retaining top talent Archives

7 Ways to Address Your Industry’s Skills Shortage Using Talent Management Software

Companies across industries face a common challenge, i.e., skill shortage, in the dynamic work environment. Finding qualified professionals becomes increasingly difficult with the emergence of technology and specialized industries. However, talent management software is a powerful solution to address this issue.

The new-age software is designed to streamline and optimize the employee lifecycle – from recruitment onboarding to performance management and professional development plans. Corporations can successfully appeal to, expand, and preserve pinnacle talent, bridging the skill gap within their industry in the long run.

How to address skill gaps in your company with talent management software? The tool addresses the talent shortage inside the enterprise and performs a crucial role in worker retention. It provides career development and succession planning equipment, empowering personnel to accelerate their career course in the company. A smart talent management system like Engagedly lets employees give and receive constant feedback and recognition to increase employee morale and engagement. Scroll down to learn more!

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How to Manage Skills Shortage with Talent Management Software?

How do you address a talent shortage? Talent management software provides training and development opportunities for upskilling the existing knowledge and reskilling. It helps solve skill shortages in the following ways:

Identify Skills Gaps

Generally, skill gaps imply a disparity between the skills required for a job and skills available in the workforce. Companies must identify the skills required for higher job positions and changing skill trends to understand whether their talent pool falls short and take necessary measures to bridge the gap.

Talent management software can automate HR processes like learning and development, employee retention, succession planning, and performance management. Moreover, it helps companies identify skill gaps within the candidates through comprehensive skills assessments and evaluations. Assessments can range from self-evaluations to external certifications or tests.

The software’s advanced search and filtering capabilities allow HR managers to identify and shortlist candidates with the required skills. It also makes data-driven decisions using data analytics and reporting features to optimize business strategies. These practices enable companies to choose only those candidates who match their requirements, saving time and resources to accelerate hiring.

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Streamline Recruitment Processes

The software enables companies to manage the recruitment process in a centralized platform. All the candidate information, resumes, and assessment results are stored in one location, facilitating easy access and accurate records.

Automating different stages of the recruitment process is crucial to address the skill shortages. It ranges from posting job advertisements on multiple online job boards to scheduling interviews. The software is also familiar with sending automated email messages and letting recruiters handle administrative tasks.

Built-in software assessment tools help companies evaluate candidate skills and competencies. There are multiple-choice questions for complex simulations. The software helps HR personnel make informed decisions based on candidate performance. It also includes reporting facilities like performance, onboarding or offboarding, and recruitment management reports to improve efficiency.

Apart from the reporting, the software manages collaboration and communication. Recruiters can share interview feedback and candidate profiles with HR departments and identify skill shortages through the software.

Also read: Can AI reduce discrimination in the recruitment process?

Succession Planning

Wondering how to address skill gaps? Succession planning is a part of the talent management process model that helps companies identify and develop talents internally. The talent management software chooses high-potential employees and assesses their skills for leadership positions. It helps companies eliminate external hiring, save recruitment costs, and increase retention.

Succession planning is an advanced step for employees ready to step up their positions. Companies can give employees the necessary training and development to take over the vacant position. Moreover, the software boosts organizations to align their talent development efforts with strategic goals and objectives.

Talent management software helps companies create a continuous learning culture so existing employees can learn and grow. Apart from addressing skills shortages, it improves employee morale and engagement for overall success.

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Customized Learning Path

It is crucial to assess employees’ skills and competencies in the areas where they could be improved. Talent management software can create personalized learning paths tailored to individual needs to upskill employees’ knowledge. It can include solution-focused online courses lectured by subject matter experts. Mentor sessions can also be a part of customized training.

The central focus of customized learning paths is creating a different path for each employee. Everyone uses a different approach to learn effectively. The software considers an employee’s performance, skills, experience, and qualifications to craft a personalized learning plan.

Moreover, the software can check the employees’ progress through dashboards and analytics. It helps HR managers or professionals gain real-time insights about the training programs and make necessary adjustments.

Ultimately, these proactive approaches help companies optimize skill shortages. Employees feel supported and valued through the continuous customized learning path. It adds bonus points to their professional growth, leading to job satisfaction and loyalty. They show up in offices regularly, reducing the turnover rate.

Also read- what is the true cost of recruiting and onboarding employees?

Internal Mobility Promotion

Internal mobility generally refers to the movement of employees within the organization through promotions, transfers, or lateral moves. It targets to improve employee engagement or reduce employee turnover. The software solution helps employees build and invest in career transition through learning, mentoring, or coaching, leading to sustainability.

Additionally, this centralized platform enables managers to conduct 1:1 meetings and spot promising talents. Generally, these meetings are organized with an agenda of the company, but HR departments can track employee progress and enquire about individual needs.

The talent management process helps managers learn about specific employees’ new areas of expertise and relocate them to meet those goals. Moreover, the software solution helps give performance reviews, boosting internal promotion. They provide a roadmap for professional growth by measuring the skills and competencies. Existing employees in the company can apply for jobs through the centralized platform without leaving the organization. It promotes transparency and accessibility to the company’s talent group, leading to employee engagement.

Development frameworks also lay out the employees’ skills and knowledge to grow within the company. Companies use talent management software to create one general framework for individual employees. It mentions every company level, including job titles and other competencies needed to achieve the goals.

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Performance Management and Feedback

Talent management software allows companies to automate the performance review. A 360-degree feedback functionality allows employees to receive reviews from multiple sources, including managers, peers, subordinates, and external stakeholders. Organizations gain a comprehensive understanding of the employee’s performance, strengths, and areas for improvement.

The feature allows organizations to set and track performance goals for employees. It helps align individual objectives with organizational goals, ensuring employees work toward the company’s overall success. It also promotes a culture of open communication and collaboration.

Moreover, organizations can generate reports on individual and team performance, identify trends, and make data-driven decisions. This data can be used to identify top performers, recognize areas of improvement, and allocate resources effectively. Then, the organization can offer performance rewards – monetary or non-monetary, formal or informal, individual or team-based.

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Talent Acquisition Strategies

Talent management software often supports candidate relationship management (CRM). It allows organizations to build and maintain a talent pipeline of potential candidates, even before specific job openings arise. Companies can expedite the hiring process when skill shortages become evident, reducing the time to fill critical roles through nurturing relationships with hires.

The software supports job posting and distribution across various platforms, including social media, job boards, and company career sites. This broad reach increases the chances of attracting qualified candidates with the desired skills.

The software solution also has its applicant system, which streamlines, screens, and assesses processes. Moreover, it has predictive analytics that can forecast future skill shortages based on workforce data trends. The proactive approach allows organizations to anticipate and plan for skill gaps in advance, giving them a competitive edge in addressing potential shortages. It ensures that HR departments always hire the right skills and address skill gaps in critical areas of technology, digital marketing, or data analytics.

Also read: 5 ways how effective HR management helps business growth

Summing Up

In conclusion, talent management software is a powerful ally against industry-wide skills shortages. Companies gain access to valuable data-driven insights pinpointing skill gaps, allowing for informed decision-making in talent acquisition and development. The software’s capacity to enhance job posting, streamline screening processes, and foster collaboration among hiring teams fosters quicker and more effective recruitment. The software solutions empower businesses to tackle current skills shortages and fortify their talent strategies to navigate future industry demands confidently and competently.

Engagedly specializes in employee performance management, which helps organizations manage and develop their workforce effectively. Our software enhances team communication and collaboration, employee motivation and productivity, and organizational success. It aims to transform how companies approach performance management and create a continuous improvement and growth culture through its user-friendly interface.

Also read: 6 most important takeaways from 20 of the biggest productivity studies

Frequently Asked Questions

Q1. What do you mean by the core functions of talent management?

Ans. The five core functions of talent management are hiring the right candidate, learning and growing, rewarding performances, tailoring employee experiences, and optimizing workforce planning.

Q2. Is talent management software applicable for small businesses?

Ans. Yes, talent management software benefits businesses of all sizes, including small businesses. It offers scalable solutions tailored to smaller organizations’ specific needs and budgets.

Q3. How does talent management software contribute to better performance?

Ans. Talent management software focuses on developing employee skills through online training courses, mentoring, and coaching. These training courses are an investment toward employee development and encourage their performance and career growth.

Why Your Business Needs This Foolproof “Talent Retention Strategy”

Talent is always acknowledged. Companies are always on the lookout for talent. Once they hire talented individuals, a business needs a foolproof talent retention strategy to avoid attrition. The year 2021 has been marked as the year of the Great Resignation when thousands of employees willingly resigned from their jobs. The resignations were so rampant that they gave birth to a whole new economic crisis. The crisis started when the American administration declined to provide remote work benefits to employees in response to the lethal COVID-19 pandemic, which fueled rampant resignations from employees.

According to the US Bureau of Labor Statistics, more than 4.5 million employees resigned in November 2021. New job openings also fell below 11.4 million.

Why Did This Happen?

Job dissatisfaction or zero pay raise amidst an increased cost of living did not seem to matter much when compared to safety concerns due to COVID. Many people preferred remote working opportunities rather than going outside to work. Receiving a resignation letter from an employee is a considerable cause for concern for an HR, especially, if the resignations are coming from top talent. Companies started to think about how they can retain top talent, reduce attrition, and establish an engaged workforce in the organization.

Here is where talent retention strategies come into play. What exactly is a Talent Retention Strategy and how can it benefit your business? Without further ado, let us find out.

Why Do You Need a Talent Retention Strategy?

A talent retention strategy is the collective efforts of HR leaders to hold on to the top talent in the organization either by creating a more lenient work culture for the employees or by opening diverse feedback channels.

With the ongoing COVID pandemic already having crippled the world economy, losing top employees can be a costly affair for companies.

Apart from the high cost of replacing a worker, employee attrition decreases the overall productivity of a company and also lowers the morale of the existing employees.

According to the Houston Chronicle, a high employee turnover negatively impacts the existing employees and customers of the company. The departure creates an additional workload for existing employees; with such a heavy workload, it is not possible for them to perform well.

Therefore, companies should do all they can to retain their talent, and here’s how.

A Foolproof Employee Retention Strategy

1. Find out why your employees want to leave

Companies experiencing increased employee attrition should first try to gauge why their employees want to leave. It is not always the work environment or insufficient pay raise that urges employees to switch jobs.

Most of the departing employees cite the following reasons for switching jobs:

Huge workload affecting the work-life balance
Boredom
Stagnated career growth
Lack of recognition
Autocratic and opinionated management
Lack of health insurance
Desire to switch jobs

2. Recognize retention from the beginning

HR managers should complete the screening process strategically when hiring new candidates. Any mistake can cost you losing top hires. The entire interview process should be transparent. Any kind of ambiguity will cost you in the long run. Therefore, identifying the right candidate who will stay with the company through thick and thin is the key to retaining the best talent.

Screening the candidates based on their previous commitments speaks volumes about their tenacity and willingness to stay at the company when things get tough.

3. Provide effective orientation and mentorship programs

The hiring process remains incomplete until the new hires are given a proper orientation aligned with the objectives of the company. The orientation program should teach the new employees ways to thrive in the company culture. Assigning a mentor to new employees ensures steering them toward accomplishing the company’s objectives.

New employees may have a lot of inhibitions when they start working in a new environment. The mentors have the responsibility to make them feel comfortable. Once the new hires gain confidence, they can offer fresh ideas that will work positively for the company.

4. Deal with transition effectively

For the past two years, many employees have been working from home, which has irrevocably altered their working habits. Even if most offices have announced to resume work from the office, it will take time to deal with the transition. After the pandemic, most employees still prefer to work remotely. If companies fail to provide that option, these workers may resign. Therefore, companies should consider providing flexible working hours to employees to give them time to adapt to the new changes.

5. Reduce dependency

The dependency of the company on their best performers may prove to be detrimental when the best employees leave the organization. To curb such dependencies, companies should try to promote teamwork so that the entire responsibility does not lie on a handful of employees.

Delegation of responsibilities also reduces the workload thus helping employees maintain a healthy work-life balance.

6. Boost employer-employee connection

Fostering healthy workplace communication ensures active participation from employees. Proactively connecting with team members and making them feel that their decisions are valued can work wonders. Giving the employees a voice in the company’s decision-making helps in retaining employee engagement in the organization. According to the white papers released in a company’s survey, about 90% of the employees unanimously agreed that they would not switch jobs too often if their voices are heard by the management and their feedback worked upon. HR leaders should try to promote constructive and timely communication.

7. Provide competitive compensation

Providing competitive compensation and perks is an extremely important part of any talent retention strategy. If a company is running on a tough budget and is in no position to announce a pay raise immediately, it should consider other ways to compensate employees. Offering a yearly bonus or some perks like health care benefits and retirement plans might keep employees motivated. Companies that offered expansive wellness offerings during the COVID 19 pandemic faced less employee attrition.

>8. Invest in your employee’s career growth

People tend to leave if they feel there’s no vertical or horizontal growth in their current organization. Organizations can retain top talent by investing in their professional development, like upskilling. Upskilling is extremely important, especially as the losses incurred by a company due to ineffective training of employees can add up to millions of dollars.

Moreover, providing avenues for professional education uplifts talent attraction and retention. Setting a clear career path for employees makes them more creative and engaged at work.

9. Inculcate good leadership

If you want to retain good employees, make sure you have good managers in your organization. Your managers should have excellent leadership qualities which will play a vital role in engaging and retaining employees at your organization.

Training your managers would help them handle employees better. A manager should also be well-conversant in dealing with employees having diverse personality traits; merely instructing them about their work is not enough.

Managers should also be able to help with conflict and stress management. Instead of passing challenges to their subordinates, managers should know how to tackle them.

10. Avoid employee burnout

Employee burnout is a serious issue that causes organizations to lose many great workers. Lack of energy, feelings of isolation and alienation, and negative emotions are serious symptoms of burnout. However, with a strategic approach, companies can easily avoid employee burnout.

Employers should look for people struggling with burnout emotions and empathize with them. They can talk to each team member to find out if there’s too much workload. Think about ways to reduce that if possible, have an outing or a team lunch together if the team had worked too hard to meet a deadline. These gestures can go a long way to help dealing with burnout.

11. Acknowledge employee contributions

Acknowledging and appreciating an employee’s contributions toward accomplishing the objectives of the company helps in promoting employee retention. Employers should not miss any opportunity to celebrate the company’s achievements together with the employees even if their contributions are not that significant.

How to Implement a Talent Retention Strategy?

With the skyrocketing cost of replacing employees, it is crucial to have a comprehensive talent retention strategy in place. But is it possible to implement the correct strategy overnight?

Probably not. That’s because each company has its own policies. Changing them to make place for others takes time. Employers should try the employee retention initiatives that are best tuned with their organizational objectives.

Key Takeaways

Despite all your efforts, some employees may eventually leave your company. But with a time-tested Talent Retention Strategy in place, you can at least make sure they are leaving for the right reasons.

Employees who willingly switch jobs despite being supported and valued in the current organization can be expected to praise your company, which will have a positive impact on the company’s reputation and future recruitment efforts.

Companies securing high employee retention rates are always at a competitive advantage over others in terms of accomplishing business goals or recruiting new hires. Therefore, it is of utmost importance to develop well-executed employee retention methods to enhance the company’s potential to hold on to top talent.

Worried about how to retain your top talent? Need help to build your brand image? Fret not. Engagedly can help you do both.

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