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A company's performance is synonymous with its employees'. Industry giants have witnessed their profits grow annually as they invested more into boosting their employee performance management processes and productivity. Facebook's per-employee profits, based on last year's profit of $16 billion divided by their number of employees, made $634,694 per employee. Another example is Apple who made $48.3 billion last year, and had an average per-employee earning of $393,097. Microsoft raked in $21.2 billion in 2018, which comes out to $171,000 per employee.
In the wake of the average employee turnover rate increasing, companies are looking for ways they can boost employee engagement. According to a 2019 Bureau of Labor Statistics (BLS) report, the annual average turnover rate in the U.S. is 44.3%. This increased amount of turnover in companies costs around $82,580 roughly 20 employees leave a company.
Every company recognizes the need for a skilled workforce, but that doesn’t mean they always invest the necessary resources , like an LMS, into building one. Beyond the initial training to prepare an employee for a position, many employers don’t offer training opportunities. In 1995, the average employee only received 11 hours of training per year as opposed to the average worker receiving 2.5 weeks of training in 1979. As of 2011, only 1 in 5 workers report receiving on the job training at all. Of this number, many aren’t receiving effective training.
One of the biggest puzzles that employers face is figuring out how to manage customer relationships and CRM. There are no one-size-fits-all solutions to each customer interaction. You must be reactive and adaptive to maintain good relations. We know that building strong customer relationships can be difficult and time-consuming. An efficient CRM can effectively streamline the customer relationship processes.
Every academic institution from public schools to universities need to be able to store their documents securely. Many schools work with hundreds to thousands of kids each year. Managing such a huge volume of documents can be time-consuming and potentially disorganized. Solely using physical storage has a wide array or risks and potential drawbacks. Because of that, we recommend switching over to a document management system. Educational institutions stand to see plenty of benefits for using one.
Have you ever seen a new hire stumbling through a slog of tedious training and onboarding sessions? Do you find ongoing employee training sessions to be a huge snooze? Are your company’s leadership training sessions just not working well?
With the shift to digital, many of the ways that companies handled contracts have become outdated. Plenty of organizations have recognized this and have opted to change how they handle contract management. Their legal teams have made the switch to use contract management software in order to handle their contracts throughout their lifecycles. By using a Contract Management System, businesses are able to ensure that they are getting the most out of their contracts as they engage with employees, vendors, and other businesses.
Competition is a reality of business. In order to stay ahead of the competition, you need to make sure that you are using the best resources and solutions available. Are you finding it difficult to scope out the most cutting-edge resources to run your business successfully?
The most successful companies provide their employees the tools they need to perform their jobs effectively. One of the best tools that a company can provide is an intranet portal. An intranet portal is a great tool for helping create an efficient digital workplace that your employees can use to succeed.