Finding and retaining talent is one thing, but what are you doing to ensure that talent grows and improves over time? Talent management is a critical component of the performance of your organization.
In this article, we dig into the research, consult experts, and break down proven ways to improve talent management at your organization.Stay on top of #TalentManagement strategies in an unpredictable job market — get 8 ways to improve your processes:
How Can HR Improve Talent Management Strategies?
Employee engagement is a challenging aspect of talent management for most organizations, especially for the past few years. Gallup research shows only 32% of employees are engaged, compared to 36% in 2020. Evidently, traditional talent management is not as effective as it could be, especially as modern workplaces change rapidly.
So, how can talent management processes improve in order to stay relevant, up-to-date, and engaging? Here are eight recommendations for how your HR team can improve the employee experience with effective talent management strategies:
- Invest in workplace culture.
- Revisit employee benefits.
- Measure employee engagement levels.
- Spotlight or create growth opportunities in your organization.
- Set employees up for success with the right resources and clear expectations.
- Strengthen employee recognition programs.
- Give fair, useful performance reviews.
- Encourage friendships among your team.
Let’s take a closer look at these eight systems.
1. Invest in Company Culture
During the Great Resignation, a toxic corporate culture is 10.4 times more predictive of turnover than compensation.
Study after study establishes a strong connection between financial performance and company culture strength. Many organizations, however, don’t realize just how impactful this connection can be — but Gallup research puts it in perspective. According to the analytics and advice firm, companies with strong organizational cultures are leading the pack:
- 50% increase in engagement over three years
- 85% net profit increase over five years
- 25% workforce growth over three years
2. Revisit Benefits Packages
90% of employees say benefits are extremely or very important, while 83% say flexible work and leave time are important.
Pumping up a benefits package doesn’t always mean having to spend a lot of money. Offering workplace flexibility — or even suppressing a culture of clock-watching in favor of self-management — can help increase employees’ sense of ownership over their day.
Companies that aren’t embracing work flexibility are narrowing their talent pool and very likely missing out on great candidates — 45% of employees wouldn’t take a job that does not offer accommodating hours.
3. Take Stock of Employee Engagement
18% of employees are actively disengaged.
How does engagement at your organization compare to current levels in the U.S.? Measure this metric with employee surveys. It’s important for leaders to care about how their employees are feeling and ask for their feedback. This makes employees feel that they have a voice in your organization and gives your company helpful insights that can help human resources teams create better talent management strategies.
Be sure to send them on a regular schedule and with the same questions to keep comparisons accurate over time. Then, you can address low engagement or double down on efforts that drive higher engagement.Learn how ClearCompany’s Talent Acquisition team uses our Employee Engagement Surveys to gauge the quality of our recruiting and onboarding processes.
4. Spotlight or Create Growth Opportunities
80% of employees say their employer doesn’t offer career development opportunities.
A lack of growth opportunities often tops the list of reasons employees choose to leave an organization. Communicating these opportunities to employees is just as important as having them available, though, so be sure your workforce is aware of how they can grow at your company.
Create a learning environment inside your workplace to encourage professional development. Beyond moving up in the company, this helps ensure that your employees are always using best practices and strategies. Easy ways to develop a culture of learning include stipends for conferences and certifications, an employee book club, and succession planning.
5. Set Clear Expectations
Just 46% of employees know what’s expected of them at work.
Setting clear expectations is a core responsibility of your managers because when employees lack clarity, they’re at risk of underperformance and disengagement. According to Gallup, this is the foundational element of engagement because “employees cannot perform at a high level when they are confused as to what they are supposed to do.”
Managers can set expectations in a useful way with SMART goals. Beginning with the onboarding process, managers and employees can use goals to clarify what they need to accomplish during a set time frame. Goals motivate employees and keep them on track, and they give managers a way to evaluate performance.Use SMART goals to set clear employee expectations and give engagement and motivation a boost — get 7 more tips for better #TalentManagement:
6. Make Employees Feel Valued
If they felt more appreciated, 53% of employees would stay at their job longer.
Unfortunately, only 30% of employees strongly agree they received recognition for their work. The solution is simple: make it part of everyday dialogue. A simple way to do this is through a performance management system with employee recognition tools.
These tools give every employee the ability to thank their coworkers publicly, encouraging a culture of gratitude and appreciation. They also ensure that important dates don’t go unrecognized, building camaraderie with birthday and work anniversary announcements.
Managers can also make a point of expressing appreciation during regular meetings, like during weekly employee one-on-ones, in team Slack channels, and when presenting in company-wide meetings.
7. Evaluate Performance Consistently
Only 32% of employees had a conversation about their progress at work in the previous six months.
Employee performance conversations aren’t always managers’ favorite conversations to have — but they’re essential. And, employees want to have them: 92% say they want to talk about performance more than just once a year.
A performance management system that includes more frequent reviews and feedback has tons of benefits for employees and the company:
- Daily feedback leads to engagement that’s up to three times higher than with yearly feedback.
- Companies with effective performance management programs are 1.5 times as likely to outperform their competitors.
8. Encourage Friendships Among Your Team
44% of employees who say they have a best friend at work say their company is a great place to work.
Research shows that having a “best friend” at work can positively influence engagement, retention, productivity, and more among your employees. The impact of work friendships has only grown since the pandemic, and as companies fight to retain talent, there’s no doubt that it will continue to impact turnover.
You can encourage work friendships by building opportunities for connection into day-to-day operations:
- Start a mentorship program.
- Require regular manager-employee one-on-ones.
- Pair up employees across departments for quick coffee chats.
- Build 10 extra minutes into team meetings for off-topic conversations.
Maximize Employee Talent with ClearCompany
No matter the current state of talent management at your organization, regularly improving your talent management processes will benefit your workforce and your company in the long run.
ClearCompany is the complete Talent Management platform that enables your company to get your strategy in order, backed by data-informed best practices and expert-informed content.
To get a free demo and see how ClearCompany can help your organization, contact our experts today.