Today’s employers face unprecedented challenges as they strive to remain competitive and successful in an increasingly complex business environment. While finding the qualified talent they need to execute on business goals can be difficult enough, that is just the tip of the iceberg. Once those top candidates are hired, companies must actively engage those employees, assess their performance and future potential, and provide opportunities for them to continually develop their skills.
Without an extensive talent management program that can deliver on all these things, companies will struggle to retain their best performers. So, what can employers do to jumpstart their talent management programs and ensure they provide their employees with the support to grow professionally and remain with the company for the long term?
Paycor recently conducted a survey among more than 600 mid-sized businesses to uncover their biggest talent management challenges and determine the areas of their people strategies that could be improved. The survey revealed the eight major points, or CORFACTS, highlighted below:
* Survey Says: Employee engagement surveys are on the rise, with 84% of companies planning to implement employee engagement surveys in the next year.
* Only the Lonely: Although performance reviews are a vital part of any employee-manager relationship, nearly one-fifth (18%) of survey respondents report that they aren’t conducting performance reviews.
* Failure to Automate: Overall, 54% of organizations still rely on Excel, email or Word docs for performance reviews; yet, failure to automate the performance review process can have a negative impact on their operations.
* Time to Cascade: The ability to align individual performance to overall business goals is key to creating an engaged and productive workforce, and more than half (55%) of respondents currently tie individual performance to business goals.
* Take the Test: Competency frameworks are an effective way to assess and develop employees – 43% of companies recognize this and leverage competency frameworks to do so.
* Engage and Retain: Most organizations lack a comprehensive roadmap for developing their top performers, with only 19% reporting that they have specific development plans for high-potential employees.
* Feel the Power: An underwhelming number of organizations (just 23%) are using the power of custom e-learning content to develop their teams.
* When It’s Needed the Most: When new hire training occurs online, companies can streamline onboarding processes and ensure legal compliance; however, 86% of companies report that they haven’t yet moved their new hire training online.
Stay tuned to the Paycor Resource Center as we dive into each of the above CORFACTS in depth, providing a closer look at these important metrics – and tips on what you can do to improve in each area of talent management. Contact us to learn how Paycor's software can help you make the most of your workforce.
Related blog articles:
Book Study Feature: The Alliance: Managing Talent in the Networked Age
4 Ways to Attract, Hire, and Retain Top Talent for Your Organization
The Talent Management Scoreboard: How Do You Rate?
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