According to the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Surveys, employee quits have outpaced layoffs at nearly a two-to-one ratio since December 2016. While this is good news for the American economy, for employers, it reinforces the importance of developing and retaining your people, and talent management’s increasing value in HR. After all, once you’ve gone through the trouble of finding the right people, shouldn’t you do everything possible to keep them?
Fortunately, advances in technology are making it easier than ever for leaders to predict turnover and proactively retain top talent. Predictive analytics can forecast everything from performance success to flight risks, and prescriptive analytics help managers become better leaders with practical and timely advice on how to best support their people.
Meanwhile, open communication and transparency regarding an individual’s strengths, opportunities, and advancement potential encourage employees to take a proactive role in their development, such as through collaborative goal-setting and ongoing performance reviews. Moreover, advanced business intelligence reporting and analytics give leaders a clear, complete picture of their workforce and help make succession management a breeze.
At the end of the day, your people are the foundation of your success. Thoughtful talent management helps you engage, support, and reward them.
Ultimate Software’s #12DaysofHCM is back by popular demand! During the next two weeks, we’ll recap some of the most talked about topics from 2017, and preview what’s ahead for 2018.