Free HR Webinar on Talent Strategy
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Ascentis recently hosted a free HR webinar titled Seven Mistakes Companies Make With Their Talent Strategy. This free HR webinar recording is approved for 1.0 free SHRM credit and 1.0 free HRCI credit and available to watch here. One of our expert speakers from this webinar–Victor Assad from Victor Assad Strategic Human Resources Consulting presented on this topic on talent strategy and wrote the below reflection on this topic.
The Biggest Mistake Companies Make with Their Workforce
by Victor Assad
In a recent free HR webinar, I discuss talent strategy. In that webinar, I discuss how many CEOs will tell you that their workforce is their strongest asset. They write mission statements and hang their carefully crafted values on the walls of their entrance lobbies and conference rooms. They profess their commitment to hiring the best employees and offering them great careers.
While all this may be great, it’s often just lip service. Too many organizations treat their workforce as a commodity. They believe their employees are mostly interchangeable. That is their biggest mistake!
Employees and middle managers know when executives are serious about the value of their workforce.They know by their work environment, the transparency of their leaders, how they are treated, the sense of achievement they feel, and the collaboration of their peers.
It’s too bad, really. Because the companies that put powerful, integrated talent strategies in place not only enjoy higher employee retention, they also have an easier time attracting great employees. They benefit from higher levels of discretionary effort, productivity, and innovation. These companies also have better financial performance, according to the conclusions of top research organizations, including McKinsey and Company, The Hackett Group, and Penn State University.
Too many companies delegate talent strategy to their human resources departments. But they are complacent to limit the focus of their human resources departments to payroll and benefits administration, recruiting, performance management and compliance. These are the basics and need to be done, but they are not the powerful talent management strategies that can drive superior financial performance. They don’t steer the effective implementation of business strategy, empower new innovation, or lead to higher profitable growth.
When you want to take something seriously, you need to have a purpose, a vision for it and a plan to achieve it. You need to know what it will look like when you are finished. You need a plan with strategies, tactics, supportive technologies, measures, analytics and the ability to quickly take corrective action. What drives the extraordinary effort of employees, superior
What drives the extraordinary effort of employees, superior performance, and financial performance are talent strategies that:
- Align the passions of each employee to the mission, purpose, and strategies of the organization.
- Provide principles for leaders, working together and serving clients.
- Are performance based.
- Create dynamic, collaborative cultures of innovation that transcend hierarchy, arrogance, and barriers.
- Provide employee development and career planning.
- Develop managers who build trusting relationships with employees and provide a sense of achievement by giving timely feedback, coaching, and recognition.
- Create a work environment that allows employees the flexibility to work when and where it makes sense for the team, with great technology, and to attend to the needs of their personal lives.
When you don’t engage employees, they hit a tipping point and eventually leave—especially the best ones. Or worse, employees stay and disengage. The cost of employee turnover is high -16% of annual pay for retail and manufacturing companies. It can be as high as 50% for engineers and high potential talent in other professions. It can be 200% for key executives.
Click here to continue reading on Victor’s Blog. To learn more about how to implement powerful talent strategies, order Victor’s free whitepaper, The Seven Mistakes Companies Make with Talent Strategy by clicking here. If you would like to contact Victor, e-mail him at firstname.lastname@example.org or visit www.victorhrconsultant.com. For additional innovation information visit www.InnovationOne.io.
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