5 min In this competitive business environment, retaining and motivating employees is vital. The primary difference between a successful organization and an underperforming organization is not the ability to attract talent, but the ability to engage and retain an employee over the long haul. If you are looking to reduce employee turnover, improve workplace culture, and develop long-term commitment from your employees, consider these six workforce strategies.
What is a Workforce Strategy?
Workforce strategy is the plan that aligns your people with your business objectives. It identifies the ability set you have now, highlights talent shortages, and creates a framework for hiring, training, and retention.
Workforce planning is not just about hiring new people, but preparing for transitions in skills, retraining people to use their talents where it is most needed, and developing your team along with the organization.
Why Do You Need a Workforce Strategy?
A well-considered workforce strategy is an essential component of success within an ever-changing market.
The benefits of a mastery with workforce strategy include the following:
- Find opportunities to fill talent gaps:
Planning for retirements, turnover, and future skill requirements.
- Increase agility:
Efficiently re-organizing and upskilling to meet emerging needs.
- Enhance employee experience:
Measuring workforce sentiments and improving engagement and retention efforts. - Inform your financial planning:
Using insights to better inform decisions and investments in people, technology, and resourcing.
Deloitte’s Human Capital Trends research found that organizations that aligned their workforce strategy with business strategy always outperformed competitors.
6 Workforce Strategies to Achieve Engagement & Retention
1. Provide Competitive Compensation and Benefits
Compensation continues to be the biggest retention driver. In addition to salaries, compensation includes benefits, performance-based pay increases, retirement contribution increases, and PTO packages that vary from company-to-company and show different levels of employee recognition on how to make them feel valued as employees. There is nothing wrong with annual, salary, benchmark reviews to make sure pay remains competitive.
2. Build a Strong Culture in the Workplace
Culture will have a direct impact on employee satisfaction and how engaged they will be in the workplace. Offer open communication and collaboration, personal adjustments, work-life balance, meaningful feedback, recognition and work ownership.
3. Invest In Professional Development
Employees are looking for growth opportunities while working and in the direction of an employment destination. Career training, mentoring, and tuition support keeps staff motivated and loyal. Identifying opportunities for staff to advance to the next level signals an organization will make a long-lasting commitment to its employees.
4. Invest In Wellness Initiatives
Turnover due holes in their compliance visits; work stress and burnout. Support employee wellness through different schedules, mental health supports, and a healthy workplace policy. A healthier team can place during healthier work and policies!
5. Conduct More Employee Surveys
Conduct more frequent employee surveys to track employee engagement and identify employee pain-points. Share survey findings, take visible action on survey responses, and trust and community will be developed with employees who see their voice as important to their employee value.
6. Automate Routinely
Use automation, analytics and reporting technology impacts to drive efficiency in removing the need for repetitive HR and payroll work and keep employees engaged in their work!
Case Study
PwC partnered with a client who was having significant challenges with siloed workforce data, and subsequently inconsistent planning across business units (transactional workforce planning). Together, they implemented a strategic workforce planning framework – which enabled consistent data for workforce planning purposes – and provided stakeholders with a centralized platform to base evidence-driven hiring and talent management decisions. The project ultimately achieved – better forecasts on workforce size and shape, and a reduction of skill gap over a five-year view.
Why Procloz?
At Procloz, we provide much more than just payroll services. With our global payroll solutions, and advanced payroll capabilities, we make it easy for businesses across the USA and around the world to manage) compliance, benefits, and workforce operations as they scale up. Whether you’re scaling locally or internationally, you can trust Procloz to pay your people accurately and timely, and with total peace of mind.
Partner with Procloz today and manage your workforce strategy with more smarter and bigger solutions.
