According to Bain and Company, over a period of seven years, companies with more engaged workers grew revenue 2.5x as much as companies with less engaged workers. Similarly, Gallup found that highly engaged workplaces see a 10% increase in customer ratings and a 20% increase in sales.
Though the main focus of an employee experience platform is to make talent your competitive advantage and drive business results, your organization can also save a lot of time and money with a system that is just the right size and fit for your organization. Maintaining a single source of truth for all performance and talent management data reduces man/woman hours, saves money, ensures data integrity and version control, and creates a more engaging employee experience.
If you find your organization sifting through old papers and/or managing multiple disparate digital systems, these are not best practices. You can save time and money with one single source of truth that can grow with your business. In this article, we will discuss the implicit and explicit savings your organization can attain by using one platform that powers engagement, performance, and talent management.
Reduce Turnover and Save Money
How exactly can a performance and talent management platform that provides one single source of truth not only drive the employee experience and engagement but also save time and money?
Anyone with experience in recruiting knows the excessive amount of hours and resources spent on finding strong candidates. Hiring for new roles is one beast but refilling roles due to employee turnover can even be more costly. According to new research from SHRM, the average cost per hire was roughly $4,700, but many employers estimate that the total cost (time spent by department heads helping HR fill the role, sourcing, interviewing, etc.) can actually be 3 to 4 times the position’s salary. When roles have to be replaced, multiple employees must contribute to filling that position, resulting in precious hours and energy being taken away from other important areas.
In many cases, poor performance occurs prior to an employee’s departure from your organization (a report from Gallup detailed in an HRD article found that poor-performing employees cost the economy on average $450 to $550 billion per year). One of the main ROI metrics WorkDove’s HR clients use to measure success is employee turnover. Fortunately, by leveraging WorkDove’s engagement, performance, and talent management platform it helps them minimize turnover. Leveraging the platform to do regular check-ins, track performance, monitor cultural fit through behavioral displays, and take a pulse on employee sentiment are best practices embedded in the platform. Hosting employee data in WorkDove helps minimize turnover, and hence, time and money. An all-in-one system that naturally fits into the everyday workflow connects your employees to one another while simultaneously engaging with easy technology they are comfortable with and excited about.
Efficiency Where It Counts: WorkDove Customers vs. Others
Utilizing a comprehensive performance and talent management platform like WorkDove saves time and resources in the areas that our clients have shared are the most important. Listed below are some of the core areas of the platform, which help customers save money, create a more engaging employee experience, and make talent a competitive advantage.
Aligning the Organization Around Core Values
When core values are not the cornerstone on which your organization is built it becomes very difficult to be intentional with culture. The result is often bad hires, an inability to coach appropriately, and the lack of a common language present among your employees. Basing performance and talent management on an agreed-upon set of core values immediately brings employees at every level together and held to the same standard.
Inefficient organizations are marked by company, department, and individual goals that are either not tracked well or simply not met. Goals that do not align with the overarching mission and vision create confusion and do not ultimately drive business results. A single source of truth for where and how all goals connect to one another ensures all contributors are headed in the same direction and take ownership of their progress.
Ongoing Coaching and Development
Consistent one-on-one check-ins, unique individual development plans, and performance improvement plans are all indicators of a team that is heavily invested in the coaching and engagement of its talent. These practices foster an environment that keeps talent sticking around for the long run, reducing resources expended on finding new talent.
Employee Sentiment/Workplace Satisfaction
Do you have a read on your employees’ overall feelings at your organization? Without a platform that takes frequent pulse checks on sentiment and satisfaction, you are missing a vital piece of information that may quickly lead to high employee turnover. Employees experience varying perceptions of your organization throughout their time there. Sentiment analysis gives your managers foresight to tackle any negativity or frustration in the moment.
Everyone wants to be recognized for a job well done. Period. Giving employees a singular tool by which they can give and receive positive feedback, especially when it’s built on core values, creates a deeply-rooted community that withstands remote and hybrid work. It also adds a healthy dose of fun to the workday!
Surveys and 360-Degree Feedback
According to Zippia, 65% of employees desire more feedback. Continually tracked peer feedback gives leaders a holistic perspective of their direct reports, leading to richer coaching experiences and crucial conversations that happen faster. Asking for feedback about various topics and people from your employees also shows that their opinion is valued, leading to increased engagement.
Employees are rarely thrilled to complete performance reviews but this frustration is compounded when they put in the time and effort only to see no follow-up from their organization. Housing appraisal data in one location allows you to track trends over time, monitor employee growth, and quickly address performance and core value needs. Monitoring performance data well and in one place empowers employees by giving them a voice in the process and proving their perspective and growth matter to you.
9-Box Leadership Succession
Without a helpful tool succession planning conversations are disjointed, with no hard data to back up claims. With WorkDove’s 9-Box app, multiple perspectives join in the conversation and allow for a standard by which to assess potential leaders. Our tool plots prospects on a matrix based on performance and potential, leaving a margin for productive conversations with our drag-and-drop capabilities.
Save $1,000 vs Other Platforms – Just Enough But Not Too Much
One major benefit of WorkDove is that the modularity of our apps allows you to use just what you need to solve your current business challenges. Though many of our clients use the entire platform, we have starter packages that allow you to use the Performance Review, Check-Ins, and Recognition apps. Those start at $5k for up to 100 users, and individual apps can be purchased as low as $3 per month, per user. Utilizing a platform that fits your current needs and gives you the flexibility to grow ensures you save time and money by taking previously manual responsibilities off of your plate. One single source for your performance and talent management needs increases your efficiency level and sets your employees and their journeys with you up for success!
Curious about how you can save time and money with the right-sized platform? Request a demo with us today!