To help mitigate employees’ financial stress, providing the right resources to help employees understand their money goals and giving them the tools they need to achieve these goals requires financial education and support. Enabling employees to meet their short-term goals, such as paying the bills, as well as their long-term objectives like saving for a home or retirement can help relieve this stress. It really is no different than any other type of wellness. It’s all a matter of helping people find out where they currently stand, where they want to be and how to get there, the same as with dietary, fitness or productivity goals.
To understand the potential of employees to contribute to the future success of the business, employers focus predominately on reviewing and rating their past performance, according to Brandon Hall Group research. But even the current best performer may not be the best employee for the future.
Employers say their biggest human capital management challenges over the next six months will be retaining talent, employee engagement and acquiring new talent, though 15 distinct challenges are rated at least 3 on a 5-point scale. Organizations are pulled in many directions and most management functions present at least a moderate challenge, creating stress across organizations.
Organizations that fail to develop more senior women and other diverse leaders lack progress in ensuring leadership that reflects its employee and customer base, which will become increasingly diverse in the years ahead.
Instead of adhering to a skills taxonomy that is carved in stone, companies must build out a strong foundational set of skills to create a learning environment that allows them to adapt as things change. Rather than trying to look into a crystal ball to divine future skills, they should be positioned to build those skills as the need arises.
Many studies indicate that COVID-19 dealt a major setback to women in the workplace. Even before COVID, Brandon Hall Group research showed that women were not making substantial progress toward gaining a proportional representation in management. Only 51% of organizations believe they effectively develop women in the workplace, according to What’s Changing for Women in the Workplace? Most organizations said that more support from top management and having specific owners of development initiatives for women would help, the research showed.
Less than one-third of organizations believe there is a high correlation between the highest-performance evaluation scores and the highest-performing individuals in the organization. There are many reasons for this. The traditional process was designed in a different era when business did not move as fast. Now, an employee’s potential is more important than their past performance. It is up to organizations to change their performance evaluation process. Performance evaluation can be improved in many ways, according to our research.
Almost 90% of organizations believe understanding employees’ potential is important or critical to meet future business needs. But only 19% say current processes are effective in evaluating employees’ potential. That’s because most organizations focus evaluation on past performance while at the same time saying that past performance is not an important indicator of potential, according to Brandon Hall Group research. This strategy brief recommends five strategies to improve the understanding and identification of employee potential.
Almost half of organizations (46%) believe developing workplace mentors is an important or very important part of their business and talent strategies; 30% believe the quality of mentoring is good or excellent.
In the current global workplace, many organizations struggle with a large remote workforce that isn’t receiving the benefit of their long-standing culture — or are they? Cultural assimilation previously occurred when certain behaviors that were tied to the culture and values were exhibited and repeated in the office or among peers. But now that there are so many WFH and other types of non-office workers, those old standards may need to be re-evaluated.