The emergence of talent management software solutions has helped many companies and organizations, specifically HR departments and teams, to simplify the way they find, attract, hire, and retain talented individuals.
However, a 2018 joint survey on job search trends revealed that 80% of full-time employees all over the world are actively seeking new employment opportunities while working with their current employer. It looks like even with modern talent management tools, business organizations are having difficulty keeping the majority of their workers.
That said, as new technologies break the surface, HR and talent management is set to become a breeze. Hopefully, these recent innovations will aid companies to find people who are not just the best fit for their organizations, but also those who are likely to stay.
1. Hire Smarter with BI
Most talent management system vendors will showcase their solutions’ ability to speed up the selection process by parsing resumes and automatically generating shortlists of candidates that meet specific criteria. While it does accelerate the filtering and selection stage, parsing and automated shortlists do not go beyond what is written in cover letters and CVs.
By incorporating business intelligence technology, or BI, with your talent management software, you can enhance your hiring process, identify the best candidates for the job, and solve problems in HR. BI tools can go deep into your hiring database, access large pools of prospects, and analyze which jobseekers match your requirements and other specifications.
BI hiring tools automatically measure costs per hire and quality per hire, as well as generate custom hiring performance success reports. This functionality helps you discover operational bottlenecks and issues as well as recommendations on how to optimize your hiring processes.
2. Identify and Monitor Workplace Sentiment via Analytics
It is crucial for any business organization to be aware of the prevailing sentiment in the workplace. Knowing what employees think and feel helps the higher management keep their workers engaged and motivated. While most employers utilize surveys to determine the sentiments of their employees, surveys are no longer producing actionable insights.
Conventional workplace surveys may have worked in the past. But it has certainly lost its charm and effect. According to a 2019 employee engagement study by Leadership IQ, 78% of companies said their employee engagement survey results scream poor quality and are unactionable.
Forbes contributor and leadership guru Mark Murphy explains that surveys are failing because companies are tackling too many workplace issues and yet fall flat in addressing them. This leaves employees disenchanted with surveys.
On top of that, surveys are expensive. From investing in an online form builder, building online survey forms and distributing them to gathering and analyzing feedback, all these cost your business money.
Fortunately, a new technology has emerged that is capable of measuring employee engagement and identifying sentiments in the workplace more accurately when paired with traditional surveys – sentiment analysis.
With sentiment analysis, the software gathers all the data from surveys administered by the organizations and dissects the information to determine the “whys” behind the responses. The software recognizes the prevailing “themes” of sentiment, such as benefits, training, burnout, workplace policies, specific employees, and so on.
This helps HR teams to quickly identify and review the sentiments and take action based on machine-analyzed and generated insights. Not on anecdotes, hunches, and guesses.
3. Provide Learning and Development Opportunities
Approximately 42 million employees were expected to exit their company and search for other opportunities back in 2018, according to a national study on workplace retention and turnover by the Work Institute. When current employers fall short of employees’ expectations and fail to address employee needs, workers tend to begin seeking and applying to potential new employers.
One of the reasons why employees leave the company is that employers fail to provide their workers with a career development growth plan. Workers tend to stay with a company for an extensive period of time provided there is a promise of growth and development.
But how do business organizations carve out a career plan for their employees? With performance management software, companies can measure critical KPIs such as engagement, productivity, and output efficiency. This solution helps them identify the strengths of their employees as well as problem areas that require addressing.
Combining talent and performance management systems with LMS or learning management software, companies are able to map out a career path for their workers. By helping employees acquire advanced skills and develop their existing ones, employers are enticing their workers to stay. Thus increasing retention rate while grooming employees to become indispensable assets in the future.
4. Get The Best Talent Through Social Media
From a talent acquisition perspective, social media presents employers with tons of acquisition opportunities if utilized correctly and effectively. It is a challenging task for companies. Yet when played right, acquisition teams can attract and hire the best talents via social media.
When you opt to leverage social media for hiring purposes, know that it’s way more than posting vacancies on your social media accounts. Trust is essential, especially after the Cambridge Analytica scandal and the purging of fake Twitter accounts back in 2018.
You have to create and distribute raw and authentic content that your target audience can relate to. Instead of influencers, you can get better results when you build and implement advocacy programs on social media with your employees as advocates.
Story sharing, online competitions, and 1-on-1 messaging via social media are expected to become hiring trends in the future as well with talent management system examples and demos showcasing such features.