Grow Your Business: With The Right People
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIn a recent study by LinkedIn, four areas were considered significant to watch in the area of Human Resources for the coming year. The 2020 Global Talent Trends Report surveyed over 7,000 human resource professionals in multiple countries. Taking care of people in the coming decade was the overall theme for the report.
People analytics was one of four major trends identified by the study, as was the employee experience, internal recruitment, and the multi-generational workforce.
Your company uses data everyday. You use it in Sales, Operations, and Accounting. In these times of ‘full employment’, recruiting, hiring, and retaining good employees is very important for the Human Resources (HR) professional. Most business managers are familiar with the term ‘data analytics’. This day and age, ‘people analytics’ is becoming increasingly more important in the growth and continued success of a business.
According to Inc. Magazine, the definition of people analytics is “using data to bolster your Human Resource department’s ability to consistently find and retain great employees.” The LinkedIn survey revealed only 68% of respondents use some form of data in measuring employee performance.
The LinkedIn results also showed 55% of those surveyed indicated they needed some assistance in implementing people analytics in their company. People analytics certainly measures employee performance, but as stated by Inc. “a distinct minority of companies currently use analytics to identify flight risks within their ranks, reduce bias in hiring and promotions, predict a job candidate’s potential success in a role, and so on.”
Improving the overall employee experience with reference to employee attraction and retention was another area of significance in the report. It indicated 96% of human resource professionals realize the importance of the employee experience, yet, only 52% of them shared that their company provided that level of experience. Obviously, this is an area of major disconnect where many companies need to improve.
Promoting from within, or internal recruitment, was another area of interest, according to the survey. Many companies, have a tendency to look beyond who is right in front of them with regard to the talents of their own internal staff. The report showed 82% of the HR respondents indicated promoting/transferring from within the organization is increasingly important to the success of their company. Further, those companies that do promote from within end up having higher retention rates, to the tune of them staying 41% longer than those firms that do not readily promote from within. Your company needs to stay pro-active when it comes to hiring or promoting from within.
Finally, the multi-generational workforce is going to play a major role over the next decade. More and more baby boomers are delaying their retirement while more Generation Z employees are being hired. This combination alone results in a wider range of age diversity and areas of potential conflict than HR professionals have had to deal with in a long time. The results of those surveyed indicated 89% of the respondents thought this type of diverse workforce made a company more successful. Further, 56% have updated their policies and procedures to more accurately embrace the wider age ranges for their employees. But, by realizing the expanded age range, your company needs to embrace it and be able to deal with this new normal in the workforce.
Another interesting result of the survey showed 18% of baby boomers and 22% percent of Generation X employees end up staying longer than the average employee. This results in both age groups, in effect, staying about twice as long as the Millennial employees. Again, in being aware of this phenomenon, your company needs to adjust, accordingly.
Managing talent has always been a challenge for most growing companies. It is doubtful that your company is any different. Take a step back and be pro-active in how you analyze the data you have on your existing employees. Take some time to really investigate and find out what their overall experience has been with your company. Assess how you go about hiring for new positions by looking inside first. Finally, take into account the breadth and depth of multiple generations that you have employed in your workforce. In the end, if you are successful in being able to continue appealing to all of them, you will be on the right trajectory for growth.