Organizations and Talent Leaders must take 5 crucial actions to transform their HR into true Talent Stewards!
By | Nicolas BEHBAHANI | Global People Analytics Leader @ Future of Work | Leading Global HR Analytics, Driving Business Growth
💡 In a higher-return talent system, HR becomes a strategic partner with the C-suite, ensuring that talent is a company-wide priority.
📈 Organizations can take five actions to maximize their return on talent: build a skills-based strategic workforce planning capability, create a hiring engine that brings in the right talent to fill critical roles, invest in learning and development, establish a stellar performance-oriented culture, and elevate HR’s operating model to become a true talent steward.
🚩 Also five factors (Lack of skills, lack of engagement, Inefficiency, Attrition and vacancies, well-being) that drag down employee and organizational productivity could cost a median-size S&P 500 company roughly $480 million a year.
HR transitions from a cost center to a true value creation center. HR can take several steps to transform its own operating model and turn into the Talent Steward, according to a new interesting research published by McKinsey & Company using data 📊 from US Bureau of Labor Statistics.
✅The three top reasons for lack of productivity
Researchers found three clear and measurable reasonsfor a lack of productivity among individual employees:
1️⃣ They don’t have the skills needed to be successful in a role (the skill gap).
2️⃣ They aren’t engaged or energized by the work (the will gap).
3️⃣ They spend time in ways that don’t increase value, such as poor prioritization and low-value meetings (the time gap).
✅Productivity loss remain invisible for Leaders but is costly
Researchers found that five factors could cost a median-size S&P 500 company roughly $480 million a year in lost productivity.
