It’s the “hot new trend” now to invest in company culture. Stories of the state-of-the-art Google campus and accolades like “Best Places to Work” have leaders scrambling to attract top talent with engaging workplaces. But despite leaders’ plans to invest in their people and grow their businesses, many of them don’t have the crucial element needed to execute: developing a talent management strategy.
We recently teamed up with Joe Galvin, Chief Research Officer at Vistage, for a webinar with Emplify CEO and Co-Founder Santiago Jaramillo on how to better approach talent management with strategies rooted in employee engagement. Here are a few of the insights we uncovered:
Good Decisions Die Without Execution
Company leaders are increasingly investing time and focus on people and talent management. In fact, Vistage data reveals that “people” was ranked as the top area of focus by business leaders in 2017 and that they plan on making major decisions in talent management this year. But making decisions isn’t good enough. Nine out of 10 strategies fail for lack of execution, which is why backing up your workforce decisions with data and an action plan is crucial to the health of your culture and people retention.
Employee Engagement is Key to Retaining Talent
As decision makers, CEOs crave data to help guide them toward the best outcomes. Today, most businesses track all kinds of data (sales operations, marketing performance, customer satisfaction)—everything except their people. The lack of data around employee engagement is problematic considering how high business leaders have placed it on their priority list. Without a better understanding of what employee engagement means and what drives employees to toward increased loyalty and productivity, people leaders aren’t armed with the right data to execute on effective talent management strategies.
You’re Not the Only One Seeking Top Talent
Just as you’re looking to attract top talent and build the best team, so are your competitors. To win over top candidates, your culture and investment in employee engagement is what will influence them to adopt your mission, assimilate quicker, and reach productivity faster. At the same time, “rerecruiting” your existing staff on a continual basis through regular training and development opportunities keeps employees fresh, challenged, and willing to do their best work. As organizations grow, they grow on the base of talent they currently have in place. If your base of current employees isn’t solid, new employees will only add to a crumbling foundation.
More than ever before, employees are ready to jump ship if their needs aren’t met. And as millennials move up the workforce ladder, they demand engaging roles and company culture.