Attracting top talent doesn’t end with a signed contract

Attracting top talent doesn’t end with contract

Measuring success in keeping employees engaged.

Principal, Advisory

KPMG in the U.S.

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Leaders stance

What makes a successful organization?

There are differing views on what makes a healthy business model, but all of them depend on one thing: people making it happen. Some HR managers look at the talent in their enterprise as a series of good hires, as if their duties begin and end with recruitment and the few touchpoints they have with their employees along the way.

But spending considerable time and money attracting top talent means that, too often, the development of that talent can be overlooked. The balance of the employer-employee relationship—between attracting, developing and retaining people—is the “holy grail” of HR. It’s a difficult balance to maintain, but it means all the difference to a positive employer image, and a more engaged workforce. Even more importantly, since the cost of a new employee is often 150% that of their salary1, better retention means cost savings.

Still, while there are tools and strategies available to find top talent, similar tools and strategies are needed to help ensure employee engagement, development and retention.

After the hire

Getting someone in the door is just the beginning. The first 30, 60 and 90 days are important periods of discovery, both for the business and the new employee. However, even before those milestones, a fulsome onboarding process is critical so new hires feel like they have the resources and organizational commitment they need to do their jobs properly. The less generic these onboarding processes are, the better the experience for the new hire. The more input that hire has on their first day—and the more input they’re given from their colleagues—the more they’ll value their new job. This engagement strategy means giving them a voice.

But it’s also important to listen to that voice. A survey at the 90-day mark can be helpful in guiding HR’s onboarding process for the future. Similarly, managers need to take a pivotal and active role in the employee’s development, taking responsibility to work with HR to provide the tools, the policies and the guidelines necessary.

Dashboarding for success

Of course, not everything can be measured just by what an employee tells us. Managers also need to identify the KPIs that can demonstrate whether or not an employee is being engaged properly. With the right KPIs, being tracked on an ongoing basis and on an up-to-the minute timeline, every employee has a voice even if they’re not vocal.

Traditionally a cumbersome process, cloud technologies have made this much easier, with more organizations adopting cloud than ever before. In fact, KPMG International’s 2016 HR Transformation Survey found 42% of respondents plan to replace their existing HR IT with a cloud-based solution. But just having the data isn’t enough, and finding the right strategy and solution is key.

When we looked to create a solution at KPMG, member firms worked with some of the leading enterprise software developers to ensure it was created across the most common platforms. But KPMG professionals also looked to ensure that our collective insights and the experience that led to them were included. We wanted to find a way to give businesses access to KPMG firms’expertise on their home ground, while helping to transform their enterprise to meet the demands of tomorrow.

That solution became KPMG Powered Enterprise, and it offers back-office functions the opportunity to gather and analyze HR data automatically using workforce analytics.

Together, KPMG firms can help you provide the engaging relationship with your talent that will not only attract them, but engage and retain them as well.

To learn more about KPMG Powered Enterprise, visit kpmg.com/poweredenterprise. You can contact me at mdiclaudio@KPMG.com or my colleague Paul Lipinski, a Managing Director with KPMG’s People & Change team, at plipinski@KPMG.com.

Footnote

1Dahl, Darren. “Why Your New Employee’s First Six Months Matter Most.” Forbes, 14 May 2013. Web.

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