People are a critical part of every
organization’s balance sheet. Investments related to acquiring, retaining,
developing, and inspiring employees are critical to your organization’s
success, requiring a thoughtful strategy to build and maintain a
productive workforce.
CHCI’s talent life cycle, called
PRIDALRM, refers to the interrelated strategies that support the most important
assets of an organization – the people. Most of the activities that occur
within an organization’s human resources, human capital, and talent management
divisions can be distilled to one of the eight components highlighted in the
PRIDALRM image.
CHCI uses PRIDALRM to diagnose problem
areas and develop targeted remediation efforts. This systematic approach to organizational performance encourages
the interconnection among elements and alignment to outcomes. Let’s review the
eight components.
Starting with the “north star” of the
talent life cycle, the workforce PLAN sets up a framework that allows
organizations to address current needs and identify future opportunities and
threats. It helps answer the following questions:
- Does the organization’s workforce have
the right capabilities today?
- What resources will the organization need
to be successful in five years?
- How can our human capital approach give us a competitive advantage in our industry?
The next component, RECRUIT, is about
talent acquisition. Talent acquisition is the organizational process which
fills current and future positions and manages the transition of new employees
to becoming fully productive. According to research commissioned by Glassdoor,
95% of companies admit to hiring the wrong people every year. In
fact, Society for Human Resources Management (SHRM)
identified that the cost of a bad hire could be up to five times the amount of
a bad hire’s annual salary; so hiring the wrong person is a costly mistake.
Here are three categories of questions to ask candidates at the initial hiring
process to help determine if candidates are a good fit in your organization:
1. Prior experience. Describe the work at your previous
employer and specific projects you worked on. Describe the tools and techniques
you used in that job.
2. Reasoning. How do you think your skills will
impact a specified project?
3. Motivation. What particularly excited you about
[organization name] and what we aspire to achieve?
The third element of the talent life
cycle is INSPIRE. Think of inspire as the efforts made to instill and harness
employees’ and leadership’s passion. Specifically, this is about employee
engagement, which can be seen through the dedication,
persistence, and effort in an employee’s work or overall attachment to the
organizational mission. The root causes of a disengaged workforce can be
bucketed into six categories:
1.
Low
trust culture
2.
Lack
of transparency
3.
Low
employee empowerment
4.
Uninspiring senior
leadership
5.
Shortage
of resources
6.
Poor
support services
The principal question to ask is how does the human capital system
nurture engagement and inspiration? When employees know the
organization cares about their growth and career, they are more engaged, do better
work, and are less likely to leave. That leads us into the next component –
DEVELOP.
Meaningful workforce development
programs have many connections to the rest of the talent life cycle, from
mitigating skill gaps in the planning phase to building effective leaders and
minimizing employee retention. It is best practice to develop your workforce
using the 70/20/10
Adult Learning and Development model, which suggests that employing
a combination of the three types of learning approaches, outlined in the image
below, will make learning more cohesive and natural.
Closely aligned to DEVELOP, the fifth
component of PRIDALRM is about assignment and competencies. ASSIGN is the
ability to use your understanding of an individuals’ knowledge, skills, abilities
(KSAs) to
intentionally delegate tasks, assign work to teams, and provide developmental
opportunities. There are four strategies for effective assignment:
1. Create a delegation strategy for your
team. Dedicate 1-2 hours at the end of each week to
review the strategy, recognizing what’s unique about individual skills and
experiences. Reduce or eliminate assignments that don’t align with the team’s
purpose.
2. Clarify roles. A key element of effective
assignment is making sure your team members are clear on their roles and
responsibilities. When there is clarity for all, it is easier to assign work,
review work, and set performance expectations. This can also help identify talent
gaps required for the project.
3. Set clear expectations. Continually stating the
objectives you are trying to achieve, as well as emphasizing the level of
effort and engagement you expect, helps focus the team. Create a culture that
values outcomes over hours worked by openly praising strong performance.
4. One-on-one communication. Making time to have individual
conversations will ensure people stay motivated and engaged. It provides an
opportunity to discuss career aspirations and gather their insights on the
project.
As the sixth component indicates,
leadership (LEAD) is needed to support and reinforce planning, recruiting,
inspiring, assigning work, and developing the workforce. Effective leadership
drives the bottom line, leading to higher profits, lower turnover, and improved
results.
The actions of senior leaders and
direct supervisors have a strong impact on employee
engagement. Emotional intelligence (EI) is a critical leadership
competency, for both formal and informal leaders. The five domains of Goleman’s
EI model have become the de facto standard for applying emotional intelligence
in the workplace. The image below represents these five domains in four
quadrants: two represent personal competence and two represent social
competence.
Employee retention, the ability of an
organization to RETAIN its employees, is also critical to the talent life
cycle. Hiring is difficult, timely, and costly. Once hired, it typically takes
eight months for a new employee to get up to full productivity, according to
the Allied Workforce Mobility Survey. Employees that have been with an
organization the longest are the most familiar with the company’s structure,
policies, and knowledge. Below are some important statistics to consider from
the Bureau of Labor Statistics that illustrate the importance of employee
retention:
- 25% of employees leave organizations due
to lack of recognition.
- 15% of employees leave because of money.
- 30% of employees leave because they don’t
like their manager.
Finally, the MEASURE component
provides a tangible linkage to all components in the talent life cycle. Metrics
and measurements that are analyzed and communicated provide evidence of the
system working effectively as a whole and which components need specific focus
and attention. Performance measurement drives continuous improvement.
Remembering the “6 A’s” of performance measurement will help you develop and/or
refine your system:
In summary, the eight components that
makeup CHCI’s talent life cycle approach, PRIDALRM, align
all major people process functions. These functions support the organization’s
most important assets – their people – and ensure that the investment in its
people are strategic, integrated, and driving results.
Do you want to learn more about
maximizing your talent life cycle? Does your organization want to optimize its
people processes and enhance performance? Learn more by contacting us.
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