When employees leave a company, it severely impacts the productivity and efficiency of an organization. Thus, the management needs to undertake efforts to retain the talent pool and prevent the consequences of high employee turnover.
So, what is employee turnover?
It refers to the total number of employees who leave an organization, voluntarily or involuntarily, within a specific period. Multiple factors contribute to employee turnover, including better compensation, benefits, or perks offered by other firms, personal reasons like health issues, or relocation. Other reasons are lack of feedback and recognition, career growth, excessive work stress, disengagement, ineffective management, etc.
Regardless of the factors, turnover lowers organizational efficiency, declines brand reputation and client satisfaction, and even deteriorates performance. Thus, it’s imperative to reduce it by implementing robust strategies. This article highlights how resource management software can help you achieve the same.
But first, let us see how it impacts an organization.
How does high employee turnover impact an organization?
As mentioned earlier, high employee turnover directly impacts organizational productivity and profitability. In addition, it lowers workforce morale when they see their colleagues leaving. Besides, the existing employees are expected to share the work of the departed team members, which increases their workload leading to stress and burnout.
Excess employee turnover also impacts the bottom line as a lot of money is spent on training and onboarding new employees for the correct placement of the candidate. Moreover, the new employees need time to adapt to the work environment and become productive. In addition, when client-facing employees leave the company, it leads to dissatisfaction and decreased sales. Apart from these, high turnover rates lower a company’s reputation, and thus they fail to attract and hire top talent.
Therefore, it is necessary to implement the right tools and techniques to reduce turnover. A suitable resource management software helps to do the same.
Let’s see how
How can RM software help to reduce employee turnover?
As mentioned above, losing talent rapidly drastically affects the company’s functions. Implementing resource management software can resolve various issues and help you retain your valued talent.
Enlisted below are some ways:
Allocate the right resource to the right job
When an employee’s skills do not align with the allocated task, they will be disengaged because they are not competent enough to execute it, adversely affecting the quality of work. Moreover, having an over-skilled resource for a non-critical position lowers morale, while assigning an under-skilled resource can cause delays and compromised quality. Therefore, competent allocation is necessary for maximizing productivity and enhancing employee engagement satisfaction.
A resource management solution offers 360-degree visibility using which managers can assess the skillsets, availability, capacity, and other attributes of resources on a unified platform. Then, they can perfectly match the resources with the right task. Thus, when your employees feel their competencies are deployed in the right place, they will feel motivated and continue with your organization.
Prevent under /over utilization of resources
Over/underutilization of resources can result in decreased workforce productivity and performance. The underutilized employees exhibit disengagement as they are not tapped into their maximum potential. Similarly, when employees are overutilized, work and excessive stress cause burnout. These scenarios do not work in employees’ favor and, thus, will result in a turnover.
Therefore, it is necessary to ensure optimal utilization of the workforce. The resource management tool helps track the utilization levels of resources in real-time by providing a comprehensive color-coded heatmap. Managers can identify underutilized or overutilized resources and adjust their schedules based on this data. Additionally, they can mobilize them from non-billable to billable work, and enhance productivity, eventually elevating retention.
Ensures effective bench management
Excessive bench size negatively affects the organization and the workforce. The benched resources are non-billable and do not bring any revenue to the organization. This deters their growth and lowers their morale. In addition, the lack of opportunities makes them seek better options outside the organization. Therefore, effective bench management is necessary to keep this repercussion in check.
The resource management software offers a people on the bench report that helps managers predict resources that will end up on the bench. Then, they can assign competent resources to billable or strategic work well before they hit the bench using the project vacancy reports. This ensures continuous productivity, which keeps employees engaged, leading to a long-lasting journey with the firm.
Encourage resources to select their projects of interest
Often employees are given tasks that do not pique their interests. Thus, they will not show 100% commitment to the work, translating into a substandard result. Moreover, employees will be disengaged and start skipping workdays or seeking better appealing opportunities in worse cases. Thus, managers should course-correct and start considering their workforce’s input while allocating work.
Using the resource management tool, managers can publish open positions mentioning specific details such as skillset, qualifications, experience, cost, etc. These positions are notified to all relevant resources across the organization. The resource manager considers the interest and the skill sets of suitable candidates during allocation. Giving resources the work suiting their competency and interest enhances their morale and productivity.
Promote employees to participate in cross-functional projects
Working on the same tasks and projects leads to boredom, disinterest, and disengagement. And as discussed earlier, disengagement is one of the primary reasons for employee attrition. Therefore, managers should provide employees with diverse opportunities to hone their skills and help them diversify their portfolios while keeping up the motivational levels.
The 360-degree visibility feature of a resource management solution helps managers deploy cross-departmental projects to employees within matrix boundaries. The centralized platform enables managers to pick the best resources regardless of their department and create a cross-functional team for a project . This collaboration helps employees to work on multifaceted projects and expand their horizons. Thus, when employees’ growth is taken care of, they are likely to stay with the firm for the long haul.
Facilitates IDPs and upskilling programs
Professional development and growth are crucial factors that motivate employees to stay within an organization. When these opportunities are not provided, it causes attrition. Therefore, managers must formulate Individual Development Plans (IDP) and upskilling programs to promote professional development.
Resource managers can access resource profiles and future project demands using resource management software. Thus, they will get a detailed account of demand and skills gaps. Managers can then formulate a customized development plan that aligns with the resources’ career goals and company objectives. In addition, they can provide formal training, shadowing, and on-the-job training opportunities to level up their expertise. Thus, they will gain more exposure and experience, ensuring successful retention.
An efficient and hardworking resource pool drives the success and profitability of an organization. Losing this specialized resource pool will lower organizational efficiency and reputation. Therefore, it is necessary to retain the workforce . The strategies mentioned above and a modern resource management tool can help you retain valued talent within the firm and ensure profitability and sustainability.
What strategies do you follow to reduce turnover?
Advantages and Disadvantages of Contactless Dining
Conceptualizing “contactless dining” before the advent of the global COVID-19 pandemic would have been an incredibly difficult (and to some, potentially absurd) exercise. But two and a half years after the rise of the virus, contactless dining has become something of a fact of life. Even though contactless interaction with the world around us has become commonplace in many forms, some diners find the abundance of caution frustrating. When implementing contactless practices, there’s a lot to consider. Here are a few common pros and cons that can help you decide if they suit your business.
Exhaustively covering the positives of contactless dining would be nigh impossible, but there are a few apparent advantages from the outside. These are some of the most notable boons that contactless dining can provide to you and your business.
Reduced Risk of Spreading Disease
Many standard contactless dining practices were purpose-built to mitigate the spread of illness by any means necessary. In the earliest segment of the COVID-19 pandemic, many restaurants had to adopt radical practices in order to continue operations, which meant finding creative solutions to get food to their diners. Early uncertainties regarding spreading the virus resulted in mitigating human contact in two forms – social distancing and limiting guests’ touch points.
These are both common-sense measures when the risk of spreading illness exists. If you keep people apart, you close vectors for them to spread disease. The same is true if you keep them from touching objects that others might need to handle. Restaurants may have widely implemented these practices during the pandemic, but their effectiveness isn’t limited to COVID-19. Healthy guests and staff are only a positive thing for any business.
There are a few forms in which contactless practices have increased guest satisfaction and efficiency of service. Contactless ordering, for example, can mitigate the chance that information degrades in translation. This could look like kitchen staff simply better understanding what a guest wants in their food, but it could also take the form of effectively communicating severe allergies or dietary needs.
Mobility is another significant perk of contactless dining practices. Menus are more accessible than ever through the use of digital menu design. Moreover, they can travel with your diners before or during their meal with no muss or fuss. MustHaveMenus has created an entire suite of digital tools to ensure that these menus are as approachable as possible, and they have been coupled with QR code designers to make menu access elegant and effortless. Consequently, diners now have the opportunity to know what they’re seeking before ever sitting down at a table. This knowledge, in turn, helps shorten table turnover rates and more effectively direct your staff’s attention and energy. All of these elements fold together to make the entire dining experience run more smoothly for everyone, leading to better guest satisfaction and a higher likelihood of repeat business.
All the above elements bear a heavy load in making a dining experience palatable for diners in any headspace. Menu access is simple, and they can place orders without worrying that misunderstandings might occur. The risk of getting sick or interacting with agitated or overworked staff lessens significantly. The meal lasts as long as a diner needs or wants it to, and then they pay and move on with their day.
Contactless dining is designed to eliminate unknown variables where it can. In short, the guesswork is taken out of the dining experience. This can be a massive comfort for many guests seeking the perfect place to grab dinner, and in uncertain times that comfort can be a profoundly motivating factor. Having contactless options built into the structure of your dining experience can ensure that these motivators serve your business well and keep guests returning again and again.
Every rose has its thorns, and contactless dining is no different. While the advantages of contactless dining are many, a few widespread complaints have arisen to meet them.
Some Assembly Required
For many diners, navigating some technologies that make contactless dining possible is a tall order. This is especially true of older guests who may not find QR codes and digital menu navigation as approachable as simply picking up a paper menu and reading it. Similarly, ordering via apps or websites may be difficult to parse for those unfamiliar with online ordering platforms. This can also be frustrating for staff members, who may have to devote additional effort and time to ensure that these diners receive the desired experience. Still other guests might decide that the entire endeavor isn’t worth the effort and choose to dine elsewhere.
Luckily, this is relatively easy to combat. Keeping some limited copies of disposable paper menus on hand and ensuring your employees have the necessary training to fold ordering for guests into their service flow can minimize the impact, even in a primarily contactless environment.
Some parts of contactless dining can make guests feel like they’re missing out on the human element of the restaurant experience. In some ways, this is by design (after all, minimizing human contact was implemented to keep all participants safe), but undeniably, there is something lost in the experience that comes from connections between staff and their guests. While some of the less pleasant diners may simply arrive seeking the experience of being served, many dine out with the hope of connecting with those who provide them with a meal.
It’s not an easy problem to solve, but finding ways to include personal touches in the contactless form can help ease this frustration.
Finding the Right Fit
There’s no perfect formula for deciding what contactless dining practices are best for your business. Your judgment as a business owner is the best to make these choices, with vocal assistance from your management and service teams. While some easy solutions like digital menus may seem like no-brainers, finding the right balance is a process that might require some trial and error. But with contactless dining likely here to stay, it’s better to make peace with it now than to fight to implement it in the future.
Business Innovation Visa: What You Need To Know
About the Author:
Matt McGrath is an avid traveler and a prominent writer in the blogging community. He has been to more than 50 countries. While he loves discovering new cultures and adventures, he is also passionate about sharing practical tips to his followers. If you love to travel and adventure, we recommend that you read and follow all his articles! More about him on his website.
Business Innovation Visa
The 188 Business Innovation Visa is a type of business visa available to individuals with innovative business ideas. This visa allows the holder to live and work in Australia for up to four years, during which time they can establish their business.
This business innovation visa is a popular option for entrepreneurs seeking to start a business in Australia.
2. How To Apply For Business Innovation Visa
The key requirements for this visa are that you must:
Be nominated by an approved body.
Be less than 55 years of age.
When you are invited to apply, score at least 65 on the points test.
Show that you have access to at least AUD 1.5 million in funding
Have a business plan that meets certain criteria.
The first step in applying for this visa is to lodge an Expression of Interest (EOI) through SkillSelect. You will need to provide evidence of your education, work experience, English proficiency, and business ownership or management.
You will also be asked to submit a business plan outlining your proposed innovation. If your EOI is selected, you will be invited to apply for the visa. You will then have 60 days to submit your application, which must include evidence of your financial capacity, innovation, and business skills. If your application is successful, you will be granted a provisional visa valid for four years.
This will allow you to live and work in Australia while you establish your business. After two years, you can apply for permanent residence if your business has met certain criteria, including employing at least two Australian citizens or permanent residents.
The Business Innovation Visa 188 Innovation visa is a great opportunity for those with a unique and innovative business idea. If you meet the requirements and can put together a strong application, it could be the perfect way to move to Australia and start realizing your entrepreneurial dreams.
What Is The Benefits Business Innovation Visa?
The visa allows applicants to live and work in the country for four years, with the option to apply for permanent residency at the end of that period.
The visa also provides access to a range of benefits, including business mentoring, tax concessions, and financial assistance.
In addition, holders of the Business Innovation Visa 188 can bring their family members with them to Australia.
How will Business Innovation visa Help Your Business Grow?
There are many benefits of the business innovation visa for your business. One of the most important benefits is that it allows you to rope in highly skilled workers from other countries who can contribute to the growth of your company. This is vital as it helps you to remain competitive in today’s global market.
Moreover, the visa also helps to build strong relationships with other businesses, which can be beneficial in the long run. Furthermore, the visa also allows you to expand your customer base and reach new markets, which can help to boost your profits.
The Business Innovation visa has been a great success for businesses in Australia. The visa has helped to attract some of the best and brightest business minds from around the world, and these entrepreneurs have gone on to create innovative new businesses that are making a significant contribution to the Australian economy.
How to make your manufacturing business bigger without moving premises
There’s no doubt about it, renting premises from which to run your business is expensive – especially if your business model was originally created while you were running things from your spare room, garage, or maybe an office in the garden.
However, with further success, you might find that moving again could well be a step too far, so instead, you might want to look at ways in which you can make the most of the space you already have and allow your business to get bigger without moving premises.
#1 ‘Just in time’ ordering
It’s always good to have plenty of stock on hand, to allow for any sudden increases in business. In addition to this, stock levels could be high because you are buying in bulk and the financial benefits this entails by having a lower cost per item.
When you wish to save space, though, you can instead adopt a just-in-time policy where you only order what you have sold. Alternatively, you could work from a much lower stock level by knowing your sales by examining data. If you run a retail business, you could even work purely on having all of your stock on the shelves, bar a few items. This would involve laying your store out so that the faster-moving items have a greater amount of shelf space, and any delivery that comes in simply rolls off the back of the lorry onto the shop floor – and is used immediately to replenish your shelves.
#2 Treat waste efficiently
Even with ‘just in time’ ordering, you are still going to create a huge amount of waste products, some of which you will have no choice but to dispose of in a landfill. However, there is still plenty of other items that you can recycle.
By sourcing a baling machine as well as the best Baling Wire Direct from a reputable supplier, it gives you the ability to pack your waste tightly into bales. You can massively decrease the amount of waste space that waste takes up because carefully bailed waste can be stacked and kept to be collected by a professional company, some of whom will pay you for the privilege.
#3 Increased carrier collections
Many manufacturing companies only have one carrier collection time a day, normally between 4:00 and 6:00 PM, which means that all the packages ready to go out could have been sitting there, getting in the way for up to 24 hours.
Instead, by arranging staggered courier pickups during the course of the day, say at 10:00 AM lunchtime, and only having one collection between 4:00 and 6:00 PM, you are using less space storing your items waiting for collection. In addition to this, by managing your workload correctly, you can ensure the orders they have to be packed up in time for 10:00 AM are targeted first, followed by those at lunchtime, and finally, working on those that need to be finished by 6:00 PM.
To sum everything up
One of the few drawbacks of success is that many of the profits generated sometimes have to pay for expanding your business further. It’s a nice problem to have, and you could even find the situation could be improved further if you could enjoy those greater profits by not having to pay out for large premises. This could be done by controlling the amount of stock you have coming into your business, being more efficient about the way your finished products leave a business, and also how you manage the waste products that that business creates.
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