The majority (72%) of businesses are finding it difficult to retain top employees, with 22% admitting it’s very challenging, a new survey has revealed.
Alongside difficulties retaining top employees, almost two-thirds (64%) noticed an increase in employee turnover in the past 12 months. That’s according to a survey of 250 HR professionals, conducted by StaffCircle, an all-in-one Employee Success Platform, which found that 60% of HR professionals are restricted by lack of real-time data that drives better retention: performance, engagement and development insights.
Worryingly, performance management data is still logged on paper or spreadsheets for half (49%) of HR professionals, with a further 48% unconfident in the accuracy of their employee performance and engagement data. This suggests an inability to react or implement changes in real-time to resolve issues or motivate key players.
“Without real-time data and insights, organisations simply cannot understand their workforce,” said Mark Seemann, Founder and CEO at StaffCircle. “On average, HR teams are spending 3-4 days a month on performance management admin – time that could be spent on employee training or mentoring. Too many still rely on spreadsheets and paperwork. Something has to change.”
Only 28% of HR leaders are capturing, storing and viewing employee performance and development insights on an online platform. A further 21% of respondents have information siloed across different platforms, and, worryingly, 7% don’t capture, store or view these insights at all. When asked how long it takes to access employee data or insights, 60% have to spend up to a week or more to gain access. Ten percent have to wait more than a month to access this data, and 8% can’t view this vital data at all.