Employee retention: How Dayforce can help
Learn how Dayforce can address key factors that impact employee retention, revealed in Ceridian’s latest Pulse of Talent report.
Ceridian’s 2018-19 Pulse of Talent report taught us that many employees across all generations, including those perceived job-hopping millennials, ideally want to stay at an organization where they are happy for 10+ years. However, 37% of respondents said they were either actively or casually looking for a new job, and 36% said they’d consider a new position if recruited. Creating a long-term commitment between your people and your organization requires a dedicated retention strategy. This guide will detail how Dayforce can help support your retention strategy for a healthy long-term employee-employer relationship.
Here are just a few of the areas this guide will cover:
Traditionally, onboarding has been a transactional experience – signing forms, learning work policies and procedures – but when organizations approach onboarding tactically they are missing a huge opportunity to foster a strong connection with their new employees.
From the Pulse of Talent report we learned that most employees can determine within the first year of a new job if they are going to stay long term – and the younger the hire, the more decisive they are.
In general, how soon after you start a new job do you typically know if you’re going to stay on long-term or not?
Dayforce can help you take onboarding to the next level. Starting from the day a new hire accepts their offer, Dayforce helps you create a personalized onboarding experience to showcase your culture and welcome people into your organization.
Fair and competitive compensation
Competitive pay is no longer a differentiator but table stakes for an effective retention strategy. Not surprisingly, the Pulse of Talent report revealed that the number one reason employees left their last job was financial compensation.
Top five reasons for leaving their last job*
Dayforce can help you pay your people competitively by providing insightful support tools to managers, such as intuitive graphs that show gender pay equity data, and data by role, performance rating, and tenure.
Providing a sense of purpose
Whether it’s an entry level employee or a vice president, people want to see that their work is making a difference. The Pulse of Talent report results are startling: only 51% of respondents say they feel they’re making an impact, but 92% of those who responded that way say they’re happy in their jobs, and plan to stay at that company for an average of 7.9 additional years. Conversely, of those who feel they do not make an impact, only 58% feel positively about their jobs, and they plan to stay for less time – 6.1 years on average.
Making an impact
Dayforce Performance Management can help you align your people around business goals.
Organizations can define different types of goals, including individual, team, organizational and cross-functional, and link them at different levels. Organizations can also define the type of measurement and weighting for goals to best evaluate performance and motivate employees.