In the past, human resource professionals have had to mold their approach in relation to the prevalent changes in the workplace. Having taken the shape of Talent Management, the same professionals are now having to face an old adversary which too has a new form in the name of cultural diversity. This, more than any talent related concern, is causing more employees to leave their present companies.
The greatest of the great companies understand the fact that talent and caliber are not the only factors that demarcate good from excellent, but the workplace culture. If an employee doesn’t feel the professional environment to be a right fit for him, how can he be expected to stick around for any duration longer than “transient”. Majority of Talent Management Strategies are now figuring away to solve this problem before the water crosses the danger level.
Barely, trying to get on their feet, brand names which have been dream companies for innumerable people, no more have the luxury of giving exorbitant raise in the salaries are stuck in translation to offer a lucrative working safe haven for the aspirants to consider. In the same direction, the Talent Management units of the very same companies are revamping their training employee recognition programs. Employee engagement levels, retention & performance are the key focuses of such a Talent Management Strategy. The best incentive of this process is that it is highly cost efficient with long lasting effects.
The plan has, all this while been to leverage the power of strategic & social recognition, which is believed to be the fastest way to retain the employees and keep them positively involved in the dynamics of the company. There are in fact numbers to prove the feasibility of such a Talent Management Strategy, where in the organizations who have trusted such a course of the path, have realized double-digit retention within months rather than years.
More astonishing are the findings of the survey that AON Hewitt conducted within its batch of employees after introducing such measures. When asked to rate the drivers of engagement within the organization, the employees rated recognition to be at the 2nd spot, way ahead of employees pay scale which was ranked at number 5. This goes on to prove the correlation between recognition & employee engagement, as part of a Talent Management.
In other findings, companies who managed to land above average scores were able to record as much as 19 percent growth in sales as compared to the low performing enterprises of 6%. These were apparently the same companies with below average scores of employee engagement.