Retaining the Top 10%: Why Cloud Based Tools are Essential
As discussed previously on the Navisite blog, the modern workforce is changing rapidly. The concept of a “job for life” has apparently died with the internet revolution, with one-third of Millennial talent planning to change jobs within the next year.
This is a potentially huge problem for employers. The most valuable, most highly skilled employees are likely to be the first to leave, increasing the impact on your workforce. Aggregate research from the Centre for American Progress found that the average cost of replacing an employee amounted to 21% of their annual salary. Highly skilled employees cost even more to replace.
Millennials are not averse to hard work, but they want greater control over their work-life balance. Two thirds would change roles if it meant a shorter commute for instance. Like the job for life, employee loyalty is at an all-time low.
It’s not just travel that puts off your top 10%
The problem with being one of the top 10% performing employees is that they become indispensable – to the company and to their colleagues. This has a serious negative impact on the individual and the company as a whole.
The more in demand these people become, the lower their personal engagement and career satisfaction scores. But because these individuals are constantly called upon to assist colleagues, their productivity levels also drop. They can’t do their own jobs, solve their own challenges or focus on their own tasks – little wonder these indispensable people want to leave.
Putting technology like Office 365 to work
Retaining your top 10% relies on a number of factors – but technology can help. Hosted platforms like Office 365 provide the basic tools employees need to work and communicate from anywhere in the world. By solving the issue of commuting, employees have one less reason to consider leaving.
Using advanced collaboration tools could also help to retain your indispensables. Equipping employees with tools that allow them to centralise and share access to knowledge easily – like SharePoint – will help to reduce the need to constantly call upon your top 10%. In fact, tools and training will help each of your teams become more productive overall.
The best employees relish a challenge. A decent salary is important, but the best workers also want to be stimulated and to be able to get on with the job immediately without being forced to clear a bunch of technical hurdles each morning.
Because the basic connectivity, security and functionality are included as standard with Office 365, remote workers can simply log in using their web browser. Again, the most basic tools they need are immediately available – securely – without needing to establish VPN connections for instance.
Integrated security offers value on several levels. IT teams already spend over 10 hours every week on security and threat detection activities. By choosing a collaboration platform subscription from a managed cloud services provider, your IT team can reclaim much of this time for re-investment in strategic projects. Similar gains can be made every week in improving compliance, productivity tool maintenance and permissions management.
An investment that makes sense
During their comprehensive review of literature and studies related to remote working, Global Workplace Analytics found significant benefits: 95% of employers say telework has a high impact on employee retention and 46% of businesses that offer teleworking report reduced attrition. But effective collaboration is still extremely important for agile workers. This year Navisite reported that 86% of IT decision makers agree that collaboration is important to improving team motivation. Retaining this motivation - in part by adopting collaborative tools such as Office 365 - can, in turn, help to retain the top 10% of performers.
To learn more about Office 365 and how it will help you retain your most valuable employees, please get in touch.