How SME Businesses Shop for a Talent Management System Part 2
Finding and implementing the right performance management system is a crucial step for Australian companies hoping to capitalise on the current employment growth across the country. According to Australia’s Career Guide During 2015, employment increased by about 2.6 percent, and unemployment rates dropped by 6.2 percent. Further growth is projected to occur, potentially increasing competition and highlighting the need for companies to utilise learning management systems to strengthen talent within their organisations.
Invest in Workforce Development
Staff members who receive frequent feedback from employers are 24 percent more likely to achieve goals, leading to greater growth and productivity. This kind of feedback is only possible with a performance management tool offering a comprehensive overview of staff throughout an organisation. When employers can see at a glance how the entire company is performing, it’s easy to pinpoint areas of growth and places where further development or training is needed.
To ensure employee engagement remains high, employers must translate data from the software into frequent and actionable performance reviews. Moving away from an annual review model to a system of ongoing feedback shows employees their success matters and they’re seen as valuable assets to the company. For employers, detailed assessments reveal what steps to take to support company growth and provide benchmarks for future planning.
Improve Employee Performance with Strategic Learning Plans
Targeted training is the next logical step once the strengths and weaknesses in the workforce have been identified. Growing a small business means engaging in continued training, but mandatory one-size-fits-all sessions can’t address the individual needs of every employee. Assigning customised training through a learning management system allows staff members to train on their own time from a computer or mobile device. Employers select modules specifically to address areas in need of growth so that each individual remains on track to meet his or her goals.
Use Learning Management Systems to Pinpoint Vital Skills
Projected growth in the Australian job market means many companies will experience vacancies as employees move up or new positions are created to meet demands. Trying to fill these positions exclusively through an external hiring process slows productivity and can create an unstable situation. Staff members hired from outside the company are 61 percent more likely to fail on the job than those trained for talent mobility from within. Talent management software highlights top performers and helps employers create a succession plan utilising skills already available in the organisation.
Embrace Modern Performance Management Strategies
Small business HR software is an investment, but the payoff is worth the time and funds necessary for setup. Companies using these programs enjoy better ROI thanks to increased productivity and engagement. With university enrollment going up 50 percent over the last decade(is this an ANZ specific statistic?), more talent is available to support the growth of major industries, and employers need a way to identify and support the most talented individuals. When personalised training is combined with a clear succession plan and useful feedback, employees are able to dedicate more of their skills to helping the company continue to grow.
For a business to be successful in the current Australian job market, the goals of individual employees must be in alignment with the larger goals of the organisation. Workforce development software puts employers in charge of creating a path for success, implementing the proper training and empowering employees to grow at their own pace. With its Growth Edition software, Cornerstone offers the tools to monitor employee skills, provide targeted learning modules and establish a program to support ongoing success. If your company needs a better way to improve employee performance, Cornerstone’s talent management solutions can help.