Flexibility in the workplace can help retain talent

 
 
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* Talent Management System
* Hrms Software
* HCM solutions

Industry:
* Human resources

Location:
* Bengaluru - Karnataka - India

BENGALURU, India - Nov. 28, 2017 - PRLog -- It is reported that the financial services industry is facing a challenge in attracting, engaging, and retaining employees due to changing demographic preferences. The industry is finding it hard to recruit younger employees to the industry. A study conducted by PwC a few years ago noted that 21% of more than 4,000 millennials surveyed said that they would not work in the financial services sector.

The banking sector is viewing this shortage of skilled workers as a threat to the growth of their organizations.

A CASE FOR FLEXIBILITY

As a tightly regulated industry, the banking sector is faced with shrinking margins that make it difficult to boost compensation levels significantly. However, there is one thing they can do to attract qualified candidates and retain top talent: flexibility.

Workplace flexibility concerning the time, place, and/or way of working is a prime factor that influences the ability of financial institutions to retain talent. Among the key benefits of flexibility is that institutions can not only attract top talent, but also engage and retain employees, improve productivity, and reduce cost. It is in this context that the HR function should go beyond mere hiring and ensuring compensation. It is responsible for enabling people to perform at their best and evolve as both professionals and individuals. With a cohesive talent management system, companies can empower staff flexibility, thereby enabling productivity and performance at the workplace! An ideal talent management system enables the organization to reap rich benefits:

Attracting talent: Offering flexibility can help companies improve perceptions of the industry. As people value flexibility and work-life balance, it is important to take proactive steps in this regard.

Engaging and retaining talent: Flexibility has a positive impact on employee engagement and turnover rates. Lack of flexibility in the organization makes millennials more likely to leave the place. Therefore, when it comes to engagement, a little flexibility goes a long way.

Increased productivity: Flexibility can also boost productivity, according to a Gallup study. The study found that remote employees worked on average four more hours each week. They were also slightly more engaged than the regular staff. Companies in other industries have acknowledged a direct link between flexible work practices and increased productivity. It is time the banking sector comes to the fore in this regard.

Reduced cost: Flexibility reduces cost in several areas of the organization. Remote work environments can reduce a financial institution's real estate footprint and related costs. In fact, some large institutions are saving tens of millions of dollars annually through this approach. Flexibility also reduces the rate and cost of absenteeism; in other words, employees are less likely to call in sick! Finally, because flexibility can decrease the turnover rate, it also can reduce the considerable cost of finding, hiring, and training new workers.

GETTING AHEAD WITH TALENT MANAGEMENT

Implementing an effective talent management system ensures that every single touch point works to create a superior workplace. Today's workforce needs to be empowered with flexibility, so that they can help translate an organization's business vision to reality. It is important that talent management systems include features that drive a culture of performance and workforce engagement.

Know more: https://www.peopleworks.in/hcm-solutions/enterprise-editi...

Contact
Mr. Vaishakh Kelkar
***@peopleworks.in
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Tags:Talent Management System, Hrms Software, HCM solutions
Industry:Human resources
Location:Bengaluru - Karnataka - India
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