Nearly 30% of employees aren’t engaged at work, and some of those are actively disengaged – meaning they intentionally damage what others have built. While the cost of disengagement can be as much as 34% of an employee’s salary, it also impacts your ability to attract top talent, voluntary turnover rates, stress and low morale among other employees and customer satisfaction. Clearly, worker engagement should be a serious business concern.
With an ever-increasing demand for skilled workers in America, to the tune of 7 million open jobs, it is evident we lack the talent supply to meet current hiring needs across most sectors. A massive skills gap is projected to leave an estimated 2.4 million positions unfilled between 2018 and 2028, with a potential economic impact of $2.5 trillion, according to Deloitte.
At the same time, we are in one of the most challenging environments in U.S. history given not only the speed at which disruption caused by technology is affecting the workplace, but also the acceleration in the pace of change. Navigating this landscape requires businesses to equip current and future workers with the skills necessary to take on new roles and to help upskill existing workers to offset talent shortages.
The growing technological capabilities to capture, track and measure talent-related data have presented tremendous opportunities to better combine the scientific and the human aspect of HR to build a workforce that is efficient and high performing. In fact, a report by Oracle revealed that HR uses analytics more than any other vertical, outdoing even finance.
Predictive analytics has taken the raw potential of reams of data and turns it into predictive insights which are actionable across nearly every aspect of HR – from talent acquisition, performance and productivity to upskilling. Here are 5 of the top benefits of using predictive analytics in the HR function:
According to a new global study, the majority of U.S. executives received no formal workplace onboarding in their most recent roles. Furthermore, when it comes to grading onboarding experiences on a scale of 1 to 100, executives in the U.S. rate theirs as mediocre with an average score of 59.
After investing heavily in recruiting and hiring a new member of an executive team, many organizations fail to maximize that investment when ineffective onboarding leads to dissatisfaction, poor performance or turnover. In fact, almost 60% of executives report it took them six months – and close to 20% said it took more than nine months – to have a full impact in their new roles.
While you can’t control every aspect that factors into an executives’ performance and longevity in a role, implementing a robust, data-driven onboarding program can greatly improve your odds. Considering executive failures can cost up to 40 times the base salary of leaders, which can translate to a multi-million-dollar mistake, HR leaders can’t afford to ignore the critical necessity for effective onboarding.
More and more of the world’s leading organizations are utilizing talent assessments to better inform hiring decisions and drive more effective employee development. In fact, 82% of companies are using some form of skill assessment tests today. There is little doubt that the use of talent assessments in the hiring and development process will continue to grow, particularly given the recruitment challenges in today’s market and the import of finding best fit hires.
As HR leaders look to these vital tools to improve their HR process, there are two critical considerations when choosing and implementing a talent assessment solution.
As we enter a brand-new decade, what better time to evolve your hiring practices and strategy to meet the new requirements of the modern day? The fact is businesses have never done as much hiring as they do today or spent as much money doing it. Yet, most aren't doing as good of a job hiring the right candidates the first time.
Almost every successful professional has had a trusted mentor to help them chart a new course for their career, to guide and inspire them. For individuals, studies show that good mentoring can lead to greater career success, including promotions, raises and increased opportunities.
Famous author Ken Blanchard says, “Feedback is the breakfast of champions,” but the value of feedback is only realized if the person on the receiving end truly acknowledges what is shared. Often, business and HR leaders focus heavily on the ways in which they can effectively provide feedback to others, which is certainly an important component of performance development. However, the second part of the equation – the ability to effectively receive that feedback – is very often overlooked.
Arguably, the ability to take feedback to heart is even more difficult than the art of delivering it. Why? Because inherent in receiving feedback are several “personal” triggers that can influence how each of us perceives feedback, particularly in the workplace. And, many of us are triggered to ignore, become defensive or even anger at the hint of criticism or constructive feedback due to the way in which the person communicates or behaves when providing the feedback.
The idea of “data,” “analytics,” and “automation” often set off a whirlwind of emotions among HR leaders – from excitement of new possibilities to confusion and angst over how or where to leverage them. However, these trends simply can’t be ignored given that workforce analytics will be more widely adopted to help optimize workforces, develop employee performance metrics, reduce operational costs and stimulate market growth. The key to understanding and leveraging the many benefits of the data evolution is to evaluate potential areas across the employment lifecycle where it makes operational and financial sense to embed meaningful analytics.
The value of highly communicative teams is well understood among business and HR leaders. However, what may be less widely known is the financial implications of ineffective team communications or the financial gains that can be realized from exceptional communication. For example, a recent study found that in U.S. hospitals, a whopping $12 billion per year is lost due to ineffective team communication. Meanwhile, a robust meta-analysis of more than 150 studies and over 9,000 teams has confirmed the link between team communication and performance.
Topics: Team Dynamics
Did you know companies with more diverse management teams have 19 percent higher revenues due to innovation? Did you also know a recent Gartner study found 75 percent of organizations with front line decision-making teams that reflect a diverse and inclusive culture will exceed their financial targets? In fact, gender-diverse and inclusive teams outperformed gender-homogeneous, less inclusive teams by 50 percent on average.
Employees today yearn to be connected to both their employer and to something broader and bigger than what may be found in their job description. In fact, a recent survey found that 74 percent of workers agree that their job means more to them than just a way to earn a living. And, 78 percent say that feeling a personal connection with the company’s culture and values will determine their decision to accept a job or not.
If the “gig economy” was the hottest trend in 2018, it’s fair to say “agile” is taking its place in 2019. The fact is, the term “agile” can mean a lot of things these days – from operating within an Agile Framework, flattening the organizational chart to integrating gig workers and other non-traditional talent pools into the workforce. But, at its core, agility is the ability of organizations to be more flexible and adaptive to rapidly changing business dynamics. And, it is arguably a key characteristic required for future business success.
When it comes to change management, half the battle is making sure you have the right leaders in place. And that means looking carefully at their competencies, behavioral styles, and values.
In our latest comprehensive guide, Best Practices for Boards, we provide insights and recommendations for corporate board governance. Whether you are a private, public, or non-profit board, Best Practices for Boards has extensive resources to enhance the effectiveness of your board. Our guide also contains information on the following areas...