What makes an extraordinary employee lifecycle? Our blog today will cover all aspects of building an employee lifecycle. An employee lifecycle is the journey of an employee’s work-life within an organisation. It starts with an aspiring candidate applying to a job and ends with him/her parting ways with the company post successful employment. There are a total of six stages in every extraordinary employee lifecycle. More on that below.
The need for building an employee lifecycle
To build an extraordinary employee experience, one has to be familiar with the six stages of the employee lifecycle. Employee lifecycle is closely related to talent management in an organisation. When built right, employee lifecycles ensure ease in company’s performance management. The process makes sure that you employ the best possible workforce. It also ensures their continued development and also retention.
The 6 Stages of Every Extraordinary Employee Lifecycle
An extraordinary lifecycle for employees ensures the best talent is working for your organisation. How your employees experience at your organisation will define your brand image and influence your recruitment efforts. There are 6 stages in every employee lifecycle journey-
- Attracting the right talent
- Recruiting the most compatible candidates
- Onboarding employees with care
- Development of employees skills continuously
- Retention of employees
- Exit interview
Often, the 6th stage is only about collecting employee feedback. Keeping in touch and maintaining a good-faith relationship with ex-employees is considered as another step and is not followed through in many cases. So, let’s briefly dive into each of these stages now.
Stage 1: Attracting the right talent (beginning of employee lifecycle)
The employee lifecycle journey begins with attracting the right talent. For being able to attract the best talent, you need to have a great employee experience. We have discussed the impact of employee experiences in one of our blogs before.
As we had pointed out, if your employees have good experiences in the workplace, they are more likely to recommend your organisation as a good place to work. Happy employees make your company look attractive to candidates and other interested parties.
Good financial benefits along with great company culture will attract the best candidates to your company. For many professionals, salary and bonuses are key factors that drive their choice of company. When more candidates apply, there is a greater chance of finding a candidate who is aligned to your long term goals.
Stage 2: Recruiting the most compatible candidates
Recruitment plays an important role in ensuring the employee lifecycle is successful. You have to employ the right candidate for the job. When you make the mistake of hiring the wrong candidate, all the other benefits and employee experience planning become pointless.
If there are already employees on a team that qualify to step-up and fill an open position, they must always be given preference. As a result, apart from saving on training and onboarding costs, the employee also feels more valued and retention rates will drop.
Many companies even ask for feedback from candidates about the recruitment process. It is one way to ensure that this part of the employee lifecycle is cared for.
Stage 3: Onboarding employees with care (Beginning of an employee lifecycle)
Once you have recruited the right candidate for the position, you need to address onboarding with its social purpose in mind.
When you onboard a new employee, you will introduce the employee to their team. It is integral that an employee absorbs the mission, vision and values of your company. Integrating a new employee into a team serves two purposes, you will gather valuable feedback and the employee will learn more about your business.
Onboarding is a delicate process. If done correctly, it will ensure that the employee feels comfortable and retaining new talent becomes easier. But, if it goes wrong you will stand to lose the time and effort of hiring and onboarding the employee.
Stage 4: Development of employees skills continuously
Developing employees’ skills has a clear and direct impact on the company’s growth. Employees are continuously challenged by evolving technology. It’s in the company’s interest to develop a continuous learning programme for the employees.
The management needs to make sure that the employees can take up training based on their skill and position. Providing an opportunity for learning new skills keeps the workforce future-ready. Most importantly, it will also help to tackle future challenges innovatively.
Clear planning is necessary before scheduling training. Meaning, developing the collective skills of the organisation is something that the management is more interested in. In other words, concentrating on individual skill growth will help the company in longer runs.
Stage 5: Retention of employees
When employees leave a company, it affects the morale of other employees too. However, this is fairly common and the retention rates of firms must be as low as possible.
Losing employees to the competition is a hard thing to bear for any organisation. Especially, after investing so much time and capital into their training. This happens in two cases.
- When the employee is ambitious and sees no advancement opportunity at the organisation.
- When too much is expected from an employee.
Organisations should provide opportunities for career growth. Ensuring appropriate pay raise helps when employees choose to grow their career and take up more responsibility. Also, a timely morale boost will help employees see growth opportunities. Consequently, this can help increase employee engagement and reduce retention rates.
Stage 6: Exit Interview (End of an extraordinary employee lifecycle)
Not all employees will stay with the organisation for their entire careers. Sometimes, employees leave to pursue better career options. Nothing can change this.
The exit interview helps you understand why an employee wants to separate from your organisation. It also helps to decide how you can retain other employees. Also, an exit interview helps in deciding what new practices to enforce in order to keep employees engaged.
To plan for an extraordinary employee lifecycle, interact with the employee from the very beginning. Employers have to plan out their talent management strategy to align with the employee lifecycle. In other words, planning for all the six stages of employee lifecycle will help businesses attract and retain the best talent.
Many HR platforms are working to help organisations plan better for their people needs. Some of the best platforms are built with integrated artificial intelligence and machine learning. They help the employer by providing tools like ATS, employee engagement analytics, 360-degree peer reviews and many more features in one suite.
In short, using award-winning HR platforms like peopleHum, plan for an extraordinary employee lifecycle at your organisation. You will set your firm up for a successful and growing future.
peopleHum is an all-inclusive HR platform that helps takes care of the employee lifecycle in all its stages. Right from narrowing down candidates with the best culture-fit and job-fit, to engaging them at different levels and even taking care of the exit interviews.