Increasingly, American workers are looking for something more than just money out of their jobs. Employees are interested in more of the intangibles, or at least the sort of tangibles that don’t go into a bank account. This means companies need HR solutions to help them manage employee compensation, and a compensation management solution that will keep workers happy and inspired. So what are America’s employees looking for?
- To Be Welcomed Right Workers in the United States are putting a high value on their first weeks and months at a job. Studies indicate that if an employee has a great experience in the first three months, they are 10 times more likely to stay on long term than those who had a poor experience at the beginning. And a great onboarding orientation results in employees that are 69% more likely to stay for up to three years.
In fact, good, standardized onboarding managed by the right HR software makes new hires an average of 54% more productive. Yet 25% of companies in a recent survey said that their onboarding program doesn’t include training! Workers want to know how things work and what they should be doing as soon as they touch down in a new job. HR platforms need to build in the right kind of welcoming experience from the very beginning.
- To Be Compensated With Benefits Salary is important, of course, and always will be. But companies that offer employees 11 or more benefits have greater employee satisfaction. 66% of those employees recommend their workplace. This is especially important with millennials, 40% of whom choose their employer based on benefits concerning health and wellness rather than just monetary compensation. Having a good compensation management solution in place from the beginning is essential to coordinating and managing employee happiness, and unhappy workers are costing the North American business world $350 billion in lost productivity every year.
- To Know What To Expect Old HR platforms can’t keep up with the modern business world, so companies need a compensation management solution that allows HR better capability and functionality. Disturbingly, though, 47% of America’s companies are using HR software over seven years old. Fixing this issue is a simple way to manage compensation and even save money: companies that upgrade their HR systems typically save 22% per employee. A lot of HR professionals want an updated compensation management solution, in fact; 54% of them report they need the higher capabilities and flexibility.
With employee satisfaction increasingly dependent upon complicated compensation management that ensures a great first experience, as well as the capacity for fine-tuned on-going benefits management, having the best HR platform available is an essential for the modern human resources department.