#PRIORITIZING EMPLOYEE ENGAGEMENT-
Increasingly, organizations are focusing on improving their employee engagement to drive better performance. According to Gallup research, employee engagement is strongly connected to business outcomes essential to an organization's financial success, such as productivity, profitability and customer engagement. Engaged employees drive the innovation, growth and revenue. Compensation and job security are both very important, but another emerging human resource trend is, the employees having a sense of loyalty to small businesses that are honest with them. An open-door policy and transparency will keep the employees from jumping ship and moving on to the competition. So, start sharing with your employees, discussing issues with them, and getting their input. Make them feel important.
#DEVISING RETENTION GAME PLANS-
Companies at a risk of high attrition should develop a rigorous game plan to drive higher retention.Inculcating entrepreneurial/ intrapreneurial push - With digital disruption and the unleashing of the entrepreneurial spirit, we will witness a new set of benchmark skills, which were non-existent a decade ago, determining success. Age-old strict practices will decline eventually.
#EMPLOYEE BRANDING
Don’t make yourself appealing to all job candidates, just the good ones: The volume of people applying for jobs has risen by 33% in the past three years but the quality of applicants has not improved at all. In response, many firms launched employment branding campaigns to establish their company as “a great place to work,” and attract higher quality candidates.But this strategy – called “branding for appeal” – produces pools of applicants of whom only 28% could be classed as high quality. This is because firms just add yet more to the mass of accessible corporate information. And all these conflicting messages – some of which are false – means that 61% of applicants say they are more skeptical of what employers say about themselves than they were three years ago.
Instead, HR teams should take a “branding for influence” approach to attract the best candidates. Instead of releasing another YouTube video full of smiling faces and an uplifting theme tune, savvy firms spend time and money on messages that are relevant to the most important talent segments, and that challenge applicants’ thinking rather than highlight anything good about the company. Those firms that brand for influence almost double the proportion of the applicant pool that can be classed as high quality.
#EMPLOYEE LIFE CYCLE EXPANDS
We’ve seen the definition of a candidate for employment change as the evolution of employment branding and the candidate experience influence how we engage, build relationships and recruit candidates. The same holds true for employees from onboarding to their transition out of the organization as an alumni. The employee life cycle will continue to expand in length as companies will focus on boomerang employees and the building of alumni networks and the hiring of contract and contingent workers who will continue a relationships with their previous employer long after their employee end date.
Don’t mistake high-performing employees for high-potential employees: CEB data show that firms with stronger leaders enjoy twice the revenue and twice the profit growth. Yet a high-potential employee (HiPo) program, which is many firms’ main investment to develop their future leaders, is statistically more likely to fail than succeed. Data show that 50% of HR managers lack confidence in their programs, and a staggering five in six HR managers are dissatisfied with the results.
Despite evidence to the contrary, many firms still wrongly assume that a high performer is also a HiPo. In fact, only one-in-seven high performers are HiPos. The reason mistakes are so often made is that there is rarely an objective selection process in place; decisions are rarely backed by any science. Those involved in the HiPo selection process should assess employees based on their ability, aspiration, and engagement with the firm.
# REDESIGN OF PERFORMANCE MANAGEMENT ACCELERATES.
I think the hottest topic now is reinventing performance reviews, including dropping performance ratings. It seems that performance management is changing. Organizations are looking for possibilities to give more regular and more objective feedback to people.People who are very good always want to become better. Most performance management systems today provide helpful feedback for people who are average or below average, but the feedback for top talent is often not so helpful. If you are very good you need more granular feedback than just a subjective rating on a 5-point scale. HR goes soft on performance ratings
The old-fashioned performance review is slowly going out the window. companies will aggressively redesign their appraisal and evaluation programs to focus on coaching, development, continuous goal alignment, and recognition. The days of “stacked ranking” are slowly going away in today’s talent-constrained workplace, to be replaced by a focus on engaging people and helping them perform at extraordinary levels. In the last few years some big organizations proudly announced that they were reforming their performance management processes. I have very mixed feelings about this trend. Yes, the frequency of feedback should be a lot higher that once per year. Yes, nobody benefits from a patronizing and unequal approach. Yes, assigning people a crude performance rating is not very helpful. But: measuring performance is very important, and the redesign or abolishment of performance management should not mean that one stops with measuring performance as well. Hopefully Performance Consulting will emerge as a trend in 2016.
HCM BECOME TECH SAVVY
Increased need for data and analytical tools - The ability to collect, process and analyze "big data" is becoming a crucial factor in identifying and managing the challenges of business lifecycles. Companies that want to gain a competitive edge increasingly need to use analytics to gain data-driven insights into workforce trends and take action to refine recruitment, compensation and other performance incentives to meet employees' evolving goals and interests. Technology will continue to keep us connected globally, driving new innovative ways to identify and evaluate talent.
CONCLUDING -
THE ACID TEST - MEASURING HCM
the focus continues on measuring the effectiveness of HR and moving the human resources department from cost center to revenue center. This includes HR building relationships with other senior leadership staff and looking beyond the traditional Excel spreadsheet to measure our impact on the organization. We will continue to look to data and analytics to further prove our worth.
HR needs to start with not with proving our or their worth but with believing it ourselves. We don’t have to justify the reason for being present in executive meetings. Talent and human capital is paramount to the success of an organization. Measuring the effectiveness and impact of HR is important because it helps us speak a common language with our senior leaders. We need to first believe, we have every reason to be in that executive meeting. Our worth is already proven. Talent is the talk of every CIO, CEO, CFO and beyond. Metrics, data, and reporting only help demonstrate the ripple effect of HR in every department of the organization.
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