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11. April 2022
Retain Your Top Talent: Say Hello to Personio Performance & Development
It will come as no surprise to those in HR that the acute loss of talent has reached unprecedented levels across the UK – what is surprising however, is the extent of the problem. In fact, almost half of your staff are eyeing up their next career move, as unearthed by our brand new HR study – watch an overview of it here.
According to a recent CIPD webinar, these challenges may be set to get worse. This is due to a complicated landscape where unemployment is low but inflation is putting pressure on the need to raise wages. The result? We’ve moved from a situation where there were four people available to every one job, to a 1:1 ratio.
However the good news is that keeping your best talent isn’t simply a numbers game. Our HR study found that appreciation of work (35%) and good work-life balance and benefits (30%) would also make staff more likely to stay.
The even better news? Personio has just released high-powered features that can enable you to offer employees both – Performance and Development.
What Does Personio Performance & Development Include?
Personio’s new package helps HR teams establish and run effective Performance & Development programs by centralising and automating time-consuming processes. This carves out more focus time for your HR teams for effective talent retention and engagement strategies.
Performance & Development is built as part of our Personio platform – our all-in-one People Operating System that brings HR core processes, talent management and people analytics together.
Here’s a taste of what you’ll get with our Performance & Development to help your teams reach peak performance:
Automated Performance Cycles: Set up and launch performance cycles across the company so that managers and employees can autonomously complete their reviews and you maintain a real-time overview of where things stand.
360° Feedback: Gain complete feedback from all levels across your organisation for balanced and accurate performance reviews.
Effective Feedback Forms and Ratings: Standardise the way people provide feedback across the company through highly customisable forms with text boxes and multiple types of rating scales.
Smooth Feedback Meetings: Easily schedule feedback meetings with multiple participants with the feedback form attached to the invite.
Clear Goal Tracking: Define both qualitative or quantitative goals for each employee, link goal attainment to bonus payments and track their progress throughout the year.
Centralised Training Management: Track training courses with multiple sessions, seamlessly assign the right employees and track their attendance.
How Can Performance & Development Help With Retention?
The business case for investment in career development is indisputable. A recent study from LinkedIn found that 94% of employees would stay longer at a company if their company invested in their learning and development.
And with each new departure costing approximately £3,000 to replace, it’s worth being proactive about preventing attrition in the first place.
Our recent HR study found that nearly a third (28%) of SMEs in Europe are offering more learning and development opportunities to retain staff. Yet 59% of HR decision makers don’t have time to manage development as effectively as they would like.
This was echoed in a Work Institute report that attributed one third of attrition to unsupportive management and a lack of development opportunities.
As Harvard Business Review clearly puts it: “The most obvious solution to upping employee retention, then, is creating more effective training and development programs.”
Sound interesting? Find out if Personio’s Performance & Development could help your teams retain their best talent with a free personalised demo.
Hannah is a Senior Content Marketing Manager at Personio. She loves writing about the ever-changing ways that we work and how they intersect with our lives outside work.
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