How to gauge employees’ talent abilities to maximize retention
August 15, 2018
There are many reasons why employees quit their jobs. They may be unchallenged in their current role, feel that there is a lack of learning opportunities available or simply be uninspired by the culture of their workplace. The good news? All of these are preventable problems. To prevent them, managers must gauge employees’ talent abilities and have a solid grasp of where ambitions lie in order to prevent disengagement and retain talented workers.
Digital tools are an important part of the solution. Businesses that deploy performance analytics platforms to systematically gauge their employees’ skills and talent increase their workers’ output by up to 9 percent, reduce employee-related costs by up to 7 percent and add an average of 275 basis points (0.0275 percent) to profit margins, according to McKinsey research.
By using the right performance technology to gauge employees' talent abilities, employers can not only put these skills to work, but also boost retention and empower their workers to accelerate their careers.
Empower Employees’ Strengths Through Data
Employees need a certain degree of autonomy and responsibility to feel fulfilled at work. Job performance, satisfaction and commitment to the company tend to become stronger when employees are empowered to make their own decisions and set goals for personal growth.
To empower your workers, use performance data and analytics technology that enables them to take ownership of their growth and development. For example, skill and competency dashboards within a performance suite can highlight problem areas for individuals and lead to a coaching conversation with a manager about how to best move forward, while predictive analytics can use employees’ expressed interests to suggest potential career paths. And, algorithms can even help reveal which people are likely to work well together, based on their existing skills and strengths.
Use Insight to Provide Targeted Learning and Development Opportunities
Learning is an important part of work life for today's employees: 42 percent of millennials say they are likely to leave their company if they aren't learning fast enough. But employees don't spend a lot of their time learning—only 24 minutes per week on average. This could mean that the learning content available to them isn’t relevant or targeted enough.
But, using analytics technology within a performance suite, organizations can arm themselves with data on the key skills that individual workers need to further their careers, and, in turn, develop or curate more meaningful learning content for them. By using analytics to gauge not only individuals’ talent abilities but also gathering denser data about broader talent trends and patterns within the organization, companies will be able to turn their insight into learning and development strategy.
Capturing Feedback Data
A bad boss is the No. 1 reason why employees quit their job, but focusing on effective communication and feedback between workers and managers can help cultivate relationships between workers and managers, before tensions rise. Rather than waiting for an annual or biannual review to have a discussion, managers should strive to consistently provide and gather ongoing feedback, to not only show employees how they are progressing on projects, behavior or goals, but also diagnose employee sentiment more broadly.
Technology can help facilitate this level of ongoing feedback—gathering feedback using performance reviews and analyzing the resulting data, as well as deploying pulse engagement surveys to measure employee sentiment across the company can aid organizational leaders in developing an understanding of how teams and individuals are feeling about their roles and the company. They can then start conversations with workers about potential improvements or changes.
In today's workplace, systems and processes must support what employees desire in their jobs. Technology can help organizations keep their most talented employees by gauging their talent abilities, identifying key growth opportunities for individual workers and helping them own their growth trajectories.
Ready to gauge your employee’s talent abilities? Cornerstone's performance management software allows organizations to track talent gaps, create personalized development plans and aggregate employee data to create a more engaged, agile and productive workforce.