The art of retaining staff lies in understanding who they are as individuals. Hidden in your payroll data are valuable insights into your employees and their motivation to perform. When used to its full potential, this information can be used to better engage and retain staff and enhance your ability to attract quality talent.
An experienced professional at senior level, mid-career family person and a millennial just starting out will seek and value different job benefits. Research by Randstad recruitment shows:
But how are you, as an HR professional, expected to know this?
In the past, this was largely left to guess work and intuition. But nowadays companies have a growing number of powerful tools at their disposal to collect, store and interpret massive data sets from right across the organisation. This information can be used to predict staff behaviour and actions, as well as inform better strategies to recruit and retain the best talent.
The HR and payroll sectors are in a period of intense disruption, as traditional orthodoxies are transformed by the new realities of mobility, big data and the cloud. With the current focus being on catering to individual needs and preferences within the workforce, manual, paper-based systems are failing to capture the required level of detailed information to make this feasible.
In fact, the gulf between those organisations who are able to harness these new technologies and those who ignore them is vast and growing. For instance, organisations able to store, manage and interpret large sets of employee data are far better-equipped to see how HR and payroll systems impact, and are impacted, by the wider system.
The possibilities for big data are only now beginning to be realised. For HR and payroll it can mean correlating information about time taken for leave, salary increases or bonuses, how long an individual has been with the company, or when and why someone leaves.
Ascender are at the vanguard of this quickly-evolving digital landscape, having built a uniquely flexible and secure cloud-based solution that is also highly centralised and scalable – providing insights on the whole organisation down to one individual.
So, if you’re working for a company that truly believes people are its most important asset, trial our products and get a better understanding of who your staff really are, how they behave and what motivates them day-to-day.
Learn more about your employee's lifecycle and where you can better satisfy their needs and strengthen their relationship with your organisation.