Technology has revolutionized the way we work, and its impact on staff retention cannot be ignored. As a business owner, you need to understand how technology is affecting your staff retention rates so that you can adjust your strategies accordingly. Here are 3 ways technology has impacted staff retention and what you can do about it.
1. Increased Access to Job Opportunities
Technology has made it easier for employees to search for and apply for new job opportunities. According to Pew Research Center, 68% of American adults now own a smartphone, and 41% of these smartphone owners have used their mobile phones in some aspect of a job search. To combat this, businesses need to ensure that they are properly advertising their business online to applicants, showcasing that they offer competitive compensation and benefits and a positive work environment.
2. Flexible Work Arrangements
Technology has also enabled flexible work arrangements, such as remote work and flexible schedules. According to a survey by FlexJobs, 65% of employees believe they would be more productive working from home. Businesses that offer flexible work arrangements are more likely to retain their staff and attract new talent to fit this new shift in employee mindsets.
3. Increased Employee Engagements
Technology has made it easier for businesses to engage with their employees. For example, employee engagement platforms can be used to collect feedback and track performance. According to a study by Gallup, companies that have high employee engagement rates have 21% higher profitability. By using technology to engage with your employees, you can improve staff retention rates and increase profitability.
Businesses need to understand how technology affects their employees and adjust their strategies accordingly. By offering competitive compensation and benefits, flexible work arrangements, and using technology to engage with employees, businesses can improve staff retention rates and ensure the success of their company. It’s important to prioritize employee retention and create a workplace culture that values and supports employees. Schedule a demo with Refered today and see how our plans can help your business improve its staff retention rates.