Talent management is once again among the top concerns for business leaders, according to PwC's 19th Annual Global CEO Survey. The report, which surveyed over 1,400 CEO's from across the globe, highlights the opportunities and challenges facing today's business leaders when it comes to growing, transforming, and measuring the success of their business.
Seventy-six percent of the CEOs surveyed recognize that business success in the 21st century will be defined by more than just financial profit. As such, there are many things to consider. Leaders know they must concern themselves with pushing innovation and business results forward, but they're also aware of the impact of their company's culture on attracting and retaining top talent. On top of that, leaders understand the top and bottom line impact of employee performance management, satisfaction, and well-being.
It begs the question: How can business leaders strike a balance?
Creating a culture to put people first
For Sweets of Oman, an award-winning confectionary manufacturer in the Middle East, establishing a clear connection between employee performance, satisfaction, and business success is at the heart of its talent strategy. It took a determined effort by its leaders to create a culture that supports employee performance on an ongoing basis, an approach business leaders in the region are becoming more focused on.
PwC's report confirms that 49 percent of CEOs in the Midd are focused on effective performance management, compared to 38 percent globally. This point is further highlighted when looking at PwC's CHRO survey of HR leaders in the region, which shows low rankings in some aspects of performance management, such as 360 degree feedback and mid-year appraisals. Sweets of Oman understands the impact of talent management on employee performance all too well.
"Our talent management strategy was inconsistent for years. Managers weren't regularly discussing performance, goal progress or development opportunities with their team," says Sukumar Balakrishna, Sweets of Oman's General Manager. "The result was relatively low employee morale and mixed opinions on how to achieve goals."
However, since redefining its approach to talent management, Sweets of Oman has established a culture of ongoing performance management with the support of Halogen Software.
The recipe for sweet success
"Over the past year, we've designed a framework to manage and support employee performance on an ongoing basis," says Balakrishna. "Halogen Performance™ enables our leaders to spend more time coaching and providing feedback to employees about their performance, and discuss their personal and professional growth on a regular basis."
For Sweets of Oman, business success is also about creating balance - an environment where employees can see how their work contributes towards the company's goals.
"By using Halogen Performance, we can link employee goals to our business objectives and work collaboratively with staff to clearly show how their day-to-day work translates to company success," says Balakrishna. "Goal alignment has improved engagement and productivity because employees are now actively engaged in achieving their goals and can be properly recognized and rewarded for their efforts and outcomes they achieve."
It's one thing to have a system in place, like Sweets of Oman, to help capture, monitor and support employee performance. It's entirely something else to have that technology function as part of a greater system that's responsive to the pace of business. After all, business leaders are all too familiar with the dizzying pace of change.
PwC's report notes that 62 percent of CEOs are either somewhat or extremely concerned about the speed of technological change and how it could affect the growth of their business. However, only 16 percent of the CEOs surveyed say they will focus on productivity through automation and technology to remain relevant and competitive.
Using technology at the speed of business
Technology plays a significant role in the success of talent management in today's workforce. A study by the Aberdeen Group found that companies with "best in class" talent management programs are 26 percent more likely to be using performance management software. In addition to features that help foster a culture of continuous coaching and feedback, support employee performance and productivity by making it easy to set and monitor goal progress, and drive meaningful discussions, integrated talent management software can be as responsive as it needs to be.
"We use Feedback Central™ to capture employee recognition and achievement in the moment, but we also use it to document ongoing observations about goal progress, employee development, and share general feedback on performance," says Balakrishna.
With Halogen Feedback Central™ organisations can capture instant feedback and recognition from managers, peers, and anyone else with a few simple clicks using a desktop, mobile phone or tablet. The application enables organisations to accurately record employee performance feedback all year long and pull it directly into employee performance appraisals.
People matter most
In summary, as PwC's CEO report notes, the ability to align employees behind business and growth goals is critical to execution. A key driver behind the success of this alignment is ongoing performance management, and meaningful conversations that help drive performance and business outcomes. Employees at Sweets of Oman use Halogen to provide clarity around expectations on specific tasks, establishing the connection to company objectives, and measuring success.
Without a doubt, technology supports the company's ongoing performance management strategy, but the basis is improved communication and relationships between managers and their team. By ensuring its people are successful, Sweets of Oman has ensured the success of its business, as well.