Disha Mainkar
February 28, 2023
Investing in your workforce can be one of the most significant drivers of business success. However, many companies overlook the importance of employee development and fail to realize its potential impact on the bottom line. According to a study by the Society for Human Resource Management, 75% of employees cite a lack of career advancement opportunities as a reason for leaving their current job. Additionally, 69% of employees would stay with their current employer if they felt they had career development and growth opportunities.
The good news is that technology has made it easier than ever to invest in employee development. One such technology is We360.ai Workforce Analytics software, that helps businesses gain insights into their workforce. With this tool, companies can make more informed decisions about how to invest in their employees and maximize their potential, driving greater productivity, engagement, and retention.
Investing in human capital simply means investing in employees. This means that by investing in them we are improving the efficiency and effectiveness of employees as well as the company. The types of investment can be multifaceted, but there are two basic types: monetary and non-monetary.
Monetary incentives:
Non-Monetary incentives:
The term monetary refers to increases in bonuses and incentives, as well as other benefits related to money, whereas non-monetary refers to the recognition of all the work done by employees that might have impact on their promotion. As a result, the organization grows and employees achieve their goals more quickly.
Thus, having an employee that can grow the company can be a huge help. That, however, is easier said than done. There are all sorts of issues that you have to deal with when trying to get that kind of growth. Getting the right tools in place is often the first step but you have to make sure that you have the right attitude, as well. This blog will help you start looking for growth opportunities for your organisation.
There are two ways to foster growth within your organisation. The first is to grow it organically. The second is to focus more on your workforce with technology. Of these two methods, the use of technology to increase employee potential is something which is more effective. For this, the organisation needs to have a strategy that is flexible enough to adapt and switch with changes in the environment, technology, and other external factors.
The importance of technology today is expanding daily, and we should be employing technology to modernise both our business and employees. By investing in employee potential, we are directly improving the goodwill of the company.
Employee productivity is the quantity of work (or production) completed by an employee in a given period of time. As a manager, you should be aware of how long it takes your team members to perform certain tasks and whether there are any blockages or diversions that you can assist them with.
As the globe adjusts to a new normal of living and working, enhancing productivity is the most difficult task that enterprises face worldwide. Employers have found it difficult to maintain staff productivity during the pandemic because of the hybrid work paradigm and an ever-changing enterprise tech stack. But both employers and employees can benefit from productivity monitoring software like We360.ai.
We360.ai is Workforce Analytics Software that helps businesses gain insights into their workforce. By analyzing various employee data sets, including performance metrics, training records, and demographic information, the platform provides a comprehensive view of the workforce. The platform's predictive modeling capabilities enable businesses to identify areas where they can invest in their workforce to drive better performance, engagement, and retention.
Investing in your workforce can pay dividends in terms of increased productivity, engagement, and retention. However, many companies struggle to identify the best ways to invest in their employees. We360.ai Workforce Analytics offers a powerful tool for gaining insights into your workforce and making informed decisions about where to invest your resources. With statistics and facts showing the impact of employee development on business success, it's clear that companies that prioritize workforce development will have a competitive advantage in the long run.
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