- Talent Management
We’re right on the brink of the start of a new year, and it’s likely to be one that’s exciting in terms of human resources, talent management, and the associated technology. We’re seeing changes in how talent is managed because of not only the growth of new software and big data management tools, but also because of an increasingly globalized workforce, a move toward more freelance and contract workers, the movement of Millennials into key leadership positions, and the lowering unemployment rates which are leading employers to seek top talent in new and interesting ways.Here are some of the key predictions for 2016:
It’s no secret—employees aren’t, in general, huge fans of the annual performance review, at least in the traditional sense. At the same time, employees do appreciate feedback and the opportunity to interact with managers and executives. So how are employers managing to do this while phasing out the traditional performance review?
With performance management software and technology-based tools.
Employers are investing in the software tools that let them continually check-in and track employees, providing more metrics for success or failure, measurable data that can be used in decisions like firing or promotion, more continual feedback for employees, and more overall accuracy.
With the old version of the performance review managers gave reports once a year, and they were often based on minimal information, such as the most recent interactions the manager may have had with that employee, rather than their actual work and achievements from the entire year.
With software tools, there are more regular check-ins, and there are also new opportunities for two-way feedback. This will lead to more employee satisfaction as well as improved decision-making by managers and employers.
More Technology Integration
As talent management and HR software options grow and expand, one trend we may see is the availability of products that combine numerous capabilities within one platform.
Finding robust software options that combine several different things into one product makes it easier for employers to gather and manage data and analytics, keep up with changing regulations and compliance issues, and provide adequate training and development for employees.
Some of the areas that can potentially be combined into one comprehensive software solution could include HR and talent analytics, performance management, e-Learning and training, and compliance and regulatory management.
These in-depth, comprehensive software products aren’t just making it easier to manage human capital, but they’re also making it possible to measure monetary return on investment for things that were at one point seen as subjective and unmeasurable.
Customization is the name of the game for 2016, and much of this has to do with the burgeoning software options cited above.
Employers increasingly see the value in providing everything from personalized employee training to individualized career paths and development opportunities. As the unemployment rate reaches low levels not seen in 40 years or more, employees and top talent have increasing opportunities. Employers are recognizing that and attempting to not only lure them in but also keep them loyal through personalized programs.
A Push for Transparency
Millennials are increasingly not just entering the workforce anymore but are replacing retiring Baby Boomers in leadership positions.
One thing Millennials tend to covet in the workplace is a sense of transparency, and that’s something that all workers are starting to push for.
In 2016, the quest for transparency is going to continue to grow as employers gain more access to their performance management records and information and employers work to increase communication with their entire workforce. There will be more opportunities for employees to know not only where they stand, but also what their chances for promotion and upward mobility may be within an organization.
Many of the software options we talked about above also have self-serve options that let employees navigate them on their own to gain a more thorough picture of their position within a company.
Employers are looking at their talent in new ways, and by taking a different approach to talent management, organizations are seeing that engagement is not optional—it’s crucial to competitive success.
Employers will be looking for new and exciting ways to engage their employees, promoting not only productivity but also loyalty.
Engagement will go beyond traditional rewards and punishments in many instances.
One of the biggest topics being discussed in talent management right now is family benefits as well as work-life balance.
Employers are catching on that these are important factors to employees, and we’re seeing big name companies like Facebook and Netflix embracing a new more European-style approach to issues like maternity and paternity leave.
Typically when we see global tech companies and Silicon Valley leaders moving toward something in terms of talent management, the rest of the country will quickly follow.
We predict the debate over family-based benefits will really heat up in 2016 and become a key driving force for employees when making job-based decision. As a result organizations and even small business will also be compelled to look at how they’re handling family benefits and where they could or should make changes.
As Millennials start to increasingly beginning their own families, it will become an absolute necessity for businesses to put their focus on these areas.
Finally, another trend we think we’ll see in 2016? Employers will start thinking about the design of offices and how they can promote collaboration, productivity and get better results because of their design concepts. It may not be as over the top as what we see at companies like Google, but office design can have a big impact on how employees feel and perform, which is why companies are going to start thinking more about it.
From the open office to informal spaces where employees can go to escape or brainstorm with one another, it’ll definitely be an area of discussion in 2016.
What do you think of our list and what do you expect to see in talent management and HR in 2016?