From a fast-growing economy brimming with hiring and growth opportunities, what we’re encountering today are inflationary pressures, budget cuts and staffing shortages. In a study led by HiBob, which surveyed over 1000 professionals over the age of 25 last year to understand the turnover trends, the situation, especially for mid-sized companies, appeared bleak. Data revealed that only 44% of the workforce at mid-size companies are working in the same roles they were in a year ago, and 56% were likely or very likely to quit in the year ahead.
Large companies, however, were the most stable, with 55% working in the same roles and only 36% likely to quit. As we search for ways to arrest attrition and accelerate talent retention, the strategies for mid-sized companies will take a different trajectory compared to the larger or even smaller enterprises. Moreover, talent retention will be critical for their journey towards growth as a result of skill shortages and hiring freezes.
But the question remains, how can mid-sized companies achieve this in a disruptive business landside on an economic downslide? What will make their people stay?
The answer is simple: culture. In times of crises, present and future, when organisational culture is aligned with strategy and purpose, it can become a powerful force to support retention. As employees switch from one job to another, reasons such as low salary (48%), lack of career progression opportunities (37%), unhappiness with job content (30%), lack of flexibility (25%), and high workload (23%) have taken centre stage according to a Robert Half Survey. And while low salaries topped the charts, losing out on lateral positions has a lot more to do with culture and growth than anything else.
As your workforce becomes increasingly hybrid and people-first approaches get rooted in designing flexible, efficient, and inclusive workflows, digital solutions have become important. The greatest value addition of any digital investment lies in creating wider access and accessibility, as we know is a cornerstone of inclusive work culture. Here's what you need to know if you’re looking for ways to align HR tech solutions to your people-centric strategies in mid-sized companies.
Implement flexible workflows that reduce administrative burdens with automation
In HiBob’s study, 56% of people at mid-size companies said they would quit if their employer did not offer flexible working hours and location options. And to generate such workflows, technology will play a critical role, especially as people are spread out across geographies. The investments companies make in initiating HR tech solutions will become a game-changer. As a result, they must partner with solution providers that can understand their unique needs and goals.
With HiBob, mid-sized companies can implement bi-directional solutions catering to both business and people needs. By automating workflows with efficient dashboards that can even be accessed on mobile and can track attendance, ensure on-time payments and address employee concerns with a few clicks, HiBob’s solutions are designed to make your employees’ lives easier. An added benefit of this increased efficiency is also heightened productivity and engagement.
Listen to your employee’s feedback, strengthen communication channels and build trust
The bedrock of a robust organisational culture lies in being an employer who cares and is ready to listen to the feedback of their workforce and use those insights to implement better people-centric strategies. HiBob’s 1-on-1 meeting feature is critical in implementing more accessible and transparent communication channels. It also makes room for recognition of your employee’s efforts through options for shouts and kudos.
What’s unique about their interface is also their in-depth understanding of diverse employee needs. While a work environment that encourages transparent communication is ideal, it also has to ensure that those who aren’t comfortable voicing their opinions out loud also get a chance. To help companies accomplish this, it has initiated customisable pulse surveys and an anonymous reporting tool, Your voice.
Leverage data, improve performance, and unlock the potential of your workforce
Fair compensation and recognising your employee’s efforts to lead the growth and innovation of your company are vital. Earlier on, we had noted low salaries as one of the drivers of resignations. People want to be compensated fairly, and with dashboards and solutions that can keep a clear record of their performance and contributions, this gets far easier to accomplish.
HiBob’s dashboard accomplishes these tasks and offers strategic insights to employers that they can use to know the value their employees have added to the company. They also allow your employees to elevate their performance by streamlining feedback and peer reviews. So it’s not simply about recognising top performers; rather, it’s recognising the potential of your employees and giving them opportunities to grow through clear-cut, targeted goal setting, which is also taken care of by HiBob’s interface.
Strengthen your DEI agenda to create meaningful, sustainable change
It’s high time that mid-sized companies recognise the importance of strengthening DEI policies and creating a culture of belonging. This can be difficult to accomplish in a hybrid, diversified workforce, but when the right digital solutions are part of your overall strategy, meaningful change can be achieved. From solutions that champion open and anonymous communication channels to establishing clubs that can enable your employees to find like-minded peers, HiBob takes charge of strengthening an inclusive work culture.
It also encourages employees to embrace their unique identities and shows they can bring their authentic selves to their work. For mid-sized companies, which tend to face a higher risk of resignation, this emphasis on DEI becomes urgent. Employees always seek workplaces where they feel included, where they are comfortable, and where they are given room to express their diverse backgrounds and perspectives. The right digital solution will be critical to ensuring that everyone has a voice regardless of who they are and where they come from.
Measure your impact and design people strategies from the heart
Getting your priorities right is the first step to creating the right people-centric culture by leveraging digital solutions. What’s equally important and comes after is measuring the impact. Because people analytics is part and parcel of HiBob’s dashboard, HR leaders get reports and strategic insights delivered based on their employees' interactions with the platform. Such data becomes vital to catch hold of the remaining loopholes and innovate strategies to create more impactful strategies to arrest attrition.
What makes HiBob unique is it’s ready to power through the unique challenges that your mid-sized companies face. They recognise that slowdowns can be an excellent opportunity to find creative ways to run a leaner and more efficient business and empower you to mine those opportunities. In today’s dynamic work landscape, leaders have to be bi-directional in their approach and cater equally to their business and people. Only then can they successfully create a culture that makes people want to stay, a culture that shows them how they can grow and are cared for. And this has to reach every employee who is a part of your workforce, and the best way to get this done is through a digital platform that is easy to use, customisable and people-centric. In other words, it empowers you to take the lead in designing and implementing retention strategies with your heart and create the desired impact.