This post is sponsored by SHRM, the Society for Human Resource Management
In today’s modern workplace, employees are increasingly in the driver’s seat. Old-school perks – ping-pong tables, employee discounts, even work-from-home options – aren’t enough to recruit, and retain, top talent. Now, companies must shift to a deeper understanding of their people to bring – and keep – them on board. Failing to prioritize this understanding – and acting on it – costs companies billions of dollars a year. SHRM’s 2019 report, The High Cost of a Toxic Workplace Culture, revealed toxic workplace cultures had cost U.S. employers $223 billion over the previous five years, and that was prior to a global pandemic that led to the Great Resignation. As a follow up, the SHRM 2022 Workplace Culture Report provided a tool for retaining and empowering employees globally, recognizing that a positive workplace culture is the new currency employees crave.
What do employees really want?
Leading companies are putting the power of data to work as they create workplaces that not only attract top talent, but also grow and retain that talent. One great way to glean insights on how to engage and retain your people is to collect data directly from those people through an engagement survey. SHRM partners with Workforce Science Associates (WSA) to harness the power of data with the SHRM Employee Engagement Survey, which leverages WSA’s engage and equip model. The survey is composed of “Core 33” items that measure engagement as well as manager effectiveness and key equip factors using the scientifically-validated model that capable leaders must provide equipped environments for engaged employees to reach their full potential and achieve high organizational performance. Client results are benchmarked using data from over 16 million respondents across 200 countries in 120+ languages, allowing companies to identify strengths and opportunities to bolster engagement and retention initiatives.
How can employees best grow in their roles?
Employees typically decide they are in it for the long haul when they get a sense that they can grow within their company. Employers should offer employees robust learning and development tools that support their career ambitions. Assessment offerings, such as a force field analysis, tips for conducting a training needs analysis, and an Organizational Culture Assessment Instrument can give a clear picture of a company’s strengths – and what areas of culture, hiring, retention and more can benefit from development opportunities. The business can then determine its desired core competencies, leverage assessments to measure where to focus individual employees’ learning opportunities, define a training and development strategy, and design a learning solution to reach those goals.
The SHRM Talent Assessment Center (TAC) is the world’s most comprehensive suite of employment technology, tools, and consulting services in one place. SHRM partners with Talogy to power the TAC and support thousands of HR professionals in hiring and developing top talent across a wide variety of industries. The TAC includes hundreds of assessment options from top test publishers as well as their own proprietary options, ranging from pre-hire and selection to learning and development and succession planning. It’s important to keep in mind, development doesn’t look the same for everyone. That’s why a data-driven approach is crucial in knowing what to target and how to make development impactful and sustainable. TAC experts take the time to understand your company’s unique challenges and needs and tailor solutions for accomplishing meaningful growth.
Happy + healthy = productive employees
Additional pressures placed on employees during and after the COVID-19 pandemic makes workplace mental health a critical priority for employers and employees alike. Employees need to feel psychologically safe and equipped to focus on work priorities; employers need to equip employees with the resources needed to feel safe and be productive. SHRM partners with best-in-class solutions to support employers in creating workplaces where employees have those resources. Welbot is a workplace wellness platform designed to improve employee health and wellbeing regardless of where employees do their work. Welbot delivers wellness reminders and physical and mental health exercises throughout the day. Notification cards informing employees of internal wellbeing initiatives and benefit options can be tailored, targeted and sent through the system, along with critical health and safety alerts.
The Workplace Mental Health Ally Certificate provides the tools and resources to empower HR professionals and people managers to be the link between employees in need and the support they deserve. The certificate was developed by Psych Hub, the world’s largest mental health education and navigation platform, in partnership with SHRM and SHRM Foundation. The online certificate program consists of a series of courses on topics like common mental health conditions, substance use, suicide and violence prevention, diversity and bias, effective communication skills, and safety planning. After completing the program, certificants are better equipped to more meaningfully support their employees and peers with the many pressures they face in today’s multifaceted world.
Show workers a future they want
Top talent also wants savings and retirement solutions so when they’re winding down their careers, they can move on to the next phase of their lives with the benefit of financial security. Until now, smaller firms were at a disadvantage because they couldn’t afford the tools and solutions that came with 401(k)s at big companies. But with SHRM’s retirement planning solutions, employees can gain access to a full array of tools including offerings from Raymond James, one of the leading investment firms in the world, with an industry renowned 401k solution for smaller organizations that is competitive with the benefits typically only available to large businesses. Financial well-being is a vital component of retaining talent and ensuring they are not swayed or enticed away by another firm offering a better plan for the future.
While the lure of “casual Friday” and “free coffee and donut day” has run its course, a more modern approach of using data to determine what employees really need and want can open up a new avenue for retaining the best workforce. Fulfilling those needs and wants not only helps attract quality candidates, but ensures teams are happy, healthy, engaged, and productive. Assessing and analyzing what means the most to your talent is the first step in fostering a workplace primed to create a better world.
SHRM, the Society for Human Resource Management, creates better workplaces where employers and employees thrive together. As the voice of all things work, workers and the workplace, SHRM is the foremost expert, convener and thought leader on issues impacting today’s evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally.
SHRM 401k Solutions by Raymond James is a branding name for the agreement between SHRM’s and Raymond James where Raymond James offers SHRM audiences with 401(k) retirement plan services. SHRM is a current client of Raymond James. SHRM receives cash compensation from Raymond James when a SHRM member, via introduction by SHRM, becomes a client of Raymond James. SHRM’s receipt of cash compensation creates an incentive for SHRM to market investment advisory services of Raymond James. Raymond James is not affiliated with SHRM. SHRM does not offer investment advisory services.