Survey Highlights Employee Relations as Business Complexity Factor
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Survey Highlights Employee Relations as Business Complexity Factor
New Report Reveals How Poor Employee Experience Leads to Lost Customers and Company Revenue
isolved, the most-trusted HCM technology leader, announced findings from its recent survey exploring how business owners collaborate with HR to enhance employee experience and leverage AI for a motivated workforce. The survey indicates that more than half of the participating business owners believe that owning a business has grown more complicated in recent years, with one in three citing employee relations challenges as the principle factor.
The Reality of Understaffing
In a concerning revelation, the survey found that a significant number of business owners—57%—reported experiencing losses of customers or business due to being understaffed or having employees who lacked the necessary skills. These challenges are often linked to the neglect of initiatives aimed at improving the employee experience, which is vital for attracting and retaining top talent to meet customer needs effectively.
Challenges Faced by Business Owners
Managing a workforce successfully in today's landscape presents numerous difficulties, including fostering a positive workplace culture, adapting to evolving employee expectations, and maintaining staff levels amid economic uncertainties. Business owners have identified their primary workforce concerns: controlling compensation costs, retaining top talent, and the challenges involved in recruiting qualified candidates. Interestingly, while isolved's HR Leaders report shows that 76% of HR leaders do not perceive employee expectations as unreasonable, 55% of business owners believe that these expectations are indeed escalating, indicating a disconnect between these two groups.
Misalignment in Understanding Employee Expectations
Amy Mosher, chief people officer at isolved, stated, "Business owners and HR leaders are misaligned in their understanding of employee expectations, requiring more meaningful dialogue on the delicate balance of employee needs and business realities." This highlights the importance of data-driven insights and collaboration to foster a positive employee experience that ultimately benefits both the workforce and the company's success.
Key Findings from the Survey
Additional key findings emerge from the survey: an impressive 87% of business owners have noted increasing concerns regarding their employees' overall wellness—including financial, emotional, social, and occupational aspects—over the past year. Furthermore, 59% of business owners are looking to cut back on non-employee spending, while 51% plan to reduce their full-time employee count.
Financial Wellness Initiatives
The findings also reveal that nearly 84% of business owners believe their employees are living paycheck to paycheck. As a response, 92% are inclined to offer financial wellness benefits, which could include flexible pay arrangements, such as earned-wage access and on-demand pay solutions. Moreover, 91% consider their HR teams to be crucial to their business strategy, underscoring the importance of integrating HR into overall business management.
Embracing AI in the Workplace
In addition, 80% of business owners view artificial intelligence (AI) as a beneficial opportunity and have provided training on AI applications within the workplace. As the landscape of work evolves, these insights can empower business owners to adapt strategically to contemporary challenges.
About isolved
isolved stands out as a leading HCM technology provider, delivering top-notch software and services tailored for HR, payroll, and benefits professionals. Their diverse solutions—from talent acquisition to workforce management—are utilized by over 7 million employees and 177,000 employers nationwide to enhance productivity and decision-making while minimizing risk. The isolved People Cloud™, an interconnected platform, aims to automate the entire employee experience, allowing organizations to engage and empower their talent effectively. Visit isolved's website to learn more.
Media Contact
Christine Allen, Director of Communications
[email protected]
603-743-4534
Frequently Asked Questions
What does the isolved survey reveal about business ownership complexities?
The survey highlights that many business owners find owning a business increasingly complex, with employee relations emerging as a significant challenge.
How does employee experience impact business revenue?
Poor employee experience can lead to understaffed businesses and insufficiently skilled employees, ultimately resulting in lost customers and revenue.
What are the primary concerns of business owners regarding their workforce?
Key concerns include managing compensation costs, retaining top talent, and recruiting skilled employees amidst evolving expectations.
How do business owners perceive the role of HR?
A vast majority of business owners—92%—believe HR plays a vital role in balancing employer and employee needs effectively.
What initiatives are business owners considering for employee wellness?
Many business owners are inclined to provide financial wellness benefits, such as flexible pay arrangements, to support their employees' overall well-being.
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