Moving into the new year, HR leaders are facing an abundance of talent–related issues. Issues leading the list include: developing strategies that feed the leadership funnel, preparing to prosper in a gig economy, connecting an increasingly virtual workforce and doing so while sustaining a culture defined by appreciation, cooperation and a mutually driven mindset.
These “issues” are really opportunities for your firm (and your team) to distinguish itself in what’s become one of the most competitive talent markets in recent history. One survey found that the time it takes to fill positions increased by 50% since the beginning of the decade and that the average open vacancy costs companies more than $500 dollars per position per day. That statistic underscores the business case for having a sound employee recognition strategy in place. HR leaders know the importance of keeping employees engaged, loyal and productive. Next to staying up to date with the latest technology, attracting and retaining the best talent is your CEO’s top concern.
You need to act now! Left unattended, the objectives listed above will not only linger into the new year, they will confront your company for years to come. There is hope, however. As you prioritize your 2018 “to-do” list, remember that each of these initiatives can be addressed with the right recognition system.
Over the next couple of blog posts I’ll talk about the role social recognition can play in supporting leadership readiness. I’ll expand on the need to recognize not only core employees but outside workers who contribute as consultants or part timers. And, I will reexamine the importance of building cultures that are not only cooperative and built on appreciation, but are generationally relevant as well. But for now, I’ll kick off the conversation by reiterating the importance of choosing the right technology for your reward and recognition programs. In fact, the right technology is literally the one thing you need to help accomplish all of your talent-related goals in the coming new year.
Choosing (and leveraging) the right technology.
More than half of all senior-level HR leaders say they have increased spending on Human Capital Management (HCM) systems in just the last year, with 92% of them describing those investments as “significant” to the business’s direction and strategy.
It’s worth noting that over 75% of the technologies in question came in SaaS form. In addition to those that support talent-management administration and planning, employee engagement and recognition planners have also adopted SaaS delivery platforms in large numbers.
Maestro, Madison’s SaaS driven, social employee recognition solution is the recognized leader in the category. It has dramatically improved the utility, presentation, delivery and impact of employee recognition (as well as sales incentive investments). Its highly configurable construct; its intuitive ease of use and its superior motivational power has allowed HR leaders (as well as all of the managers and employees within the organizations they serve) to elevate the impact of recognition.
Not only is Maestro more motivational, it works consistently across all web-connected platforms. As workforces become increasingly mobile, it’s worth noting that our solution is built in responsive web design (RWD), an approach that provides optimal viewing and interaction on any device.
Some HR planners still choose apps for recognition. That’s a bad idea, one that positions them well behind the curve moving forward. Our approach doesn’t require multiple versions across devices. It’s considerably less expensive to design and even easier to maintain.
In my next post I’ll talk about recognition plans that appeal to all employees across all generations.