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Workforce Optimization Key to Employee Retention

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Workforce Optimization Key to Employee Retention

December 27, 2016

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By Frank Griffin,
Contributing Writer
 


Recruiting, acquiring, training and retaining talent is getting more difficult in today's workforce environment. Organizations are using many different resources in the areas of retention/turnover, and engagement as well as recruitment by creating a human employee experience using workforce optimization solutions that don't rely on the traditional form of human capital management. According to the 2016 Society for Human Resource Management (SHRM) /Globoforce Employee Recognition Survey, more organizations are coming to the realization that overall employee experience and business performance are better when they recognize and appreciate workplace practices.


The survey, which is commissioned annually by Globoforce, looks to find trends and insight from HR leaders and practitioners in order to help address their top workforce challenges and strategies. For 2016 the report asked: What are the top issues facing HR leadership today?; What impact do recognition programs have on business metrics?; Which human workplace practices are most commonly adopted?; and How efficient are current performance management processes?

In trying to find the answers, the report looked at best practices in employee recognition, the impact of recognition on organizational outcomes, trends in human workplace efforts and evolving performance management practices.

The study revealed retention/turnover, engagement, and recruitment were the top three workforce management challenges organizations face today. This is the second year in a row in which these three categories top the list. According to the report, qualified talent that are being recruited heavily in today's job market have more power, and satisfactory work experience is high on their priority list. And because they have more confidence and options to explore better opportunities, they are looking for qualities beyond job security and even salary.

Close to half (46 percent) of organizations listed employee retention as their top workforce management challenge and over a third (36 percent) see employee engagement as a challenge, which is closely related to turnover, according to the survey.

Workforce optimizations solutions are addressing these issues by, as the report says, winning the heart and minds of their employees. The survey was conducted with participation from 798 HR leaders, who agreed traditional performance management practices are not delivering when it comes to measuring the work employees perform in many organizations. They went as far as to say performance reviews are not an accurate appraisal of employee's work, which was said by 40 percent of those that were surveyed, with 19 percent stating they’re not sure if their reviews are accurate.

"In order to be successful, organizations need to win the hearts and minds of employees. A more human-centric approach, where employees are treated not as human capital, but as people fosters greater humanity and creates more positive employee experiences. It’s also crucial for HR leaders to take a fresh look at compensation structures and evaluate the value they bring to employees and their respective companies," said Eric Mosley, CEO of Globoforce.

The survey concluded the pillars of human capital management are crumbling, with traditional performance management practices failing to deliver on what they're meant to do, this according to the report. To address these challenges, the workforce optimization solutions in the marketplace today must bring, "More humanity into the performance management process through check-ins and ongoing conversations, so they can leverage recognition programs to create coaching cultures within their organizations," as recommended by Globoforce.



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