In my previous article, we discussed Retaining Talent from an Employees perspective. Click here to read the article. Here we will look at how an Employer views the challenge of talent management.
The business view
- It is a strategic business need to retain employees with the right skills & competencies.
- Each employee carries a cost that can be mapped to their business role.
- Management should be able to identify the roles critical for the running and growth of the business.
- HR processes should be able to identify the most suitable employees that map to each role for cost optimization.
Talent identification includes capture of the various kinds of data for employees. The following illustrates an organizations focus to develop a comprehensive profile of every employee along 4 key parameters.
How this data can help you as an employer?
- The achievements dashboard will help you identify those employees who are willing to accept challenges and meet them.
- Transfers and role changes offer one of the biggest challenge to an employee. Those employees who are willing to adapt to the changing needs of your organization will most likely be high performers and will continue with your organization for a long time.
- High achievers participate in professional forums more often and focus on competency and skill development – most often outside their specific role.
- Performers in most cases are disciplined employees. If this is not true, you should evaluate your HR policies as also look at your managers.
- If your succession pipeline is fairly empty, you will have a tough challenge if your business grows rapidly.
- If your compensation and benefit program is below the benchmark standards in your peer industry, it is unlikely that you will be attracting the right talent.
- If the total training hours is low, the new employees may not be as productive as the existing workforce and your organization will lose competitiveness over time.
- After analyzing this data for all your employees, you would be able to identify the high performing employees and develop strategies to retain them.
Both the articles, if read together, will bring to focus the need to understand the employee & employer perspectives and prepare an action plan to retain talent in your organization.
If you have trouble in quickly creating organization dashboards of the above kind, you should contact us or take a Free Trial on EmpXtrack to understand how we can help you. EmpXtrack contains a full career profile dashboard.