Chances are you want to improve your talent management strategy. Some employees succeed with flying colors while others never quite get enough velocity for lift off and in between the rest of your duties, you need to make sure you’re communicating with them correctly. You probably have employees who meet their deadlines, give decent work and pretty much fly under the radar and these people also need development, coaching and recognition. Sound familiar? What’s a busy HR pro or manager to DO?
While talent management is incredibly important, it doesn’t often get as much of the spotlight (or budget) as talent acquisition, its sexier brother. But, if you’re looking to improve your talent management strategy, increase engagement, build a solid succession plan or build on past successes, you’ll need some backup. Here it is:
How Talent Management Affects Employees:
- Only 32.5% of U.S. employees are engaged in their work. That means roughly 68% or just over 6 out of every 10 employees are floundering. If you’re asking for budget, what other initiative will help that large a percentage of your workforce?
- 72% of respondents felt that their performance would improve with corrective feedback. And who is going to give it to them? YOU ARE!
- Only about 50% of the workforce strongly feels as though they understand work expectations. Stop fearing the feedback. Your employees want it, they know they NEED it, so start confronting and coaching and see every other employee thrive.
- 89% of employees in North America think it’s important their employer support their learning and development. And it’s never been less expensive to do so. Online courses, inexpensive conferences, vendor offerings and more can help support those within your enterprise. And only 11% of your employees wouldn’t welcome some learning and development.
How Talent Management Affects Organizations and Managers:
- 98% of businesses believe performance management is important, only 64% say they have an effective approach to it. This is an easy win. Ask your stakeholders what they would do with higher performing employees, then show them how to get there.
Poor Performance Management:
- Focusing feedback on an employee’s weaknesses can cause their performance to decline by 27%. The key? Start looking at where they are succeeding. This is nearly impossible unless you have a transparent system that allows feedback on a consistent basis.
- 77% of HR executives believe performance reviews aren’t an accurate representation of employee performance.
Consistent Performance Management:
- 70% of their employees felt more valued, and 68% reported receiving more valuable feedback on all of their tasks.
- Companies and organizations with higher than average levels of employee engagement saw 27% higher profits, and 38% above average productivity. This is the money stat, right here. Investing in consistent, strong performance management will save your company actual money and make it MORE money. If you’ve ever had to argue for budget and been lobbed the ROI question, this statistic is your answer.
- 71% of employees who believe their manager can name their strengths feels engaged and energized by their work. So many executives are struggling with the engagement issue but few realize they can kill two birds with one stone by empowering managers and HR pros to work on developing people and giving employees the feedback that creates engagement within the workplace!
Behind the Data
There are a lot of unhappy and disengaged employees in the workforce and the explanations employees are providing for their early exits are vast and varied. The array of reasons make it difficult to decide where to shift your focus…unless you notice the common denominator. Performance management strategies encompass everything from feedback, reviews and career development direction. When organizations are more purposeful in developing or improving their performance management, they experience great reward. One company found that even though their changes weren’t exactly quick or drastic, soon after implementation of more purposeful performance management strategy, 70% of employees reported feeling more valued.
That’s right, employees felt more appreciated after simple enhancements to their work life. The above statistics are pointing to things like clearer career paths and more recognition, but that isn’t necessarily what your employees are desperately seeking. Take this time to show your people that you value their opinions and place within your organization by sending an anonymous employee survey. Ask questions that will gauge their reactions to the current performance strategy or approach to team building and morale boosts. Ask for suggestions or changes they would like to see in the future. With such insight, you may begin to see patterns or pain points that more than a few employees notice.
Like we were saying above, you probably hire some winners, some soon to leave mismatches and a few inbetweeners. While it would be wonderful to know who will be which before you send an offer letter, it’s highly improbable, even with amazing HR technologies, we will ever get such insight. If you want to prevent the old, “it’s you, not me” talk, build a solid and successful performance management strategy.