Bakalov, who says that the cost of not retaining an employee can be upwards of two times that individual's salary, wondered about the efficacy of communication between management and employees. She says she aimed for transparency, recognition and continuous feedback when designing her new product.
The platform, designed to enhance communication and company culture, allows employees to access their coworker's profiles - letting them know how much time their peers have been working at the company, who’s on their team and what skills they have. She emphasizes how employees can get recognized for their accomplishments in a public forum, which she describes as being “rewarded from a social perspective and not just monetarily.
“Since implementing HelloTeam’s employee retention platform, we have seen a significant reduction in turnover, saving us north of $4 million per year,” says Becky Ospina, Senior Vice President of Human Resources at Onyx CenterSource. The company fully implemented HelloTeam in 2022, lowering its turnover rate by one-third, it said.
“Tom is the pioneer, I would say, and a true legend in the human resources space,” Bakalov says, adding that “prior to Paychex, payroll was very much decentralized, broken, similar to how we view engagement and performance management today, and in both cases, the industry was ripe for disruption.”
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »
Source: USATODAY - 🏆 100. / 63 Read more »
A billionaire banker quadrupled his firm's assets with inflation betAmerica's richest banker quadrupled his firm's assets last year by making a massive bet that inflation would spike
Source: BusinessInsider - 🏆 729. / 51 Read more »