We hope you found phase one of this guide helpful, inspired by a recent survey McKinsey conducted asking over 2500 business leaders around the world questions regarding the change-readiness of businesses today. Find the full McKinsey report here. Now for “Part 2” of our guide:
6. Retain Top Performers in the Best Fit Roles
Do you have your best people in the highest-value roles? Do the skills of your team match the roles they are filling? If not, it’s time to take a closer look at how you are assigning roles and tasks. Often, people are promoted into the next convenient role instead of using strategic placement to make the most of every employee’s skills, capabilities, and the tasks they can best perform.
At the same time, conflicting job roles and duties is a leading cause of turnover. McKinsey found that the highest performers in a role can reach 800% more productivity than an average performer in the same role. McKinsey found that 39% of business respondents across 7 countries are planning to leave their job in the next 3-6 months. The Great Resignation has not stopped its mighty tide, but some companies are holding fast by ensuring their employees are well suited to the jobs they hold with the right environment to make each role enjoyable.
In order to retain top performers and keep the best people in the best-fit roles, consider an internal hiring and restructuring wave that puts everyone where their skills and experience are best suited. Internal training and growth opportunities are also one of the things most desired by Millennial and Gen-Z professionals, who will feel more valuable and loyal to a company that allows them to choose their next career step, pursuing new skills and future promotions that benefit both the professionals and the company in right-fitting your dedicated internal talent.
7. Self-Aware and Inspiring Leadership
There is no one-size-fits-all leadership style. Versatile leadership is a must to lead versatile groups of real, dynamic human beings. A leader’s job is to empower their team, provide necessary guidance and support, facilitate teamwork, and help team members achieve their greatest productivity levels.
McKinsey reports that only 25% of company leadership is engaged, passionate, and inspiring to employees. Your company can easily beat those odds.
Leaders should seek to create high morale and job satisfaction and to create a seamless positive workplace culture where working is enjoyable for every member of the team. To do this, leaders must be self-aware, positive, and have the tools they need to provide the best possible leadership and support for their teams.
8. Make Necessary Progress on DEI
Nearly every company in the nation has DEI goals that are still in the works. Achieving perfect diversity and inclusion is a constant effort, one in which companies recruit from diverse demographic-representative pools and where each person in the company tries their best to consider inclusivity of circumstances and backgrounds they may not fully understand. While over 70% of companies have inspiring diversity goals, only 47% report having the infrastructure to achieve those aspirations.
Building an inclusive company culture is a good start, but making that necessary progress on your DEI goals will likely require the focused effort of a Diversity & Inclusion Committee who will find ways to improve both diversity and inclusivity at every stage of your company’s development and growth.
9. Build a Mental Health Support Program
Mental health is unique to each person, but recent studies have made it clear that the workplace takes on a considerable responsibility for employee mental health – as well as enjoying the positive impact of mentally healthy employees on the job. This means that robust portfolio of mental health support options is a win-win situation for both employees and employers.
McKinsey reports that employees facing mental health and well-being challenges are four times more likely to plan on a job-change. This is true whether the mental health issues are related to work stress or untreated personal troubles. When an employer provides resources to assist with mental health, employees become more stable, more productive, and more likely to feel connected to the workplace that provides them with well-being support.
Telehealth counseling, meditation rooms, paid time off, mental health days, wellness benefits, family-related benefits, and even simple hybrid working options can all play a positive role in promoting company-wide mental health.
10. Provide Tools to Boost Efficiency
Give your team the tools they need to thrive. Eliminate repetitive and inefficient processes through automation, provide collaboration tools and cloud resources that empower productivity, and seek business software tailored to the internal processes of your company.
McKinsey’s survey found that about 40% of respondents consider complex organizational structure to be the cause of inefficiency. A similar number find unclear roles and responsibilities to be their major productivity hurdle. You can solve these problems by more clearly defining each role and equipping your teams with the tools they need to thrive. There are many different tools that are useful in empowering employees throughout the company.
Time-tracking apps can streamline product management, payroll, and client invoicing. Internal learning (LMS) can provide ongoing training, enrichment, and microlearning on the job. Opportunities to volunteer and give can provide meaning to the more concerned younger generations of employees. Benefits enrollment makes it easier to help everyone access your best perks and wellness programs that will make work-life balance a joy.
You can piece together the right tools to boost efficiency from a wide range of software, or you can seek an all-in-one HCM (human capital management) system like isolved, offered with the Platinum Group. The isolved platform is designed to help you Employ, Empower, and Enable your workforce to achieve optimum productivity and job satisfaction through a well-rounded suite of useful workplace tools.
Prepare to Thrive Amidst Change with The Platinum Group
The Platinum Group is a human capital management resource, proud to provide innovative solutions to streamline operations so you can focus on managing your business. Inspired by the McKinsey report, we hope that these tips serve as a guide to help you navigate the rapidly changing business world ahead with adaptability, strength, and an empowered team of excellent people.
If you are interested in learning more about us and our isolved platform, we invite you to visit our website or schedule a demo. We are eager to understand your unique business needs and provide you with our human capital management solutions to help you streamline your operations and achieve success. A self-guided tour of isolved is also available so you can learn about isolved at your own pace.