Category: Featured News

5 Top Tips for Reducing Staff Turnover

One of the biggest challenges facing businesses is staff retention. This impacts not only the individual teams who are always getting new people but also the HR professionals who are responsible for maintaining the requisite workforce and talent levels for the productivity output needed. High staff turnover can be an expensive issue as training investments are lost while key skills need to be re-sourced or developed anew; the impact on your business’s bottom line can be significant. In this article, we look at a few of the ways you can minimize staff turnover and retain the kind of long-haul loyalty you’d expect from the core team members in your business.

Start as you mean to go

Prevention is always better than relying on a costly cure. When it comes to staff retention, one of the most effective methods exists at the very start of the journey with your hiring process. Always ensure that the role is clearly defined and understood by you as much as by your prospective employee. If expectations are apparent right from the get-go, then you are more likely to find your staff investing in their new role and the culture of your company for the long term.

Maintain fair remuneration

If an employee feels strongly that they are not being paid in alignment with current average rates for their role in your industry, then they might start to look elsewhere. As they develop, improving their worth and their value to your business ensure that their wage and the benefits are adequate with their output. Hence, set personal expectations that staff would eventually question their salary grade so you need to allocate time for a discussion. Undervaluing your staff is a sure way to risk their perception that the grass is greener elsewhere.

Make your engagement strategies consistent

Most companies restrict their staff engagement policies and efforts to the bare minimum, perhaps ticking a box with an annual survey. To invest in your team and ensure maximum retention, you need to make your engagement consistent and create a complete plan that focuses on engagement all year long, and this will ensure that everyone feels like their voices are being heard. There are experts and software platforms out there to help support you in this; inpulse.com is a great example. Invest in employee engagement to significantly boost staff retention.

Treat and reward your staff5 Top Tips For Reducing Staff Turnover

Alongside a fair pay and staff benefits structure, you should additionally look to positively reward your employees in recognition of their continued efforts, successes, and loyalty. Do not just make annual or Christmas bonus schemes, but also regularly throughout the year. This is as motivating as it is loyalty supporting, and if you aim to make your rewards targeted to the recipients a social experience, it will amplify the effect.

Support flexible working conditions

Too often today, the work-life balance presents a challenge to both employers and their workforce. Creating a flexible working environment for staff sends a strong signal that you are investing in the whole of their wellbeing. Studies have shown that remote working does not equate to a drop in productivity, and, very often, your flexibility will be rewarded with improved productivity, staff positivity, and retention.

4 Ways Technology is Transforming Financial Services

Banks and insurance companies have relied on the same business models for decades. Technology has affected the industry in a few ways, such as computer spreadsheets replacing paper ones. However, the rate of change in IT and customer expectations are driving massive change in the financial industry. For example, we’re seeing mobile payments websites and peer to peer lending websites hitting the mainstream and becoming a viable alternative. Here are four ways technology is transforming financial services.

The Rise of Alternative Lending Arrangements

While many people still apply for a home loan or credit card from their bank, you have far more options than were available just a few years ago. You can refinance your debt or get funding for a new venture via a loan through a crowdfunding site. The internet also makes it possible to apply for loans with alternative lenders.

For example, you can now easily access bad credit loans online through direct lenders and brokers. Some even offer both sources of capital through a single portal or app. The application can be approved in hours or even minutes, and the money could be in your bank just as quickly.

Or you can simply ask for donations to pay for expenses. This is true whether you’ve suffered a tragedy or are seeking money for your new business venture. In the latter case, you might incentivise the donors by offering them one of the first working prototypes off the production line or just give them branded swag.

The Impact on Insurance

The insurance world has started to change in the face of decentralization, and the consumer market is also evolving. For example, people serving ride-sharing app customers can buy insurance by the kilometre to have commercial vehicle insurance only when they have a paying fare. Insurance is having to adapt to provide coverage for other services offered through the sharing economy like renting out your house for the weekend via a rental site.

On the flipside, advanced sensors and smart tech allow for closer monitoring of assets and actual risk. Car insurance companies are starting to offer insurance based on your actual driving habits. A device plugged into the car tracks how hard you accelerate and brake and where and when you drive. This can reduce your insurance rates if you’re a safe driver, and the data it collects may be invaluable in defending you in an accident claim. Other devices track the location of vehicles, allowing trucks and cars to be recovered as soon as they’re reported missing.

Health insurance companies are asking people to track health and workout data via wearable computers. Wearable sensors can report when someone has passed out from heatstroke or a head injury. Insurance companies incentivise the adoption of this technology to reduce the risk of having to make payments.

The Impact of Artificial Intelligence

Artificial intelligence is affecting everything from rapid A/B testing of marketing content to providing smart search engine results. It is being used to mine social media comments to read social sentiment in real-time. It has led to robo-advisors offering financial advice to clients of major investment firms and monitoring of financial data for small advisors. It is being used to streamline infrastructure, connect buyers and sellers and monitor for fraud.

ConclusionTechnology is Transforming Financial Services

Technology is revolutionizing every aspect of the financial world. It doesn’t just alter how we interact with institutions or streamline back-office processes. It has opened up the financial and insurance market to new players and resulting in brand new services to meet customer needs and wants.