The Importance Of Having An HR Platform

Written by Economic Development Jobs on April 26, 2018. Posted in Compensation management solution, Hr software, Onboarding new employees

One of the industries that are constantly changing and evolving is the world of business. As a matter of fact, the world of business mostly relies on trends and currents. As a result, it is hard to know what drives a business towards success and what does not. However, it is guaranteed that using an HR platform is a great way for a business to have some success.

Unemployment in Canada decreased by 10.8% from 2016 to 2017. As of February 2018, Canada has had a strong run of job creation that’s generated 414,100 full-time jobs over a 12-month period. The growth represents an increase of 2.%. A growth in jobs can help people stay employed but what is just as important is for these businesses to retain and keep employees. Here are the facts on using an HR platform:

Employee Retention Is A Problem

In the year of 2017, a Mercer Canada study was conducted to find out what the biggest concerns are for businesses in modern day life. This study revealed that the second highest concern was administering salary increases is overall economic climate. However, what is truly important is the number one highest concern which is employee retention.

One way in which businesses and companies can potentially improve their retention issues is by implementing an HR platform. Employees will be able to voice their concerns and want so that employers can improve the workplace in their business. This will definitely help keep and retain employees which is incredibly damaging to businesses overall bottom line.

The same 2017 Mercer Canada study mentioned earlier has discovered that nearly 69% of all employers are most concerned about employee retention when it comes to compensation decisions in the year of 2018. There is so much money lost in the process of employees leaving a business. Disengaged or unhappy workers cost the North American business economy well over $350 billion annually in lost productivity.

HR Platform Can Help Employees Voice Their Requests

HR platforms, HR software, and other forms of compensation management systems help businesses immensely. According to the 2017 Sanofi Canada Healthcare Survey, employees who are satisfied with their job also think more highly of their benefit plan. In fact, 58% say it meets their needs extremely or very well, compared to 39% among dissatisfied employees.

According to the 2017 Sanofi Canada Healthcare Survey, 62% of employees with wellness programs report their employer effectively helps employees manage stress, compared to just 37% among those without. According to the 2017 Sanofi Canada Healthcare Survey, 64% of plan sponsors feel their corporate culture encourages wellness. If employees want healthcare or better benefits then it is great for them to have a way to give their opinions to their employer on an HR platform.

In Conclusion

Every single year there are businesses that lose a tremendous amount of money due to employee retention issues. All it takes is some form of encouragement and recognition to make employees feel valued in the workaplce. However, simply implementing an HR platform is a way for all employees to feel valued and to feel like they are a part of a business rather than working for a business!

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