Many entrepreneurs, business owners, and CEOs seek to lead their business through periods of consistent growth. Leaders commonly focus significant time and effort on growing one or more of the following categories: revenue, sales, market share, and workforce.
The secrets to achieving consistent growth are rooted in hard work, talent, a commitment to excellence, and ability to adapt to change. Yet according to a recent study conducted by PwC, 79% of CEOs are concerned about their workforce’s ability to meet dynamic workplace needs. Four out of every five said that the lack of essential skills is threatening their company’s ability to grow.
In order to be competitive, organizations must hire and retain talent with the right skills and be prepared to reskill and upskill those workers with a solid talent development strategy in place. When a business is growing, change is constant. HR technology enables companies to adapt to evolving needs by supporting a culture of continuous learning, increasing retention, reducing hiring costs, and empowering the talent already on staff with additional skills to shepherd the business through the next phases of growth.
Use data to build your talent management strategy
Business leaders need a skilled team behind them to drive growth and achieve success. That’s why top CEOs use workforce data analytics to predict talent needs, support growth and development, and improve performance.
After employees are hired, it’s critical to make ongoing investments in skill training, career and leadership development, and programs that connect workers to the organization’s vision and values. The most successful business leaders leverage technology to identify and match workforce needs to coaching, mentoring, leadership, and career path development opportunities. This workforce investment keeps employees motivated and performing at a high level.
Nurture your team
As the chief decision maker, CEOs have a vested interest in building a team that supports company culture and collaborates effectively to meet business goals. HR technology provides that all-important insight into workforce trends and employee development needs. For example, a business can conduct a skills gap assessment in order to create an appropriate reskill or upskill strategy for the workforce.
In order to fill key job openings, business owners may decide to promote an employee lacking leadership experience to a manager role. However, without proper training, that promotion could negatively impact productivity and employee satisfaction. HR technology supports quick and convenient delivery of leadership development courses and communication tools to improve success. By supporting and helping managers succeed, businesses will also attract other quality employees to the organization.
In addition to skill and leadership development, business owners also need to be aware of other important training needs. For example, social media posts often serve as a first impression to potential customers. It’s crucial for businesses to develop policies and provide training to employees about what’s appropriate and what’s not for online forums and social media.
Business leaders also need to be aware of any regulatory mandates that require employees to be trained at certain intervals of employment. HR technology supports self-service training and allows businesses to deliver important content, track progress, and provide proof of compliance to outside agencies.
Why employee development is important for growth
According to Bersin and Associates, organizations with a strong learning culture are primed for growth:
58% more likely to have skills to meet future demand
46% more likely to be first to market (innovation)
37% greater employee productivity (productivity)
34% better response to customer needs (time to market)
26% greater ability to deliver “quality products” (quality)
17% more likely to be market share leader (profitability)
Six ways HR technology supports your growth agenda
According to Harvard Business Review, as speed and rapid innovation have become a “strategic imperative” for many companies, so too has the need for strategic and agile talent management practices. Today’s HR technology provides the tools needed to:
1. Prioritize ongoing performance appraisals and assessments. Keep conversations about performance ongoing to allow for honest discussion and allow employees to course correct as needed. Use technology to set reminders, encourage 360-degree feedback from team members, and support next steps—whether the employee needs coaching for improvement or recognition for a job well done.
2. Sharpen manager coaching skills. Good managers tend to lead more productive and engaged teams of employees. Leverage technology to identify trends and leadership development needs. Deliver online training programs to get new managers up to speed quickly on best practices and ensure they’re supporting company values.
3. Provide continuous learning and development programs. In today’s business environment of rapid technological advances in automation, being able to adapt to change and learn new skills is critical to the success of every professional. Teach employees the skills they need to be successful today and beyond. Use HR solutions to identify talent within your ranks that demonstrates a proven track record of supporting goals and growth objectives. Then actively make investments in the ongoing development of those top employees.
4. Deliver social recognition and rewards. Recognize workers for their accomplishments to keep them satisfied and engaged. Select a talent management system that enables you to track employee performance and accomplishments, and then deliver recognitions at the appropriate times.
5. Implement a feedback mechanism to ensure engagement. Empower your workforce to share their opinions and feedback about what’s going on in the company.
6. Adapt compensation to agile work. Leverage HR technology to recognize accomplishments faster with spot bonuses instead of the traditional end-of-year salary increases. Research shows that instant rewards and feedback are more effective to reinforce desired behaviors.
Support business growth with strategic talent management Business leaders must focus on building great teams to be successful. It takes hard work to find the best talent, onboard workers successfully, and carry out ongoing employee development. If you are ready to take talent development strategy to the next level, Asure can help.