Employee engagement is the top priority for every organization. HR professionals and experts have always argued that engaged employees make the workplace happy and productive and are less likely to leave the organization.
It isn’t surprising then that organizations invest approximately $720 million every year in engagement improvement, including both outsourced and internally developed programs. Yet, organizations and HR departments are struggling with keeping their employees engaged and retain them.
What is talent engagement and its importance?
Talent engagement refers to the process of creating an environment where employees are motivated, committed, and productive. It involves building a positive workplace culture, providing opportunities for development and growth, recognizing and rewarding performance, and fostering open communication.
As organizations are all competing in a tricky hiring market in the current scenario, but there is a solution to retain the workers you do bring onboard: better talent engagement. According to a employee engagement survey, 88% of business executives say acquiring and retaining talent is more important to their business now than it was 18 months ago. It’s easy to see why, with a host of challenges presented in the current talent market:
Hiring competition – Employees quitting their jobs en masse (the “Great Resignation”) has led to a “war for talent” among employers.
Skills shortages – The skills gap is critical, but if shut, it could add US$11.5 trillion to global GDP by 2028.
Cost of hiring – Benefits and Hiring costs hit record highs in 2021, and 2022 figures are possible to be even higher due to inflation.
As organizations work through these complexities and aim to retain and acquire the best workers, talent engagement will play a crucial role.
How to solve the talent engagement challenge
The talent engagement challenge refers to the difficulty organizations face in attracting, retaining and motivating talented employees. Here are some steps that organizations can take to address this challenge:
Develop a Robust Employer Brand: Building a strong employer brand is crucial in attracting and retaining top talent. A strong employer brand should communicate the organization's values, culture, and mission. It should be consistent across all touchpoints, including job postings, social media, and the company website.
Offer Competitive Compensation and Benefits: A competitive compensation and benefits package is essential in attracting and retaining top talent. Organizations should conduct regular salary surveys to ensure that their pay rates are in line with industry standards. Advantages such as health insurance, retirement plans, and flexible work arrangements can also help attract and retain employees.
Provide Opportunities for Professional Development: Providing opportunities for professional development is an effective way to engage and retain talented employees. Organizations can offer training programs, mentorship opportunities, and career advancement opportunities to help employees develop their skills and advance their careers.
Foster a Positive Work Environment: A positive work environment is critical in keeping employees engaged and motivated. This includes creating a culture of respect, collaboration, and open communication. Organizations should also recognize and reward employees for their achievements.
Encourage Employee Feedback: Encouraging employee feedback is essential in understanding the challenges employees face and identifying opportunities for improvement. Organizations can conduct surveys, focus groups, and one-on-one meetings to gather feedback from employees.
Promote Work-Life Balance: Promoting work-life balance is essential in keeping employees engaged and motivated. Organizations can offer flexible work arrangements, such as remote work options or flexible schedules, to help employees balance their work and personal lives.
Therefore, to solve the talent engagement challenge, organizations must focus on building a strong employer brand, offering competitive compensation and benefits, providing opportunities for professional development, fostering a positive work environment, encouraging employee feedback, and promoting work-life balance.
Why is engaged talent a strategic imperative?
Engaged talent is a strategic imperative for organizations because it can have a critical impact on the organization's overall success. Engaged workers are more likely to be productive, innovative, and committed to their work. They are also more likely to stay with the organization and contribute to its success. Here are some reasons why engaged talent is a strategic imperative:
Increased Employee Retention: Engaged employees are more likely to stay with an organization, reducing turnover and recruitment costs. This can lead to a more stable and productive workforce.
Improved Productivity: Engaged employees are more productive, which can lead to increased efficiency, higher quality work, and a better bottom line for the organization.
Enhanced Innovation: Engaged employees are more likely to contribute new ideas and innovative solutions to the organization's challenges, which can help the organization stay competitive.
Better Customer Service: Engaged employees are more likely to provide excellent customer service, which can lead to increased customer satisfaction and loyalty.
Stronger Employer Brand: Organizations with engaged employees can build a stronger employer brand, which can help attract top talent and increase the organization's visibility and reputation.
Overall, engaged talent is a strategic imperative for organizations as it can lead to increased employee retention, productivity, innovation, customer service, and a stronger employer brand. These factors can have a vital impact on the organization's success and long-term viability.
Ways to Create the Culture of Talent Engagement
Building talent engagement culture should be top-down approach. The leaders must walk the talk. Here are 5 steps to create an engaged organization:
- Define the roles clearly in terms of responsibility, accountability and authority. This will ensure that there is no clash with respect to who will do what, and everyone works in collaboration as a team.
- Provide sufficient tools and resources to employees to perform their job effectively, efficiently and safely.
- Promote open and honest communication. It is important that employees get timely and frequent feedback on their performance, and training opportunities to improve the performance. At the same time, employees should also be encouraged to seek suggestions or hold regular conversations with their managers with regards to their performance.
- Reward and recognize the top performers. This will not only motivate them further and make them more committed to the organization, but also inspire other employees to enhance their own performance.
- Give opportunities to the talent to grow and develop. They should be encouraged to ideate and explore creative solutions. They should be also shown a clear career progression path, so that they know what organization has planned for their growth in the organization. This will motivate them to work harder and perform better.
Final Thoughts
Therefore, talent engagement and retention is a crucial aspect of human resources management, as it helps organizations attract and retain top talent. Engaged employees are more likely to be productive, innovative, and committed to their work. They are also more likely to stay with the organization and contribute to its success. Interested in building a engagement and retention strategies that embraces employee engagement? Contact us today for a personalized demonstration at Vega HR.
