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See How HCM Cloud Reporting can Influence Your Employees
The workforce landscape has changed remarkably over the decades. Millennials are dominating the workspace today with the age group constituting over 50% of the American workforce today. These millennials tend to change roles and employers more frequently than ever before. While this trend may not be easily noticeable, the acute skills shortage means that young people are in high demand. As such, companies have to find ways of ensuring their best employees do not leave. One way of doing this is to use reliable HCM reports and strategies. Here are some of these strategies:
Offer more project-based work
Most young people prefer interesting and engaging work as opposed to repetitive tasks. Through project-based work, companies can ensure that their employees handle different tasks, learn new skills with the projects, interact with a wide mix of people, and work towards clearly-defined goals. With the gig economy and contract position gaining traction, you should consider HCM cloud solutions to help match the available skillset to your needs.
Proper employee onboarding
First impressions are everything. The image and feeling that new employees have about your company will determine whether you keep the high demand talent for long. Employees who do not feel valued or like the organization invested in them are likely to be uneasy and lack motivation. As such, it is important to ensure successful onboarding right from the onset. By relying on good BI support to build a healthy relationship, both parties will benefit from working together.
Continuous career development
All employees, including millennials, are concerned about career development and progression. Rather than relying on annual reviews, companies should consider working with each team member to set and revise goals as well as define the development path. In this way, employees who learn quickly and perform well will progress in a way that matches their ambition. This career progression will help to minimize the possibility of other companies poaching the talent, effectively ensuring employee retention.
Be innovative with benefits
Gone are the days when the only benefit that employees valued was a good pension package. Considering the age of the millennial workforce, retirement is a long way off. As such, companies have to be innovative if they are to offer benefits that their employees will enjoy in the short-term and long-term. These may include better employee perks, flexible working hours, a health and wellness program as well as a working environment that supports work-life balance. An ideal work-life balance will keep employees motivated and help to retain top talent.
Get Oracle and BI Report Support At Your Fingertips with DataTerrain
To ensure talent retention, companies have to not only understand the changing employee habits but also how to adapt to them. Understanding your employees is likely to promote job satisfaction, effectively reducing employee turnover and helping you make the most of the top talent in your organization. Get your organization invested and engaged with the future of your business and learn more about how DataTerrain reporting can help your company grow and prosper by contacting us here.