22 Jul Does Your Talent Management System Connect Employees to a Purpose?
For the most part, employers already know that today’s talent management system is evolving quickly to keep up with the demands of a fast-paced, global workforce. Yet, there’s one thing that still seems to be missing, and it’s something that employees consider very important.
Today, employees don’t just want a paycheck, they also want a purpose. According to Forbes, employers need to work on making work more meaningful and incorporating organizational purposes into goals to help teams see how they’re making a difference.
Here’s some more compelling evidence about why creating purpose-driven work is so important:
- A Korn Ferry study shows that 67% of executives polled believe that there are financial advantages to pursuing purpose-driven leadership
- The study also showed that 70% of executives think that embracing the company’s mission and purpose has an impact on employee productivity
It turns out that these executives are correct in their beliefs: hard data has proven that helping your employees find purpose in their work also impacts engagement, which is directly linked to business outcomes. Deloitte found that companies that don’t instill a greater purpose in employees’ work have a meager average employee engagement score of 23%.
Using Talent Management to Create Purpose
What can you do to help your people find purpose at work? The shortest answer is that you must incorporate your company’s core values into your management practices. More specifically, here’s how you can refine your talent management system to create purpose-driven work for your people:
- Tailor your performance management system so that employees have a direct line of sight into the ways their goal progress supports larger company objectives
- Hold stay interviews to ask employees about their passions; then use their responses to find ways to incorporate those values into their work
- Implement talent management solutions that facilitate frequent feedback between managers and their teams so that bosses can praise their employees for achievements and let them know how their efforts impact company initiatives
These and other small tweaks may seem minor, but with little changes to your talent management system, you can make a huge difference in creating meaningful work for employees who are seeking a greater purpose outside a paycheck.
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!