Mastering People Strategy: Unlocking Talent Retention and Attraction Success
Let’s not forget that today we live in a period of intense change and crisis. Layoffs, culture shifts, company restructuring, new post-pandemic regulations, and global compliance challenges are just a few examples. How do people feel afterward? Do they have a bitter taste? Are they quietly quitting, and you don’t know what is happening? Are they doing the bare minimum, and you are wondering why? Therefore, it is essential to keep in mind the human aspect of these changes. The interest of top employees in working for your organization will depend on your people strategies today.
Looking ahead to the next five years, based on multiple survey reports, experts in the field, I have read, here are the crucial trends to focus on in people strategies:
EVP - Surveys, surveys, and more surveys! Ask people what they want, what they need at the workplace, what they don’t like, what is stopping them from growing, what is disengaging them, etc. Then analyze that data and update your Employee Value Proposition. Exit interviews are also shown to be a great tool for gathering honest feedback. Use that data when creating your next People Strategy. Use AI tools (such as Tableau and ChatGPT for Enterprises or Teams) to analyze data and help with better data visualization for making new people strategies.
Humanity at work. Focusing on personal, emotional and social needs across the diverse workforce. Think about what people will talk about your organization when they leave? This will determine your company future success.
Wellness-centered leadership. The biggest issue in last 4 years was mental health, that is why this shouldn’t be surprising. Leaders who seek to intellectually stimulate, support, and grow members of their team and manage pressure and performance have a direct impact on the culture of wellbeing throughout the organization.
Growth. Enabling employees to grow personally and professionally. Creating journeys of meaning, progression, and growth for employees throughout their employment. 75% of employees who find meaning in their work are more committed to their organization (McKinsey).With five generations at work, there is an opportunity to provide more personalized career experiences and journeys for employees.
Sustainability and ESG. More companies will begin prioritizing sustainability and social responsibility in their day-to-day operations.
Adapting to new Technologies. Artificial Intelligence (AI) emerged as the most impactful technology of last year, and its popularity is expected to rise in 2024. However, like with all new technologies, we are seeing people question its wholesale application. The Talent Evolution Group's research revealed that 81% of hiring managers and 71% in the C-Suite have encountered challenges related to bias and discrimination issues with AI in the recruitment process. In 2024, we will see more scrutiny around AI as organizations looking to meet DEI goals question the partiality of the candidate selection process. The need to implement cutting-edge technology, including AI recruitment software and data analytics tools, has also increased the running costs of the talent function. While larger organizations can absorb cost increases, smaller businesses may be finding it difficult to keep up with better-funded competitors.
Online presence/ Enhancing employee and new hires experience. Dissatisfied candidates and employees can share negative experiences, which significantly impact a company's brand and reputation. According to Glassdoor, 84% of job seekers find ratings and reviews crucial in their decision-making process.
Employee Engagement. Employee experience has a direct impact on customer experience .To strengthen team performance, employees must feel motivated and empowered to deliver a high-quality customer experience. Ongoing training, mentoring and coaching, along with a comprehensive employee engagement program can create an environment that nurtures exceptional performance.
Data Analytics: All your change management strategies must be based on data. To achieve this, you need to upskill your HR teams. HR has evolved significantly in recent years; therefore, key HR roles must be filled by people who understand data. In my experience, creating action plans based on survey analysis can help identify potential areas for improvement. Consequently, it is beneficial to conduct anonymous surveys asking employees what they need and want. Questions could include: What makes them feel unmotivated? What is causing burnout and fatigue? Analyzing these results can help you determine the direction for your people strategies.
