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4 Steps Toward a Talent Strategy Built for Gold

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Would you consider your organization to be a competitive player when it comes to talent? Research reveals a less than stellar reality for many organizations. In fact, a recent Bersin by Deloitte study indicates that 70 to 80 percent of organizations lack a talent strategy, and if you want to be a champion in the market, you have to have a great strategy.

Visions of gold aren’t unattainable, but until now, many organizations haven’t had the proper tools to really excel when it comes to managing and retaining talent. That’s all about to change as businesses begin to put greater emphasis on building talent by exploring, creating and leveraging a strategy.

The Challenges

Many organizations face two main challenges when it comes to their talent strategy. While most organizations are engaged in some form of talent management, they lack a clear talent strategy. Considering a good talent strategy provides direction and helps organizations align with overall business goals, why aren’t more companies invested?

But development isn’t where organizations struggle the most. In many cases, the significant problem is a lack of sufficient leaders to follow through with the talent strategy. Somewhere along the line, someone drops the ball and, unfortunately, business outcomes are affected.

Overcoming these challenges and taking control of your talent strategy is really quite easy. If you’re doing it right, it’s a simple four-step approach.

Step One: Identify Your Business Strategy

Are all your leaders on the same page when it comes to business strategy? The first step involves unifying leaders across the organization. Leaders are responsible for creating the talent strategy, so they need to know the businesses strategy and goals.

Step Two: Identify Talent Needs

Now that you know what your business strategy and goals are, the next step is conducting a workforce assessment to find out which talent needs are the most crucial. By the end of this discussion, leaders should have a clear understanding how to attract, develop, engage and retain individuals. This information will become the talent plan foundation, outlining how the organization can achieve its strategy.

Step Three: Align the Strategy

With a talent strategy in place, leaders are now responsible for aligning the strategy with expectations and fully supporting the system. In order to be successful, you need complete buy-in from the rest of the workforce. It is up to the leaders of the organization to ensure employees are willing and able to act out the process and then maintain a proactive role in encouraging usage. Consistency only will breed better results.

Step Four: Redesign the System

Finally, a system redesign completes the process. Remember, technology should align with the activity strategies you have set forth in your plan. Choose a talent management system robust enough to support all your business goals. And note that technology should work for your people, not the other way around.

Implement a tool that can build a reward and talent program to drive your business forward. Don’t be a victim of talent shortage; rather, find and foster super talent by linking performance and compensation. With an all-in-one system, you can implement fair and consistent compensation plans where performance directly impacts reward.

Each of these steps involves a great deal of collaboration and thoughtful planning, but together, they provide you a winning strategy capable of producing amazing results. Prepare for success and take the gold when it comes to talent.

What’s your strategy for developing the talent needed to grow your business? Is it gold medal-worthy?



Author Bio: Lauren is an enthusiastic writer who is passionate about numerous topics surrounding the HCM industry including talent management and acquisition, technology, document management and leadership, just to name a few. Lauren has been with Paycom for over a year and has taken on roles as a blogger, social strategist and community relations coordinator. In her spare time she enjoys DIY“ing,” exploring the city and keeping up with her two dogs, Deacon and Cookie.

Employee Self-Service Software

Missing out on Key Functions of Your Employee Self-Service Software?

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Missing out on Key Functions of Your Employee Self-Service Software?

If you’re like most company leaders, you’re probably making use of employee self-service software to a certain extent. In fact, in a joint study by Paycom and HR.com, 88.5 percent of companies surveyed used self-service tools. And about 87 percent of these organizations considered self-service software to be the most efficient way to provide employees with payroll and HR information.

You can discover more of the results of this survey in our whitepaper, The Role of Self-Service Software: Get the Most out of a Crucial Technology.

However, we also found that a large number of the organizations surveyed aren’t getting as much out of their self-service software as they potentially could. They are leaving functionality on the table and missing out on the opportunity to streamline their training, ensure that forms are efficiently completed and securely stored, and improve the accuracy of information entered by their employees.

Streamlined Employee Training

Companies that use their employee self-service software as a platform for training are able to reach a large number of employees with one streamlined training effort, rather than scheduling several training meetings to accommodate staff schedules, wasting time and losing productivity.

Incorporating training videos and slideshows into existing employee self-service software allows your employees to complete trainings when their schedules allow.

In our research, companies are using self-service technology to serve many functions (some of the most common include accessing payroll information and enrolling in benefits). Unfortunately, only 39 percent of companies we surveyed that are already utilizing self-service software are taking advantage of employee training opportunities through that software. Most organizations are missing out on this opportunity.

Secure, Efficiently Completed Forms

The forms that your employees are already filling out can be integrated with an existing self-service software to make it easier for them to complete and ensure that you can store the forms securely and efficiently. We found that this is another area where many organizations have room for improvement.

Of the organizations we surveyed that used self-service software, HR entered 50 percent or less of employee information in only 40 percent of those organizations. In 29 percent of surveyed companies with self-service software, HR was still entering 90 percent or more employee data.

Having a way for your employees to fill out performance reviews, feedback surveys and other forms within employee self-service software allows them to complete the forms on their own time, allowing your HR department to focus on more mission-critical projects. It can also cut down on paper storage and allow anyone who needs access to the completed forms to find them in one secure location online.

Accurate Employee Information

One surprising finding from our study was that while 87 percent of respondents said that employee self-service software was helpful, HR still enters in over 50 percent of employee data for 60 percent of surveyed companies using self-service software. The most common barrier that kept organizations from having a majority of information entered by their employees (instead of their HR department) was a concern over the accuracy of employee-entered data.

That’s a valid concern, but from our research, employee-entered data has the opportunity to improve information accuracy. Over 80 percent of organizations we surveyed determined that employee-entered data helps hold employees accountable for the accuracy of the data—and 51 percent agreed that employee accountability for that accuracy reduces compliance risk.

In addition to a reduced compliance risk, having employees enter their own information can free up your HR department to do more strategic work. In fact, improving your company’s usage of employee self-service software can help your HR department save up to 10 hours per week!

Learn how other companies of all sizes are making use of their employee self-service software and what can be gained from these and other underutilized capabilities in our whitepaper, The Role of Self-Service Software: Get the Most out of a Crucial Technology.

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Posted in Blog, Document Management, Featured, HR Management, Learning Management, Payroll

Lauren Rogers

by Lauren Rogers


Author Bio: As a communications specialist at Paycom, Lauren Rogers keeps employees abreast of company news and events, and provides insight to industry leaders regarding issues affecting human capital management. With experience in marketing and communications, Lauren has written blogs and other materials for a variety of businesses and nonprofits. Outside the office, she enjoys gardening, testing new recipes and sipping something caffeinated with her nose in a book.

Changing Drug Screening Policies

4 Insights About Evolving Drug Screening Policies

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4 Insights About Evolving Drug Screening Policies

During the November 2016 election, eight of the nine states with marijuana-related decisions on the ballot voted to legalize the drug for medical and/or recreational purposes. This trend has gained traction across the country; today, more than half the nation has state laws in place that allow marijuana for medicinal use.

Marijuana legalization has created tension between state laws, federal law and organizational best practices nationwide, causing employers from numerous industries to revisit their current drug-screening policies to ensure they are best serving their people and the company. To learn more about how organizations could handle this shift in state policy, Paycom invited Sheehan Phinney attorney Jim Reidy to the HR Break Room podcast.

Listen to expert and attorney Jim Reidy from Sheehan Phinney discuss current and future drug laws on the HR Break Room podcast episode, “A New Leaf on Drug Policy Screening Policies: Time for a Change?”

Specific plans of action may be difficult to determine, but Reidy provided valuable insight and four major takeaways about quickly changing drug screening-policies.

1. Ask the Big Questions Now

Employers should consider asking a few key, ever-evolving questions about their current drug-screening policies right now.

Reidy suggests asking:

  • What do your drug and alcohol policies actually say?
  • Are you even asking about medications in the workplace? If so, why?
  • Are you asking about the current use of illicit or illegal drugs?
  • For nationwide companies, how do you draft policy in states where marijuana is either medically or recreationally legal? Do you default to federal law or try to accommodate employees and prospective candidates in those positions?

Hard answers may not exist on how to accommodate every employer and employee concern, but asking these questions now will help prepare you for issues that could arise as state laws continue to evolve. If marijuana legislation begins to affect your state, you will be more familiar with the possible pressure points that may influence your policies.

 2. Know Risks and Current State Laws

During the HR Break Room podcast, Reidy cited risk management as one of the most important aspects of changing state laws.

“HR professionals generally work in risk management, and one issue with risk management is safety and productivity, “Reidy said. “Twenty-six states now have medical marijuana approved, and eight states and the District of Columbia have recreational marijuana approved, and those numbers will likely increase in the next year or two. Employers are concerned about what impact it’s going to have on everything from attendance to mental acuity, productivity and largely safety.”

Take time to educate yourself on exactly what your state laws require before choosing a strategy. The better you understand your state’s legislation, the easier it will be to determine how it may impact your organization.

3. Communicating with Managers and Supervisors

According to Reidy, one of the most important things HR can do to prepare for changes is to learn about employee concerns by communicating and working closely with your managers.

“Assuming that they’ve tailored their policy appropriately to their workplace, to their locations, to their standards, their mission and the like, then I would spend a fair amount of time on training my supervisors and managers on the new policy,” he said. “Managers, I like to say, are your eyes and ears, but they’re also your Achilles’ heel. Be very careful with your managers … once managers have been trained, have them share policy changes and train them effectively to ensure they know what it means.”

Once your organization has created these clear channels of communication between HR, managers and employees, it will be easier to create a strategy for implementing a new policy if changes occur on a state or federal level.

4. No Universal Answer

Perhaps the biggest takeaway from our talk with Reidy was that there is no universal answer for all organizations, which is why employers must learn what works best for their business.

Reidy said it best, “employers, know your workplace, know your locations and know the state law that might apply. Be aware that the state law is certainly going to be different than the federal law, and have a realistic approach to screening and testing, and being consistent about your enforcement of your policy going forward.”

Learn more by subscribing to HR Break Room and listen to our podcast, A New Leaf in Drug Screening Policies: Is it Time for a Change?

 

Disclaimer: This blog includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal problems.

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Posted in Blog, Compliance, Employment Law, Featured

Caleb Masters

by Caleb Masters


Author Bio: Caleb is the host of The HR Break Room and a Webinar and Podcast Producer at Paycom. With more than 5 years of experience as a published online writer and content producer, Caleb has produced dozens of podcasts and videos for multiple industries both local and online. Caleb continues to assist organizations creatively communicate their ideas and messages through researched talks, blog posts and new media. Outside of work, Caleb enjoys running, discussing movies and trying new local restaurants.

Vacation

3 Ways an Employee’s Vacation Improves the Bottom Line

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3 Ways an Employee’s Vacation Improves the Bottom Line 

Temperatures are rising, days are longer and blockbuster movies are being released faster and more furiously. It must be summer – a season when most employees take time off to relax and unwind. In fact, approximately 46 percent of all travel occurs in July, the heart of summertime. If you’re worried productivity might take a nosedive (into the swimming pool) over the next few months, don’t sweat it. You might be surprised to learn these statistics and benefits of enjoying time outside of the office.

  1. Increased Productivity

Everyone deserves a break every now and then, right? And the good news is, most employers agree. According to recent research, 91 percent of full-time employees are given vacation time in their employment package. Yet, surprisingly, only 23 percent use their full paid time off (PTO), even though four out of five would choose benefits as vacation time over a pay raise. Why? According to a recent Forbes article, a fear of getting behind and the concern that others can’t do their work are leading factors to remaining on the clock and off the beach.

One of the best ways you can increase productivity is by fostering a culture with a healthy work-life integration. That means taking time out of the office to enjoy the big (and little) things in life, from the Caribbean cruise of your dreams to watching your daughter’s dance rehearsal. According to research, employees who use their allotted PTO are 31 percent more productive over the course of a year than those who don’t. In fact, for every 10 hours of vacation time, there’s an 8 percent boost in performance review scores. And the higher the score, the better the quality of work.

  1. Improved Retention Rate

 Imagine your organization is like a ship, and your employees are the propeller, launching your company forward. In other words, employees either can make or break your company’s success; therefore, attracting and retaining world-class talent should be at the top of your priorities. And if vacation time is one of the biggest benefits employees seek in an employer, it’s a no-brainer that this employee motivation can affect the retention rate.

In recent reports, 23 percent of employees indicated they would be motivated to change jobs for more vacation days. That’s almost a quarter of the workforce! This is a problem because not only does turnover send the office morale plummeting, but increased turnover also creates added expenses in training new personnel, not to mention the time and money needed to get new hires up to speed. In light of this alarming statistic, ensure you are providing and allowing enough PTO to your employees. Otherwise, they could abandon ship altogether.

  1. Heightened Employee Engagement

 According to Forbes, employee engagement is defined as “the emotional commitment the employee has to the organization and its goals.” Chances are, if your employees are actively engaged with your company – meaning, they are invested in its successes and challenges – they are more likely to tackle more demanding projects, without being asked.

So how does a little extra PTO affect employee engagement? According to research from Quantum Workplace, employees who’ve taken time off in the last 30 days are approximately 16 percent more likely to be engaged than those who haven’t taken a vacation in the past 12 months. In that same study, 72 percent of employees who took off five or more consecutive days within the last month were more engaged, compared to 57 percent of employees who took a break over a year ago. With results like these, it’s easy to see why it’s essential to reset and recharge. Do yourself – and your employees, a favor this summer: encourage your workforce to take a well-deserved break.

To learn more about the benefits of paid time off and how it positively impacts your company, download our new “Sun, Sand and PTO Statistics: Vacationing by the Numbers” infographic.

 

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Posted in Blog, Featured, Talent Management, What Employees Want

Monica Johnson

by Monica Johnson


Author Bio: As Paycom’s client marketing specialist, Monica Johnson utilizes a mixture of marketing and human capital management knowledge gained from years of industry experience. A graduate from the University of Central Oklahoma, Johnson has been with Paycom since 2013 and has served in numerous roles during her career with the company. In her spare time, she enjoys baking, exploring Oklahoma City and sipping coffee, while reading a good book, at one of her favorite local shops.

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