As the year draws to a close, it’s time to look back at the lessons learned from your 2015 talent management strategy, and to plan ahead for the challenges and opportunities still to come next year. There are so many challenges and trends for HR to address in 2016, however, it can be difficult to narrow down your focus. That’s why we have distilled here the key insights from our most recent talent management webinars – all of which were designed to giving you the tools you need to make the right talent decisions for your organization.
So, without further ado, here’s what you need to know to make successful talent management decisions in 2016:
- Retaining Millennials is different from retaining your other employees.
As the largest generational demographic in the workplace today, Millennials have changed the makeup of the workforce, and managers need specific talent management strategies to better engage these young professionals. Retention of these members of the Digital Generation is particularly costly – companies are spending upwards of $20,000 to replace a Millennial employee. To help retain their Digital Generation workers, there are several areas that companies can focus on, including:
- providing real-time feedback instead of annual performance reviews,
- developing mentoring programs,
- maintaining transparency around pay practices,
- implementing performance-based pay raises, and
- providing social media access at work.
- Use these four use cases to assess the critical capabilities of your talent management vendor.
It is important for companies to consider several critical capabilities when evaluating talent management vendors, including the often overlooked area of vendor-customer relationship satisfaction. Using research firm Gartner’s “Critical Capabilities for Talent Management Suites” report, companies can determine how well vendors fit with their business needs, especially across four critical talent management use cases: talent acquisition/retention; workforce development; pay for performance; and high-volume talent management. If your organization is evaluating its strategic talent initiatives and technology needs for 2016, then having a solid understanding of the strengths and weaknesses of the market, product by product, is absolutely essential.
- Aligning employee performance with business goals is hard – but not impossible.
Companies continue to be challenged with getting goal and performance alignment right for both individual contributors and the organization itself. While designing and managing aligned goals is not out of reach, it does require a process that is flexible enough to adapt to the many uncontrollable factors that can affect a business. Companies can overcome alignment obstacles by ensuring that their performance processes are designed to:
- increase collaboration and transparency around the process;
- move away from forced distributions or ratings that measure discrete outcomes;
- generate discussions with employees that inspire development instead of focusing on ratings; and
- support continuous discussion among employees and managers.
- Recruiters can be empowered to work harder and better with the right tools.
A recruiter’s fundamental responsibility is to find the best person for any given job as quickly as possible. But the complexities and realities of today’s sourcing and hiring practices, coupled with the sheer volume of candidates out there, make this task a tremendously daunting one. In order to be more productive, recruiters need to be empowered with the capabilities of a next-generation applicant tracking system that can bring candidate intelligence, analytics, integration and automation to their fingertips. Organizations that can give their recruiters the ability to tap into the right data using robust talent pipelines will experience greater recruiter productivity and success in 2016.
- The candidate experience remains paramount for talent management success.
In a candidate’s market, where highly-qualified individuals are spoiled by an abundance of choices, employers must deliver a positive experience in order to build a strong employer brand that attracts top candidates and creates a high-performing team. According to our thought-provoking webinar presented by candidate experience expert Elaine Orler, there are several proven strategies for companies to implement to optimize the candidate experience:
- Ensure you are treating every candidate the way you’d like to be treated – it’s even helpful to apply for your own positions to find problem areas in your processes.
- Acknowledge that you have received a candidate’s submission or question so that they aren’t left wondering where they stand.
- Use technology, particularly video and social programs, to provide timely feedback and keep candidates engaged.
- Ask open-ended questions to ensure that candidates can share information that will help you both determine whether the position is the right fit.
With the many changes and evolutions on the horizon for talent management in 2016, one thing is certain – it’s going to be an exciting year. To help you prepare, we will continue to share even more industry insights, product updates and new solutions that will help you address your toughest challenges.
Want to see how to power these best practices with a total talent management solution designed to provide unparalleled talent insights and to drive business outcomes? Learn more about PeopleFluent’s talent management technology; schedule a demo
of our product suite or talk to an expert