How to Win the War for Domestic or Global Talent
Published: September 13, 2016
Even the experts seem to disagree on the engagement levels of employees.
A Gallup survey at the end of 2015 found that only 32 percent of employees were considered to be engaged in their jobs. A similar study that was undertaken by the Society for Human Resource Management (SHRM) claims that 88 percent of employees were at least somewhat content in 2015.
While it may be interesting to ponder such studies and their results, the important point for Human Resource Departments to focus on is that the success of employment engagement is based on talent maximisation efforts.
But, as outlined in Part One of this series, the growing need for HR transformation to reach beyond these levels requires dramatic changes in thinking and approaches.
Consider these important factors
- Replacing well-performing talent can cost up to 150 percent more than retaining it
- Attrition is high in the first year when an employee is not engaged by day one on the job
- Engaged employees are more committed, dedicated and motivated to make their organization a success
- Engaged employees become brand ambassadors and positive change agents in the workforce today and in the future
- Disengaged employees create a negative environment, weaken workplace morale, and create a less than ideal company brand and reputation
- A British firm found that implementing a well-designed engagement program produced multiple benefits, including up to an 87 percent reduction in staff turnover, an 18 percent improvement in p
In many companies, about 70 percent of HR time is occupied with tracking tactical elements like employee benefits, reviews, compliance, rewards, incentives and recognition.
The bottom line question is: Are we even looking at HR strategically? To do that does call for embracing a people-centric culture that goes well beyond the everyday basics of HR, especially where measurement factors are required.
They may not have the time, resources or tools to address engagement to the degree required to retain top talent and help them perform at the peak of their abilities. This is particularly important when it comes to ongoing measurement of individuals and teams that requires a system to help track and manage these often complex processes. It can present a huge challenge for any HR department.
That challenge is exacerbated when trying to get HR performance to directly support company goals by actively managing areas of employee engagement where measurement is a crucial success factor; areas such as employee reviews, job advancement/career roadmap building, incentives, collaboration/open communications, additional training, tracking and recapping progress and show how their contributions are helping move the company forward.
In order for HR to become a strategic asset it must have a seat at the management table and convey these messages to company leaders who may not be aware of the resources required to implement the right levels of employee engagement strategies or initiatives.
To recap the primary point of Part 1: Because of the increasing sophistication of the talent wars and employee engagement, it’s more important than ever to better understand HR technology, including cloud-based solutions that help HR departments manage all aspects of hiring, onboarding and continuous engagement on an ongoing basis.
In Part 3 of this series, we’ll look at an HR transformation solution to address the issues of people/employee alignment, engagement and retention to increase employee happiness and productivity and organizational effectiveness.
To learn more about how MicroExcel can help your HR time, energy and financial resources go further, while building a powerful work atmosphere and well-aligned, collaborative teams, contact Microexcel at [email protected]