In the “war for talent”, as it’s been called by many, you don’t send your captain unarmed. For your HR Manager to recruit, retain and engage the best people for your company, it’s imperative that they have an essential weapon: real-time information.
1. Real-time monitoring of employee engagement levels
The quick advancements in technology have rendered human workforce invaluable. Businesses can have similar products, the same market, the same technology but they can’t have the same talent. Which makes the HR Manager a very important player in the competitiveness game.
If that HR Manager is to increase workforce productivity while managing operating costs, he or she will need to engage employees and keep retention rates high. It’s a pretty tough job as it is, but if you expect results when you only connect with employees once a year, in a tedious survey, you’re setting yourself up for failure and opening the doors for employee turnover.
To tackle this challenge, we’ve designed a simple and effective employee engagement software that offers HR Managers real-time information to help them build relevant talent retention strategies. EngagementMeter registers employee’s daily/weekly moods and compiles that data into an overall engagement index that the manager can access within the system. He can see individual mood evolutions and identify, early-on, those with the highest risk for turnover. The system is anonymous but the manager is offered the possibility to connect by sending a meeting invitation.
Strategic, timely information is key to engaging your talent. EngagementMeter allows your HR Manager to monitor employee happiness and take well-informed decisions.
2. Real-time monitoring of the business impact
The conventional method for measuring and evaluating employee engagement and its impact on business results is the annual survey. But its biggest downside is the “annual” part.
New competitiveness challenges arise every day, in this highly digitalized age. Businesses need to be more agile than ever.
In the 2013 Raconteur report on The Agile Business, innovation and flexibility are the keywords. In order for a company to be agile, it needs to be able to respond as efficiently as possible to change and unexpected events, by correctly utilizing their resources, processes and technology, in a flexible and inventive way.
To be able to accomplish this and still have your eyes on the end goal, you need to know how well you’re performing now, not how well you did 8 months ago. To address human resources management in an agile approach, EngagementMeter provides real-time information into how your employee engagement levels are affecting your business outcomes.
EngagementMeter tells you which of your teams/departments are highly engaged and which employees are at a high turnover risk. By comparing this data with your financial outcomes, you have a simple monthly overview of the relationship between employee engagement and your company’s performance.
3. Make data-driven decisions
We’re all tired of hearing about Big Data. Especially since no one really bothers to translate it into a comprehensive, human explanation. But what it stands for is a new business imperative, crucial for HR processes.
Big Data is nothing more than workforce analytics. Numbers, predictions and actionable information that can answer questions such as:
- When should we be recruiting? From where? How many people?
- How should we design our onboarding process? What learning program should we include?
- What’s the average timeline for an employee to get to full competence?
- How can we increase productivity?
- How can we retain our talent?
These are all questions that, when answered with real-time data, can dramatically influence company performance. There is no stronger argument to make you understand why you need workforce analytics and how you should utilize them.
Black Hills Corp., a 130-year-old energy conglomerate, doubled its workforce to about 2,000 employees after an acquisition. Facing a mixture of challenges (an aging workforce, the need for specialized abilities, and a prolonged timeline for getting employees to full competence), created a talent risk action plan. They were expected to lose 8,063 years of experience from its workforce.
In order to avoid that grim scenario, the company used workforce analytics to calculate how many employees would retire per year, the types of employees needed to replace them, and where those new hires were most likely to come from. They designed a workforce planning summit that categorized and prioritized 89 action plans intended to address the potential talent shortage.
Source: Harvard Business Review
By using workforce data you can make informed, calculated HR decisions, to answer and address the questions above. EngagementMeteroffers you employee engagement analytics that can help you predict and prevent employee turnover.
If you had this data, how would you use it to enhance business performance?
The best business strategy is a data-driven strategy that focuses on retaining and engaging key talent. Tweet
Real-time information should be the basis of any planning process. Your human resource is your most valuable asset but you can’t manage it efficiently without the proper technology.