboarding solution starts engaging employees as soon as they accept the offer letter. So, from preboarding until the onboarding completes, it constantly keeps a tab on new hires’ progress, interacts with them, and addresses their queries instantly. This keeps employees engaged and excited about their new workplace.
HRs also get insights into new employees’ onboarding experience, their pain points, and any other gaps they can address to avoid issues later. As a result, new employees do not step away from the organization after their first few months of joining.
Understand employees better with frequent surveys
From the point of recruitment and interviewing to onboarding and their journey after, it is vital to stay updated about how they feel. It should not be limited to their opinion about the job but should also include their experience collaborating with the team.
Leena AI helps organizations roll out pulse surveys at regular intervals across different stages, including preboarding, onboarding, transitions, and pulse check-ins throughout their employee lifecycle (quarterly, yearly, or at milestones), up until the employee exits the organization. It lets you gather insights for further boosting employee experience and improving retention.
Offer instant resolution to queries with case management
A big part of HR’s responsibility is addressing employees’ queries and concerns. These can be related to workplace policies, job roles and responsibilities, leave management, management-related issues, etc. If you want your employees to feel cared for, you need to offer a quick resolution.
Leena AI does two things to address this. It helps you set up frequently asked questions (FAQs) around policies, benefits, etc., and run a centralized HR case management solution to stay on top of all the incoming employee requests. By centralizing and automating it all, Leena AI helps HRs identify common concerns, address gaps, and focus on conversations that require a more hands-on approach to resolve.
Create an easily accessible knowledge base
A knowledge base is a central repository of all the organization’s information that HRs want to make available to their employees. It typically includes information about policies, processes to apply for leaves, and other similar aspects.
Leena AI helps organizations accumulate their knowledge from different sources through an AI-driven knowledge management solution.
This makes all the crucial information available at employees’ fingertips. At the same time, it also helps the organization keep material well-organized and monitor which ones have been viewed the most or engaged with.
Streamline employee document management
From the point of interviewing and onboarding employees to their gradual progression in the organization, there are always at least a handful of documents that need to be submitted and updated continually.
With Leena AI, the entire document management system becomes more optimized. It makes it simpler to collect documents at critical stages of an employee journey, update information, and retrieve it – for both the HRs and the employees. The virtual assistant makes this entire process a lot more conversational as well.
Bring efficiency to HR services with workflows
The prerequisite to automating the HR processes is to automate the workflows within those processes. For instance, the onboarding process has many steps within it. So, HRs should create a workflow that meets their requirements and go ahead with automation. This is how it works.
Leena AI can help you automate such complex HR workflows and customize them in minutes. With native integrations to other HR tools, it brings all conversations onto one dashboard, triggering the required workflow promptly. You can schedule a demo to see how it works.
Get real-time insights on the quality of service
For most organizations, HR processes follow a set-it-and-forget-it approach. This leads to compromise in the employee experience, leading to lower engagement and retention rates.
To help your organization reduce employee turnover, Leena AI comes with a powerful analytics dashboard. It lets you track key performance indicators like average resolution time, agent performance metrics, percentage of tickets that got deflected, type of requests, volumes, and other trends in a single window. It also gives you an overview and an in-depth understanding of things working well and processes that require improvements.
Gauge organizational health with sentiment analysis of the workforce
While surveys and interviews become a regular aspect of automation, it is also important to note that not all employees will engage in the same way. It means that the answers you get may or may not give you the details you need for improving organizational performance.
This is where Leena AI’s sentiment and workforce analytics solution comes into play. It interprets every aspect of employee interaction – their onboarding, responses to pulse surveys, participation in events and functions, knowledge base usage, number of queries or tickets raised, and a lot more to analyze their sentiment. Acquiring this ability to understand what aspects drive employees to act a certain way helps HRs optimize the experience.
Ready to reduce your employee turnover rate?
With new business goals and objectives to accomplish, it is time to ditch the reactive approach to employee turnover.
Instead, proactively look at engaging your workforce in a meaningful way to reduce employee turnover and prepare them for the best of work every quarter.
If you have been looking for ways to reduce the turnover rate, it is time to explore the AI-driven HR service delivery software built by Leena AI. The HR service delivery software automates HR processes and provides personalized and seamless experiences to HRs and employees.
From saving time with HR automation to resolving employee queries faster, proactively identifying problems in the workplace, and improving productivity, Leena AI is being extensively used by companies to reduce turnover rates across the employee lifecycle.
Ready to take a step towards reducing employee turnover at the workplace? Book a demo with our experts today
