Did you know that replacing a single employee can cost your company up to 200% of their annual salary? That’s why employee turnover has become a nightmare for every company.
If the employees are undervalued and they don’t see meaning in their vocation, they won’t stick. This is especially true for millennials.
Let’s put things in perspective for you. According to a report by Bureau of Labor, in 2022, an average of 4 million people left their jobs each month in the US alone. That’s 2.5% of the entire workforce across the states.
Fortunately, it’s not all doom and gloom. This turnover problem is quite solvable. Although there is no one-size-fits-all solution for employee retention but there are plenty of employee retention tools, that you can choose as per your specific needs.
That said, let's look at some essential employee retention tools.
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Employee Retention Software with Skills Intelligence Approach
1. iMocha Skills Intelligence
iMocha is not just an employee retention software, it’s an AI powerhouse for Talent management, right from recruitment to retirement.
iMocha uses AI and HR Analytics to provide detailed insights into employees’ skills, strengths, and areas for improvement. Based on the findings you can then offer targeted training and development opportunities, which can increase job satisfaction and ultimately improve employee retention.
Multiple Fortune 500 companies across geographies are using iMocha’s Skills Intelligence to focus on skill-based workforce management, create targeted training programs for employees, and map the employee lifecycle from recruitment to retirement.
Key Features:
- iMocha uses people analytics data to help HR professionals hire the right talent that’s more likely to stay.
- iMocha's artificial intelligence-powered Skills Intelligence Cloud utilizes data to predict employee turnover and suggest targeted interventions, further supporting retention efforts.
- Identifies skill gaps and strengths across the workforce, enabling targeted training and development interventions to upskill and retain talent.
- Offers tamperproof certifications and badges for employees to showcase their skills and expertise, fostering a sense of accomplishment and value.
Founding Year: 2015
G2 Rating: 4.4/5 (242 Reviews)
Pricing: Checkout the free trial option
Employee Experience Platforms
2. WorkTango
WorkTango is a complete employee retention platform that comes packed with features like pulse surveys and rewards that helps you keep you employees happy. Companies can use this tool to combat employee turnover by creating a culture where people feel valued.
Key Features:
- Recognize and celebrate employee achievements publicly or privately.
- Offer personalized rewards and incentives to motivate individual and team performance.
- Create a culture of appreciation that boosts morale and engagement.
- Gather employee feedback through pulse surveys, open-ended questions, and anonymous channels.
- Analyze sentiment and identify areas for improvement.
- 360-degree feedback: Gather feedback from peers, managers, and direct reports for a holistic view of performance.
Founding Year: 2015
G2 Rating: 4.6/5 (792 Reviews)
3. CultureMonkey
CultureMonkey is a talent retention software designed to help organizations build a positive and productive work environment. It equips you with various features to listen to your employees, recognize their contributions, and empower them to achieve their goals.
Key Features:
- Anonymous Channels: Create safe spaces for honest feedback with anonymity, encouraging open communication.
- Sentiment Analysis: Analyze feedback to understand overall employee sentiment and identify areas for improvement.
- Personalized Recognition: Celebrate individual and team achievements with personalized rewards and public recognition.
- Goal-Based Incentives: Link rewards to achieving goals, motivating employees and aligning individual efforts with company objectives.
Founding Year: 2018
G2 Rating: 4.7/5 (55 Reviews)
Employee Recognition Platforms
4. Bonusly
Bonusly goes beyond traditional rewards programs. It's a comprehensive platform that combines recognition, surveys, and incentives to boost employee engagement and productivity, align teams with company values, and break down silos.
Key Features:
- Seamless recognition: Give and receive instant points for contributions, big or small.
- Dozens of integrations: Connect with popular tools like Slack and Microsoft Teams for easy access.
- Variety of rewards: Choose from gift cards, charitable donations, or custom options to motivate individuals.
- Built-in surveys: Gather feedback and understand employee sentiment to improve the work experience.
Founding Year: 2012
G2 Rating: 4.8/5 (2730 Reviews)
5. Motivosity
Motivosity is a modern employee retention platform designed to help you achieve just that by focusing on three key areas: recognition & rewards, manager development, and employee listening.
Motivosity goes beyond simple rewards and recognition. It's a platform that empowers your managers, creates a culture of appreciation, and gives you the tools to listen to your employees and take action.
Key Features:
- Performance & progress tracking: Gain insights into individual and team performance for informed decision-making.
- Value-aligned recognition: Recognize behaviors that embody your company values and goals.
- Pulse surveys & engagement polls: Gather real-time feedback on employee sentiment and key issues.
Founding Year: 2013
G2 Rating: 4.7/5 (1228 Reviews)
6. Awardco
Awardco is an employee recognition and rewards platform aimed at improving employee engagement, motivation, and retention. It helps you create a positive and appreciative work culture by providing various features.
Key Features:
- Extensive Reward Catalog: Awardco offers a vast selection of rewards.
- Brand Customization: Adapt the platform's appearance and messaging to match your company brand and culture.
- Track Engagement: Monitor key metrics like participation rates, types of recognition given, and reward redemption to assess program effectiveness.
- Social Recognition: Share recognition moments and celebrate achievements publicly, further boosting morale.
- Real-Time Recognition: Recognize employees instantly for their contributions, keeping momentum high.
- E-Commerce Integration: Awardco integrates with major e-commerce platforms like Amazon Business for easy and convenient reward redemption.
Founding Year: 2012
G2 Rating: 4.8/5 (1569 Reviews)
7. Mo
MO is a company culture platform that combines recognition, communication, and gamification elements to build a more positive and engaged work environment. It’s one of the most unique talent retention software out there with features that help you retain employees effortlessly.
Key Features:
- Boosts: Encourage specific behaviors and goals by setting targeted recognition campaigns.
- Rewards & Integrations: Integrate with platforms like Amazon and Visa for personalized rewards redemption.
- Company Feed: Share company news, announcements, and updates to keep everyone informed.
- Streaks & Badges: Encourage consistent participation and engagement through streaks and badge achievements.
- Engagement Dashboards: Track key metrics like recognition frequency, sentiment analysis, and participation rates.
Founding Year: 2015
G2 Rating: 4.7/5 (316 Reviews)
8. Nectar
Nectar is a software platform designed to boost employee engagement and recognition, ultimately leading to a more positive and productive work environment. Nectar helps you recognize great work, increase engagement, promote core values, and redeem rewards ─ all in one simple employee recognition platform.
Key Features:
- Shout-Outs: Align recognition with your company's values, reinforcing desired behaviors and building a stronger culture.
- Customizable Reward Catalog: Tailor the reward options to fit your company culture and budget.
- Automated Birthday & Work Anniversary Recognition: Show appreciation automatically on special occasions
- Mobile App: Access the platform and interact with features on the go for added convenience.
Founding Year: 2015
G2 Rating: 4.7/5 (4761 Reviews)
Employee Engagement Platforms
9. Deel
While Deel primarily aims to streamline international payroll and compliance, its features directly translate to enhanced employee retention, especially for remote and globally dispersed teams.
Key Features:
- Seamless Onboarding & Payment: New hires receive timely contracts, payments, and benefits, fostering a positive first impression.
- Transparency and clear communication: Employees understand their earning potential and benefits, building trust and reducing confusion.
- Dedicated account managers: Personalized support builds trust and helps navigate any issues, creating a feeling of being valued.
- Increased engagement and loyalty: A positive work experience and career growth opportunities foster a sense of belonging and long-term commitment.
Founding Year: 2018
G2 Rating: 4.7/5 (2184 Reviews)
10. Cooleaf
Cooleaf is an employee engagement and recognition platform designed to help organizations build a positive and productive work environment. According to their website Cooleaf is an employee engagement platform to help people-first companies drive a winning team culture.
Key Features:
- Anonymous Feedback: Safe space for employees to voice concerns and suggestions anonymously.
- Peer-to-Peer Recognition: Encourage a culture where employees recognize and reward colleagues directly.
- Individual & Team Goals: Set clear and transparent goals for individuals and teams.
- Progress Tracking & Feedback: Provide ongoing feedback and coaching to support progress towards goals.
- Alignment with Strategy: Align individual and team goals with departmental and organizational objectives.
Founding Year: 2016
G2 Rating: 4.9/5 (800 Reviews)
Employee Lifecycle Platforms
11. BambooHR
BambooHR is a complete HR software solution. Along with People and Payroll, BambooHR offers features that can significantly contribute to improved employee retention when leveraged strategically.
Key Features:
- Faster hiring process: A user-friendly applicant tracking system (ATS) attracts top talent and reduces time to hire, minimizing recruitment fatigue.
- Personalized feedback and coaching: Feedback tools equip managers to provide timely and constructive feedback, promoting development and feeling valued.
- Customizable rewards: Flexible reward options cater to diverse preferences, ensuring recognition feels personalized and meaningful.
- Collaboration tools: Integrations with platforms like Slack promote teamwork, knowledge sharing, and a sense of community.
- Diversity and inclusion initiatives: Demonstrating commitment to inclusivity creates a welcoming environment where everyone feels valued and respected.
Founding Year: 2008
G2 Rating: 4.4/5 (1889 Reviews)
12. Zenefits
Zenefits is an all-in-one HR platform designed to simplify HR processes and benefits administration for small and medium-sized businesses (SMBs). According to their website Zenefits streamlines company’s workflow by automatically connecting HR, Benefits, Payroll and Scheduling.
Key Features:
- Streamline performance Reviews and feedback with an online platform.
- Integrate with payroll for accurate payment calculations.
- Offer voluntary benefits like pet insurance and legal plans.
- Mobile app: Access core HR features and paystubs on the go.
- Customizable platform: Tailor the platform to fit your specific company needs.
- Dedicated customer support: Get help from Zenefits' support team when needed.
Founding Year: 2013
G2 Rating: 4.4/5 (1889 Reviews)
13. Zoho People
Zoho People, an online Human Resource Management System (HRMS), offers a wide range of features that can significantly impact employee retention when leveraged effectively.
Key Features:
- Goal setting and tracking: Aligned individual and team goals create a sense of purpose and direction.
- Performance plans and training: Offering personalized development opportunities demonstrates the company's investment in employee success, strengthening loyalty and commitment.
- Peer-to-peer recognition: Publicly celebrating achievements strengthens team spirit, fosters a sense of belonging, and motivates individuals to excel.
- 360-degree feedback: Offering multi-directional feedback empowers employees and provides valuable insights for development, fostering a culture of continuous learning and improvement.
Founding Year: 2011
G2 Rating: 4.4/5 (315 Reviews)
Employee Communication Platforms
14. Microsoft Teams
Microsoft Teams, a popular collaboration platform, offers features that can significantly contribute to improved employee retention when used strategically.
Key Features:
- Real-time chat and video conferencing: Fosters closer connections, teamwork, and a sense of belonging, especially for remote or hybrid workforces.
- Mentorship and coaching opportunities: Facilitates peer-to-peer learning and knowledge transfer, fostering personal and professional growth.
- Integration with recognition platforms: Enables more personalized and meaningful recognition programs, increasing employee satisfaction and engagement.
- Task management and automation tools: Reduces busywork and administrative tasks, freeing up time for more meaningful work.
Founding Year: 2017
G2 Rating: 4.3/5 (14667 Reviews)
15. Slack
Slack, a popular communication platform, offers features that can significantly contribute to improved employee retention when used strategically.
Key Features:
- Mobile app and offline access: Allow for flexibility and on-the-go communication, enhancing connectivity and reducing feelings of isolation.
- Integration with learning tools: Enable microlearning and on-demand knowledge sharing within the platform, increasing accessibility and skill development.
- Mentorship and coaching opportunities: Facilitate peer-to-peer learning and knowledge transfer through dedicated channels or features.
- Celebrations and social interaction options: Facilitate virtual team-building activities and celebrations, building stronger relationships and a sense of community.
- Integrations with project management tools: Create a unified work environment and reduce context switching, simplifying daily tasks.
- Pulse surveys and anonymous feedback tools: Allow for gathering honest feedback to address concerns and improve employee experience proactively.
Founding Year: 2009
G2 Rating: 4.5/5 (32282 Reviews)
16. Confetti
Confetti offers features specifically designed to improve employee retention through various approaches. Confetti is a comprehensive start-to-finish planning service which helps you choose, organize, and run virtual team building events.
Key Features:
- Peer-to-peer recognition: Fosters a culture of appreciation and belonging, strengthening team bonds and reducing feelings of isolation.
- Hosted games and shippable experiences: Offer unique and memorable rewards beyond traditional gifts, increasing excitement and emotional connection to recognition.
- Support for local businesses and charities: Align with employee values and interests, fostering a sense of purpose and connection to the community.
- Leaderboards and friendly competition: Creates a playful environment that drives healthy competition and motivates individuals and teams.
- Track participation and reward redemption: Identify trends and adjust programs to effectively address employee needs and preferences.
Founding Year: 2017
Capterra Rating: 4.8/5 (73 Reviews)
17. Outback Team Building
While Outback Team Building offers various team-building activities and programs, they don't currently have a specific "Outback Team Building Tool" in the traditional sense of software or an online platform. Instead, they focus on customized, virtual and in-person team-building experiences designed to address specific client needs.
However, the benefits of their activities and programs can still significantly contribute to employee retention when aligned with retention goals.
Key Features:
- Facilitators guide and debrief activities: Experienced facilitators ensure everyone participates and draw connections between activities and real-world work, promoting learning and application.
- Outback tailors activities to specific company needs and challenges: This ensures activities address relevant issues and resonate with employees, maximizing their impact.
- Flexible options to fit company culture and budget: Different activity styles and lengths cater to diverse preferences and budgetary constraints.
Founding Year: 1992
Yelp Rating: 4.7/5 (3 Reviews)
Employee Survey Platforms
18. SurveyMonkey
SurveyMonkey, a popular survey platform, offers features directly impacting employee retention when strategically used. SurveyMonkey is a global leader in survey software with 20 million questions answered daily.
Key Features:
- Analyze feedback and identify trends: Gain data-driven insights into employee concerns and priorities.
- Use employee engagement scores to identify at-risk individuals: Proactively offer support and address concerns before they lead to turnover.
- Measure key drivers of employee engagement: Assess factors like motivation, satisfaction, and commitment to the company.
- Benchmark your results against industry standards: Identify areas for improvement and track progress over time.
- Integrations with HR systems: Seamlessly gather and analyze employee data for comprehensive insights.
- Mobile-friendly surveys: Increase accessibility and participation.
Founding Year: 1999
G2 Rating: 4.4/5 (18619 Reviews)
19. Leapsome
Leapsome, a people enablement and engagement platform, offers various features designed to address employee retention through specific areas.
Key Features:
- Development plans and learning resources: Provides personalized learning opportunities to support skill development and career progression, aligning with employee aspirations.
- Peer-to-peer recognition: Publicly celebrating achievements strengthens team spirit, fosters belonging, and motivates individuals.
- Gamification elements: Introduce friendly competition and incentivize desired behaviors, increasing engagement and participation.
- Engagement surveys: Measure key drivers of employee engagement like motivation, satisfaction, and commitment to the company, providing insights for improvement.
- Personalized compensation discussions: Facilitate transparent and fair compensation conversations based on individual performance and contributions.
- Mentorship and coaching programs: Connect new hires with experienced mentors, foster a sense of support and belonging, and accelerate learning and development.
Founding Year: 2016
G2 Rating: 4.8/5 (1477 Reviews)
Employee Career Development Tools
20. SAP SuccessFactors
While SAP SuccessFactors isn't directly designed for employee retention, its features can significantly impact retention when strategically utilized and aligned with specific retention goals. Here's how:
Key Features:
- Personalized onboarding journeys: Tailored onboarding based on role, skills, and preferences.
- Regular feedback and reviews: Timely and constructive feedback allows for course correction and growth, addressing concerns and reducing frustration.
- Competitive compensation benchmarking: Ensures salaries and benefits are attractive compared to industry standards.
- Internal social platform: Facilitates communication and collaboration across teams.
- Succession planning and career pathing: Demonstrating opportunities for future growth within the company fosters a sense of security and motivates employees to stay.
Founding Year: 2012
G2 Rating: 3.9/5 (655 Reviews)
Conclusion
The HR Tech landscape is bustling with some of the best employee retention tools, some purpose built while some combining the core features of employee retention within their HR solution. And if you’re looking to supercharge your employee retention efforts with AI then iMocha’s Skills Intelligence Cloud is the best bet.
We hope this all-encompassing list has made you decision easier as to which employee retention tool to choose.
What people are asking about Employee Retention
What is an employee retention software?
Employee retention software is a broad term encompassing various tools and platforms designed to help organizations reduce employee turnover and improve employee engagement. They achieve this by offering a range of features that address multiple aspects of employee experience, from onboarding and performance management to recognition and well-being.
How much does an employee retention software cost?
The cost of employee retention software can vary greatly depending on several factors, making it difficult to give a single, definitive answer. However here is a typical range for different employee retention software:
- All-in-one platforms: Starts from $5-$10 per user per month
- Point solutions: Starts from $2-$5 per user per month.
- Surveys and feedback tools: Can be free or subscription based.
- HR analytics platforms: Often requires custom quotes based on specific needs.
How do employee retention software work?
Employee retention software tackles various aspects of the employee experience, from goal setting to recognition, using data and tools to boost engagement, satisfaction, and ultimately reduce turnover. It's not a magic solution, but when strategically used and combined with other initiatives, it can help build a positive work environment and retain your valuable employees.
How to choose the right employee retention software?
Picking the perfect employee retention software involves tailoring it to your needs. Identify your key retention challenges, compare feature sets and costs across different platforms (all-in-one vs. point solutions), and ensure it integrates with your existing HR systems. Prioritize user-friendliness, vendor support, and free trials to ensure it fits your budget and drives engagement, not frustration. Remember, it's a tool, not a fix-all, so combine it with your overall retention strategy for lasting impact.
