We are back with part three of our Talent Management University. In this series we are explaining how to properly train, manage and successfully move your talent within your organization. In part one, we discussed the new hire and the onboarding process, and in part two we focused on keeping employees engaged. Now, we are going to show you some of the best ways to retain and create a succession plan for your employees. Let’s get started!
Junior Year: Retention
1. Performance reviews
At the crux of most successful employee engagement programs is an effective performance evaluation system, often software-based, which builds this understanding and accountability into a worker's individual goals.
While most companies engage in some kind of performance evaluation, companies with the most highly engaged employees have some best practices in common. Combining real-time or near real-time feedback with the more traditional annual appraisal, using constructive critiques as an employee development tool and clearly outlining - you guessed it - goals for employees, are all best practices.
Sit back and listen to the professor (@ClearCompany) for part 3 of Talent Management University: Junior/Senior Year
Companies invest in managing employee performance and with it, compensation has to reflect the work and progress employees make in their reviews. Despite so many innovative employee perks and work life initiatives, it continues to be essential that employees feel they are paid fairly for the work they perform. That’s not to suggest that nonmonetary factors don’t contribute significantly to job satisfaction. They absolutely do. Things like flexible work schedules or casual dress codes can play a big part in the attitudes people have about their company and their job. But at the end of the day, money still matters.
Keep in mind these benefits can be made available to employees for job satisfaction:
3. Rewards and recognition
While compensation is a critical factor in talent management, so are rewards and recognition. Proper recognition and meaningful feedback is vital to maintaining positive morale with your employees. When you reward your employees for doing a job well done, you tell them that you appreciate what they’re doing for you and for your company. You’re telling them that their efforts matter. And that kind of encouragement can go a long way toward improving productivity, your bottom line, and employee advocacy.
Senior Year: Talent Movement
4. Succession planning
Succession planning is the process that leaders use to identify and develop internal talent with the goal of using them to fill key leadership positions within the organization. So, while gauging performance is crucial, it is equally as important to foster this talent, and ensure that their professional goals align with those of the organization.
According to Software Advice, 62% of employees say working for a company with succession planning would make them feel “significantly more engaged.”
5. Performance management
Effective succession planning has to be supported by a comprehensive and structured performance management process. Start your performance management by being proactive. If you want employees to see employees develop, you must first implement a culture of accountability. If you have no milestones to track, how will you know if your workers are improving? Conducting regular reviews of your employees is important, even in smaller companies that haven’t established strict performance guidelines. They also should likely include a few of the tips offered by Christina Merhar (@ChristinaAtZane), writer for Zane Benefits:
- Objectives that an employee needs to achieve over a period of time.
- An assessment of their progress toward those goals, and if needed, a way to address specific performance issues.
- A consistent rating system or scale to determine how well individuals meet specific goals.
- Goals based on an employee’s job description, projects, or behavior, as well as “stretch” goals that challenge or expand an employee’s ability.
- An opportunity for the employee to provide feedback.
- The reviews themselves can be loose, informal or too organized, depending on your company culture. But they should benefit both you, the manager and your employees, and make sure your employees are working toward something at every turn.
.@ChristinaAtZane from @ZaneBenefits lists 6 tips to consider in your performance guidelines:
Setting the right goals makes performance management a reality. Whether you ask employees to map out their goals en masse (from a professional standpoint of course) or use a platform that gives everyone transparency into one another’s goals, you must create an avenue to understand the goals of your people. Only then can you align their goals to those of the organization. Communications expert Bill Quirke is quoted as saying that when employees understand their overall role in business, 91% will work toward its success. But when they don’t, that figure drops sharply to 23%.
Bill Quirke says when employees understand their overall role, 91% will work toward success:
The approach leadership takes to managing talent sets the tone for how the organization ebbs and flows. Even more, it takes no more than a few minutes within the position for a new hire to begin considering the future of their employment and just how well the organization suits them. For your company to be it’s best, leadership needs the right tools and education to manage talent.
Congratulations you have completed our Talent Management University course! We have provided you with insight on how you can properly hire, train, manage and move your employees through your organization the best possible way. Realizing this is a lot for one department to take on, ClearCompany has designed a suite of talent management solutions customized just for you! Sign up for a free demo today.