07 Apr Does Your Company Need Talent Management Solutions? Here are 3 Questions to Consider
Even in the most organized companies, it’s difficult to keep things running smoothly all the time. This is especially true in fast-paced, growing environments. So, if you haven’t considered implementing talent management solutions yet, it may be something you’ll want to think about in the very near future.
Here are a few questions to get you started:
1. Do You Have An Effective Performance Management Framework In Place?
If you’re taking an ongoing approach to performance management and making it a consistent process instead of an “event,” then you’re on the right track. However, if you’re only using once-yearly appraisals to manage performance, then you’re probably part of the majority of companies that need to make a change. According to Forbes, only 55% of employees consider their organizations’ performance management appraisals to be effective. One solution is performance management software, which can help busy managers maintain an ongoing approach to effectively coaching their teams to improve performance and strengthen their skills for better results.
2. Is Your Compensation Plan Equitable And Competitive/What Do Your Employees Think About Your Comp Plan?
An effective compensation plan is one that is competitive enough to attract and retain top talent, but also equitable for your company. In developing a strategic comp plan, you must also link compensation to your company goals and strategies, according to SHRM. Additionally, you must ensure that your employees are fully aware and understand the details of your comp plan. If you aren’t doing a good job of communicating your comp plan, all of the strategic planning loses its value. Software solutions designed for comp planning provide easy-to-use tools that help overwhelmed HR departments develop plans that are competitive, comprehensive, and valuable for both the employees and the organization. The most effective software solutions also make it easy for management to communicate the components of the comp plan to employees.
3. What Are You Doing To Reduce Turnover?
One source estimates that turnover can cost between 30-50% of an entry-level employee’s salary to replace him or her. For mid-level employees, that jumps to 150%. For executives, it can be as high as 400%. If you’re not taking any action to reduce turnover, now is the time to start. Stay interviews are informal one-on-one meetings held between managers and their direct reports to identify the reasons employees stay, including what they love most about the company, their position, and so forth. Stay interviews also uncover what employees would change if they could, and which parts of the job/organization they don’t like. For teams that are already busy, software solutions can help schedule stay interviews and develop stay plans to keep your company’s best talent around for as long as possible.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Talent Management Software, click the button below!