Strengthening the Social Contract with Dayforce©: Elevating business success and employee retention

The challenge of retaining talent looms large. According to a recent study by esphr from WorkNest, employee retention tops the list of HR professionals' concerns for 2024. 

Additionally, Dayforce’©s 2023 Executive survey showed that 55% of users see employee engagement and retention as one of the key challenges that will limit an organisation’s ability to achieve business goals.

In response, organisations are increasingly turning to innovative solutions to reinforce areas such as the social contract between employers and employees. Unlike standard employment contracts, social contracts outline norms for how staff members should interact with one another, doing justice to both increasing inclusion and general well-being in the workplace.

This article explores how HR technology, particularly Dayforce©, plays a pivotal role in shaping and proactively driving the social contract within a workplace.

The Importance of the Social Contract

Harvard Business Review defines the social contract as a document that outlines expectations, support, and norms for interactions within an organisation. By formalising these norms, organisations can encourage positive behaviours, reduce negative ones, and establish clear expectations among team members. This fosters a sense of security and cohesion within the organisation, ultimately driving success.

Social contracts often include:

• What the employee can expect
• What the employee can ask for
• What support is available to the employee

Evolution of HR Technology

Gone are the days when HR technology merely handled basic administrative functions. Today, platforms like Dayforce© offer a comprehensive suite of tools designed to empower HR professionals as strategic partners in organisational growth. From personalised employee experiences to AI-driven workforce management and real-time analytics, Dayforce© enables organisations to optimise HR processes and drive tangible business outcomes.

How? Let’s take a look…

Shaping Organisational Culture

By utilising Dayforce©'s advanced analytics capabilities, HR professionals can gain deep insights into the organisation's culture. These insights allow them to identify cultural trends and proactively implement strategies that align with the expectations outlined in the social contract.

For example, if the social contract emphasises collaboration and respect, analytics can highlight areas where these values are strong and areas where improvement is needed.

Proactively shaping the organisational culture in line with the social contract fosters a sense of shared purpose and commitment among employees.

Improving Engagement

Employee engagement is a critical aspect of the social contract, as it reflects the level of commitment and satisfaction employees have towards their roles and the organisation. Dayforce© provides tools for measuring and monitoring engagement levels in real-time, allowing organisations to identify and address issues that may arise.

By addressing concerns and implementing initiatives to enhance engagement, organisations reinforce the expectation outlined in the social contract for a supportive and fulfilling work environment.

Building a Nurturing Work Environment

A nurturing work environment, characterised by support and flexibility, is essential for upholding the social contract. With Dayforce© Wallet, employers can provide flexible and on-demand pay, giving back financial control to their people. Whether that’s covering unexpected expenses, managing bills, or simply enjoying greater financial freedom.

This innovative feature not only enhances employee satisfaction and financial well-being, but also reinforces the employer-employee social contract by demonstrating a commitment to meeting the evolving needs of the workforce. By offering flexible and on-demand pay options through Dayforce© Wallet, organisations can attract and retain top talent while fostering a culture of empowerment and trust.

Adding Value to Your Business

Investing in HR technology, like Dayforce©, directly impacts the organisation's bottom line by optimising processes, reducing turnover, and improving performance. By aligning HR initiatives with the expectations outlined in the social contract, organisations create a positive cycle, where satisfied and engaged employees contribute to business success.

This encourages the mutual commitment between employees and employers outlined in the social contract, leading to increased productivity, profitability, and sustainability.

Concluding thoughts…

In today's competitive landscape, HR technology is a strategic asset that can propel organisations forward. By harnessing the power of platforms like Dayforce©, organisations can shape culture, enhance engagement, solidify employer branding, and create a nurturing work environment. The result is a more satisfied and productive workforce, driving increased profitability and sustainability.

Ready to reinforce your organisation's social contract and attract top talent with Dayforce©? Connect with us, your Dayforce© recruitment specialists, and unlock the power of HR technology for your team's success today.