Nearly three-quarters of Millennial and Gen Z employees (born between 1981 and 2012) believe they can build better skills by changing jobs rather than staying at their current organization.
Considering these generations make up more than 42% of the U.S. population and nearly 40% of the global workforce, organizations that provide opportunities for continuous improvement and career growth will fare far better in retention rates in today’s competitive job market.
However, building a sustainable workforce isn’t the only reason organizations should focus on team member recognition and performance feedback. Here, we’ll discuss why employee development initiatives are crucial for businesses that want to survive and how implementing workforce management software can help.
Why Is Employee Development Important?
Employee development contributes to an organization’s retention rates and intertwines with employee engagement, job satisfaction, productivity, and profitability.
The statistics speak for themselves. Organizations that offer comprehensive feedback and coaching:
- Have 218% higher income per employee
- See 17% higher rates of productivity
- Have a 24% higher profit margin
- Experience increased retention rates of up to 50%
Simply stated: A culture of learning and encouragement is no longer a “nice to have” but an essential part of building a lasting business.
How Workforce Management Software Can Help
Workforce management software enables organizations to automate and strategically allocate resources, people, and compliance requirements to maximize efficiency. Here’s how workforce management software can promote continuous team member growth.
Provide Real-Time Recognition
Workforce management software tracks projects and goal progress in real-time, which empowers employees to take ownership of their work and feel confident they’re working on the right tasks at the right time.
Because this tracking is transparent across your entire organization, leaders can easily see and celebrate when an individual or team reaches a milestone in a project. Real-time task monitoring also provides more opportunities for coachable moments.
Encourage SMART Goals
SMART stands for:
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
Workforce management software includes project-tracking tools that offer clear deadlines and well-defined performance metrics, making it easy for employees & teams to know what’s expected of them and to work more efficiently.
Foster Collaboration
Knowledge sharing across teams is linked to improved performance, enhanced efficiency, and boosted job satisfaction.
By implementing a workforce management system that incorporates communication tools like instant messaging, shared meeting notes, and project boards, you’re enabling employees to learn from each other via real-time collaboration. This is especially important in today’s work-from-anywhere culture, where formal performance reviews might happen less often.
Promote Work-Life Balance
Burnout is a major problem in today’s workforce, with some industries – such as accounting – seeing chronic stress rates of 99%. This increases rates of mistakes and is detrimental to productivity.
Workforce management software encourages work-life balance by reminding employees & teams to start and end their shifts on time as well as take their scheduled meal breaks. This way, employees & teams can focus on their performance and productivity during their shift to do their best work.
Monitor Retention Rates
To ensure your workplace development initiatives are working, staying on top of your organization’s and teams’ retention rates is crucial. Workforce management software often comes with business analytics that enables you to calculate the following:
- Training effectiveness
- Cost per hire
- Turnover ratios
- Impact of diversity and inclusion initiatives
Provide a Sense of Purpose
Utilizing workforce management software helps team members track their contributions and purpose within your organization. They can see how their daily tasks align with the organization’s overarching goals and how their hard work contributes to the organization’s success.
Research shows that employees perform better and feel more committed when they feel their work is meaningful.
Empower Remote & Hybrid Employees & Teams
It can be easy for off-site employees or working a hybrid schedule to feel out of the loop with their team and management. With workforce management software, remote and hybrid workforce management can receive the same level of feedback and coaching as onsite employees to ensure they feel like a valuable part of the team.
Make Your Organization More Desirable With Workforce Management Software That Facilitates Learning
Professional development and coaching increase employee happiness and commitment, which makes your organization more likely to attract and retain high-performing candidates in a competitive global landscape.
coAmplifi’s workforce management software makes it easy to stay on top of individual contributions and celebrate employee wins. Schedule your demo now!
