Critical Components to Your Talent Attraction and Retention Strategy, Pt. 3
“The quality of an organization’s human resources is perhaps the leading indicator of its growth and sustainability. The attainment of a workplace with high-caliber employees starts with the selection of the right people for the right jobs.”
Talent management is a business strategy that is reflective of an organization’s commitment to attract and retain the best talent throughout all levels of the organization. The potential impact on an organization can be huge when quality talent is aligned vs. misaligned with organizational need.
A bad hire can cost a company as much as 5x’s that employee’s annual salary, depending on the type of job. “Zappos CEO, Tony Hsieh once estimated that his own bad hires have cost the company well over $100 million.”
Organizations with a high level of engagement report 21% higher profitability and 20% higher productivity (sales).
A highly engaged employee has 40% fewer defects, 70% fewer safety incidents, 28% less waste, 41% less absenteeism, and 24% lower turnover in high-turnover organizations (Gallup).
Gallup estimates 70 percent of employees are disengaged. A disengaged employee can cost an organization approximately $3.4K for every $10K in annual salary.3
Organizations with a culture of training and development show 13% stronger business results (ADP, LLC presentation, 2015).
Companies that have career development demonstrate 250% higher productivity than those that do not (Chronus, 2014)
High performing organizations have figured out how to effectively integrate talent management as an essential component of their business practices. These high performing organization (HPOs) have been successful with integrating the following practices to drive organizational performance.
How should you begin? Initiate the process by assessing your talent and succession readiness:
How can your organization benefit from integrated talent management and succession planning processes?
Do you have a strategic workforce plan that identifies the roles that are essential to your core business and execution of your business objectives?
Do you understand the knowledge, skills, abilities, and experiences that are needed for success in these roles? Do you know the critical skill gaps that need to be closed?
Do you have the right talent with the potential to move into critical roles that support your strategic objectives?
Who are your ‘A Players’ that you can least afford to lose? What’s your plan for retaining them?
What “are you doing” or “should you be doing” to develop and prepare your essential leadership and workforce talent to step into critical roles when needed?
What should you do next?
Identify a member of your executive team who will serve as the champion of your talent management program and succession planning process.
Assure alignment of your workforce strategy with the organization’s business strategy.
Conduct a gap analysis to assess talent gaps for jobs most critical to executing your business objectives (at the leadership as well as workforce levels).
Identify potential incumbent workers for jobs most critical to the success of your core business processes. Create a plan to acquire the talent that doesn’t already exist within your organization.
Align the potential successors’ interests and talents with the organization’s needs and prepare development plans (i.e. coaching, mentoring, targeted training/education, stretch assignments or special projects) to accelerate their readiness.
Continue to review and evaluate the effectiveness of your talent and succession planning processes and make the necessary adjustments.
HEADLINE The survey definitively shows that product innovation leads to more growth, while “grow your own workforce” strategies will be needed to fill the major labor shortages hampering small manufacturer growth. Emerging technologies like the Internet of Things (IoT), 3D printing, and digital manufacturing are beginning to enhance innovation and productivity, but still have significant room for adoption amongst Ohio’s small manufacturing businesses. ABOUT THE SURVEY Under the direction of the Ohio Manufacturing Extension Partnership (Ohio MEP), MAGNET: The Manufacturing Advocacy and Growth Network conducted a thorough survey of Ohio’s manufacturing base. Contributing approximately 20% of Ohio’s jobs (and driving in some regions up to 50% of Ohio’s economy), and generating a disproportionate amount of export revenues and Gross Regional Product, manufacturing is critical to Ohio. Greater than 95% of Ohio’s manufacturers are small (under 500 employees), and these manufacturers need to remain competitive both nationally and internationally to ensure our economy’s health. Ohio’s Development Services Agency and the National Institute of Standards and Technology, which runs the MEP, recognizes the importance of this sector and fuels MAGNET and the Ohio MEP program to directly serve and support innovation, efficiency, and growth in small and medium manufacturers. What manufacturers need
How Virtual Reality and Augmented Reality Can Help Keep Our Engineers Safe and Our Manufacturing Strong Recall how difficult it was to put together complex LEGO creations when you were a child or helping a child. Now, picture assembling a fighter plane from a room full of parts. Even highly trained engineers can benefit from technology to help improve consistency and quality. Virtual reality (VR) and augmented reality (AR) are making near-perfect assembly a possibility in the manufacturing space. By wearing AR glasses that use cameras, depth sensors and motion sensors to overlay images onto the real working environment, engineers and factory workers can visualize the exact bolts, parts, part numbers and instructions on how to assemble a particular component correctly. Lockheed Martin began using AR goggles and improved F-35 assembly time by 30 percent, in addition to increasing accuracy to 96 percent. In order to remain competitive, businesses should consider the ways VR and AR can improve efficiency and supply chain productivity. According to a recent BofA Merrill Lynch Global Research report, AR platforms can provide companies up to 25 percent in cost savings on installation of equipment. Here are four ways VR/AR is disrupting the mid-market manufacturing space:
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