In today’s faced-paced and multi-generational workplace, leaders continue to look for ways to build effective teams to achieve demanding business objectives and deliver high quality solutions.
Competencies provide the framework that can take your talent management programs and systems from good to great. In today’s post, we look at three ways you can use competencies to meet today’s common business challenges.
1. Targeted recruitment systems
One of the biggest impacts of today’s multi-generational workplace is the increase in turnover, especially amongst Millenials. According to the United States Department of Labor, in 2016 the median tenure of employees aged 25 to 34 years is 2.8 years, compared to 4.9 years for their counterparts aged 35 to 44 years. To reduce that costly turnover, leaders are looking for ways to bring individuals into their organizations that will have a higher likelihood of staying longer. Competencies can help you do that. By identifying the key attributes that would improve the fit of an individual within your organization, (competencies like teamwork and achievement orientation) you can design your recruitment process to identify potential recruits that have similar values, resulting in people who will stay longer.
2. On-demand performance feedback
In a world where we have become accustomed to constant reinforcement through likes, shares and followers (click here to follow our blog, by the way) the traditional annual performance review is being replaced by dynamic systems that give you the ability to give feedback on an ongoing basis. The challenge that many leaders run into is how to take macro performance metrics, like sales targets, and distill them into micro ideas, that can be evaluated in the day-to-day. Competencies support this ongoing feedback framework. Try picking two or three behaviors critical to your employee’s every day work, like “Anticipates clients’ upcoming needs and concerns.” Provide positive reinforcement when these behaviors are being demonstrated effectively or suggestions for improvement as situations arise.
3. Flexible mentorship programs
Another trend in today’s work environment is the increasing use of mentorship programs. A study by the American Society for Training and Development found that 71% of Fortune 500 companies have some type of corporate mentorship program. These initiatives are not unique to large sized organizations. Organizations of any size that have implemented a competency framework can identify the top performers in specific competencies and turn them into effective mentors in that particular competency. For more informal programs, individual employees can seek out others within the organization that have the competencies they are looking to mentor them in their career.
Talk to us today to find out how HRSG can help you implement highly effective talent management programs using our ready-to-use competency solutions.
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