Have companies forgotten employees? In these times of transformation, the development of human capital in employee retention has been modernized. Today, CEOs and CFOs are required to listen to the human resources director to make decisions about employees.
Employee Retention Today
“Good performance” is no longer measured by a checker or the number of hours in an office. The new generations have revolutionized productivity and integrated these changes into older generations, thus changing the paradigm of operation and growth.
This is how organizations that wish to continue growing should pay attention to the talents they have and encourage them to achieve better results.
The Importance Of Talent
According to the latest data from the Sintec Consultancy, the companies that generate 80% more return on profits are those that invest 5% or more of their capital in the development of their workforce; Unfortunately, only 20% of companies invest that percentage.
Therefore, Cornerstone’s philosophy is focused on human capital, its development, and how to boost it for its own growth and that of companies. We maintain that the individuals who are part of your team are the primary basis on which actions must be taken to keep them happy and productive.
Consider first the generational and technological changes we are going through, which bring organizational, development, leadership, and management revolutions.
With the technology that connects us instantly, we have to think about offering hyper connected workplaces and flexible schedules to new generations. According to IDC, a millennial would give up a good salary or bonuses, if there is labor flexibility in the company.
These same millennials try to have everything quickly, which gives continuity to their development. Leaders must think that, with this inertia, new generations require constant feedback and assessments that help improve performance.
We have to face and accept that the future has already reached us, and that new and better technology is released every day to carry out our work. The essential task of the modern human resources leader is to keep up to date.
The onboarding process increasingly used by businesses, aims to establish lasting plans to promote the relationship between organizations and workers are incorporated. It goes beyond a simple contract signature.
The main function of this process is to facilitate all the necessary training and tools that allow the full integration of new employees to their respective teams.
However, for onboarding to be effective, it is necessary for managers and workers to move in the same direction, that is, workers must be aligned with the company’s mission to meet the agreed objectives. This is where the corporate culture comes into play, formed by the habits, experiences, and beliefs that all human capital has in an organization. A win for employee retention.
Therefore, it must be taken into account when recruiting new talent. Those in charge of managing the human resources section should know how to identify the employees that will be harmful to the culture of their company, as well as those that will bring great benefits.
The fact of establishing, in this sense, a good culture means benefits for new incorporations, but also for one of the most important areas: that of customers. Simon Sinek, in the golden circle, explains that the most successful companies focus on why they do things, then on how they do them and, finally, on what they do.
Business Growth Based On Talent
Investing in employees is the best decision you can make for your company, with a small or large organization. In the case of small businesses, according to the Bureau of Labor Statistics, companies that do not invest in their employees tend to disappear in their sixth year of operation, unlike large companies, which have noticed great growth at pay attention to the learning and development needs of its employees.
How to improve employee retention? Here are some tips, from our expert:
- Invest in Human Resources: It will be the pillar that will help you get the talent you need to boost.
- Create a performance measurement system: Define the specific roles and tasks of each team member, and who the ones to meet the goals set are, and together with a performance measurement system, it helps employees track their tasks and achieve goals; Close with a timely follow-up to correct when necessary.
- Engage your workers to build their business: As long as employees are happy and committed to your company, they will achieve the objectives. In addition, add a mentoring system that allows you to promote new talents, full of innovative ideas that can help improve the organization.
- Challenge your team: Individuals learn from both achievements and mistakes. In addition, learning helps those who wish to grow within the organization. One of the best ways to make the business grow is to support development and innovation, keep your team motivated to generate them and that their implementation helps meet the new demands of the public.
Employee Retention for Corporate Growth
A correct combination of digital modernization and awareness of talent will help the Human Resources areas to implement new employee benefits and benefits management practices such as helping them refinance student loans, which will increase the performance of their teams. This leads to improved results and better decisions, which the organization requires.