Employee retention can greatly impact an organization of any size. Onboarding and training takes time and energy that you don't want to have to repeat due to high turnover rates. For the average $100k information worker, the cost of hiring a new employee (advertising, intervening, screening, etc) typically costs an organization around $20k. Add this to training costs - let's assume 20% of the employees salary - and you've spent $40k before the new employee has even started. Considering it often takes 1-2 years for a new employee to reach productivity of a former employee, you could lose another $100k in productivity. In this circumstance, it would cost your organization $140k to replace a $100k position, not to mention any less tangible costs such as the negitive effect a high turnover could have on the engagement levels of other employees. Improving employee retention not only saves you time and costs on training, but it can have a positive effect on employee engagement as well, leading to higher rates of productivity.
A keystone of employee retention is ensuring your team has the tools in place to perform tasks as efficiently as possible. That's where technology comes into play. You want to provide your team with technology that's intuitive, productive, and meets their expectations.
In an age where the workforce is used to smartphones, laptops, and personal apps, the modern workforce has incredibly high expectations for technology in the workplace. According to research by Forrester, 81% of Millennial information workers say they would be somewhat or much more likely to remain at their company if investments were made in a modern, digital collaboration solution. And it isn't just Millennials - 73% of Gen X and 57% of Boomer information workers reported they are also more likely to remain if investments are made in a modern, digital collaboration solution.
If you want to reduce your employee turnover rate and stay attractive to potential hires, investing in the right technology is a good start. At a minimum, ensure your employees have access to the core technology they need to complete individual tasks - email, computers, phones, internet, etc. You may even consider enabling a BYOD (bring your own device) policy, allowing employees to use devices they are already familiar with, reducing training times and learning curves.
Once the foundation for individual work is in place, seek technology that simplifies group work. Providing solutions that support various work styles and platforms can save time and greatly reduce frustrations when content needs to be created, shared, or modified by multiple people. Visual collaboration solutions that support wireless device sharing make group work more efficient by reducing meeting times, saving costs, and better engaging employees. Multitouch visual collaboration solutions bring an additional layer of interactivity that further encourages team members to engage with content and one another.
Invest in technology that engages your employees, eliminates the need to consolidate dozens of print outs with individual notes, and saves them the frustration of file compatibility issues - they will thank you for it by sticking around!
Interested in learning more about T1V collaboration software and how it can help you raise your employee retention rate? Join us at our next Webinar!
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