Save Time and Money with a Right-Sized Performance & Talent Management Platform
According to Bain and Company, over a period of seven years, companies with more engaged workers grew revenue 2.5x as much as companies with less engaged workers. Similarly, Gallup found that highly engaged workplaces see a 10% increase in customer ratings and a 20% increase in sales. Though the main focus of an employee experience platform is to make talent your competitive advantage and drive business results, your organization can also save a lot of time and money with a system that is just the right size and fit for your organization. Maintaining a single source of truth for all performance and talent management data reduces man/woman hours, saves money, ensures data integrity and version control, and creates a more engaging employee experience. If you find your organization sifting through old papers and/or managing multiple disparate digital systems, these are not best practices. You can save time and money with one single source of truth that can grow with your business. In this article, we will discuss the implicit and explicit savings your organization can attain by using one platform that powers engagement, performance, and talent management. Reduce Turnover and Save Money How exactly can a performance and talent management platform that provides one single source of truth not only drive the employee experience and engagement but also save time and money? Anyone with experience in recruiting knows the excessive amount of hours and resources spent on finding strong candidates. Hiring for new roles is one beast but refilling roles due to employee turnover can even be more costly. According to new research from SHRM, the average cost per hire was roughly $4,700, but many employers estimate that the total cost (time spent by department heads helping HR fill the role, sourcing, interviewing, etc.) can actually be 3 to 4 times the position’s salary. When roles have to be replaced, multiple employees must contribute to filling that position, resulting in precious hours and energy being taken away from other important areas. In many cases, poor performance occurs prior to an employee’s departure from your organization (a report from Gallup detailed in an HRD article found that poor-performing employees cost the economy on average $450 to $550 billion per year). One of the main ROI metrics WorkDove’s HR clients use to measure success is employee turnover. Fortunately, by leveraging WorkDove’s engagement, performance, and talent management platform it helps them minimize turnover. Leveraging the platform to do regular check-ins, track performance, monitor cultural fit through behavioral displays, and take a pulse on employee sentiment are best practices embedded in the platform. Hosting employee data in WorkDove helps minimize turnover, and hence, time and money. An all-in-one system that naturally fits into the everyday workflow connects your employees to one another while simultaneously engaging with easy technology they are comfortable with and excited about. Efficiency Where It Counts: WorkDove Customers vs. Others Utilizing a comprehensive performance and talent management platform like WorkDove saves time and resources in the areas that our clients have shared are the most important. Listed below are some of the core areas of the platform, which help customers save money, create a more engaging employee experience, and make talent a competitive advantage. Aligning the Organization Around Core Values When core values are not the cornerstone on which your organization is built it becomes very difficult to be intentional with culture. The result is often bad hires, an inability to coach appropriately, and the lack of a common language present among your employees. Basing performance and talent management on an agreed-upon set of core values immediately brings employees at every level together and held to the same standard. Cascading Goals Inefficient organizations are marked by company, department, and individual goals that are either not tracked well or simply not met. Goals that do not align with the overarching mission and vision create confusion and do not ultimately drive business results. A single source of truth for where and how all goals connect to one another ensures all contributors are headed in the same direction and take ownership of their progress. Ongoing Coaching and Development Consistent one-on-one check-ins, unique individual development plans, and performance improvement plans are all indicators of a team that is heavily invested in the coaching and engagement of its talent. These practices foster an environment that keeps talent sticking around for the long run, reducing resources expended on finding new talent. Employee Sentiment/Workplace Satisfaction Do you have a read on your employees’ overall feelings at your organization? Without a platform that takes frequent pulse checks on sentiment and satisfaction, you are missing a vital piece of information that may quickly lead to high employee turnover. Employees experience varying perceptions of your organization throughout their time there. Sentiment analysis gives your managers foresight to tackle any negativity or frustration in the moment. Recognition Everyone wants to be recognized for a job well done. Period. Giving employees a singular tool by which they can give and receive positive feedback, especially when it’s built on core values, creates a deeply-rooted community that withstands remote and hybrid work. It also adds a healthy dose of fun to the workday! Surveys and 360-Degree Feedback According to Zippia, 65% of employees desire more feedback. Continually tracked peer feedback gives leaders a holistic perspective of their direct reports, leading to richer coaching experiences and crucial conversations that happen faster. Asking for feedback about various topics and people from your employees also shows that their opinion is valued, leading to increased engagement. Performance Reviews Employees are rarely thrilled to complete performance reviews but this frustration is compounded when they put in the time and effort only to see no follow-up from their organization. Housing appraisal data in one location allows you to track trends over time, monitor employee growth, and quickly address performance and core value needs. Monitoring performance data well and in one place empowers employees by giving them a voice in the process and proving their perspective and growth matter to you. Interested in
Improve Human Resource Management by Complementing Your HRIS/HCM System
In an age of organizations reducing their digital footprint, many HRIS and HCM systems offer performance management modules to keep human resource needs in one place. Though this attempt to consolidate systems may save some money, many HR leaders have shared that these modules greatly need to improve in the area of talent management. WorkDove addresses these challenges by offering seamless integrations with virtually any HRIS. In addition, we complement your HRIS/HCM platform and existing processes with a best-in-class talent management bundle. This talent bundle helps your organization power the employee experience, including a company’s ability to identify, develop, engage, and promote employees and future leaders. The Talent Bundle: The complement to your performance management module(s) A traditional performance management module will include performance reviews, cascading goals, one-to-one check-in components, and peer recognition. Whether you are happy with the performance management module offered in your HRIS or need a third-party solution, both parties know there is a massive gap in talent management functionality. Once organizations are confident in their performance management practices, they move past that solid foundation, developing their talent and working to attract the talent they want. Unfortunately, this is where most performance management modules miss the mark and where WorkDove fills the gap. Talent management complements performance management by allowing you to use the data gathered from measuring performance to identify, coach, and develop internal talent. Your strategic investment in your talent becomes quite attractive to those on the outside seeking a development-focused culture. WorkDove’s Talent Bundle further elevates the work you put into performance practices through 4 applications: 9-box leadership succession planning tool, 360-Degree Feedback, Individual Development Plan Plus (IDP+), and manager and employee Check-Ins. Seamless Integrations With WorkDove, you can access and easily update your users’ information through seamless API and SFTP integrations. Because integration with your current HRIS/HCM is so vital to the success of your performance and talent programs, we integrate with virtually any system, such as ADP, UKG, Bamboo HR, and more. WorkDove is a Gold partner in the ADP Marketplace and offers API integration with ADP WorkForce Now® and WorkForce Next Gen®. HR administration and performance/talent management are separate functions, but they do not have to be separate systems that do not communicate. Instead, aligning the two strategies creates an experience that eliminates duplicate work for the administrator(s) and produces one clear path for the employee experience and journey. What differentiates WorkDove from the rest? Because organizations are all at different places on the road to performance and talent management, the Talent Bundle is offered a la carte. Thus, you only purchase the applications you need when you need them. WorkDove is passionate about offering training and support from the Sales process and beyond throughout your time with us. This includes a dedicated onboarding team, continual Customer Success touchpoints, an extensive knowledge base, customer-only webinars, and live Support available to all users. Our 9-Box leadership succession planning tool is the best on the market because it is the most user-friendly tool currently offered and the closest match to HR best practices. With real-time drag-and-drop capabilities that emphasize face-to-face conversations, this tool increases accountability and decreases the time spent on data collection and aggregation. We offer significant cost savings relative to our competitors. In a one-to-one comparison with Lattice, for example, you receive an estimated cost saving of about $5K per 100 software users. Our strong partnership with ADP as a Gold Partner allows for a plug-and-play integration experience through the ADP API connector. For ADP users, this means your initial launch with us could not be simpler and that WorkDove will grow with you amidst every organizational change. Intrigued by how WorkDove can speak directly to your HRIS and enhance talent management processes? Request Demo
The Talent Bundle: Taking Talent Management to a Higher Level
You know us for having the best performance management software that leads to high-performance cultures. But how do high-performance cultures maintain traction and continually develop talent? Join us as we share how to take your talent management process to a higher level with the Talent Bundle. Discover how to: * Easily identify potential top talent * Gain valuable insight through peer feedback best practices * Ensure alignment of talent and strategically track goal progression * Empower the employee journey through inspiring development practices Watch The Webinar
3 Tips for Maintaining Equitable and Compliant Talent and Performance Management
Leading organizations identify, coach, and reward high-performing, potential, and value-fit employees. These same organizations coach the employees in the middle, while managing out consistently low-performing, potential, and value-fit employees.
Performance Management for Banking: Common Challenges
Just as the financial industry has adapted to the market needs for better digital platforms, increased automation, and a more convenient customer experience, performance and talent management within financial institutions has also had to pivot to the growing expectations of its employees and competitive landscape. Every industry has a unique set of needs and challenges, so performance and talent management processes are not a one-size-fits-all approach. To start discussions, we often ask banks and credit unions a simple question: “How does your financial institution identify future leaders, coach/grow, retain, and prepare employees to lead the organization in the future?” Years of experience working with banking institutions and credit unions have allowed us to become well-versed in powering financial institutions’ performance and talent management, and in turn, helping these institutions make better people decisions and achieve better results. This article details the most common challenges and the corresponding WorkDove solution. Challenge: Emphasis on Performance AND Core Values One common need we hear across industries, but specifically in banking, is the need to capture data for both performance expectations and behaviors that are in line with company core values. WorkDove Solution: The foundation of our platform is the Performance-Values Matrix. This matrix offers a visual for data that enables a high-performance culture and reveals both performance and core value fit. This allows managers to visualize where the employee stands on both aspects and coach around what is needed. Challenge: Attracting and Retaining Top Talent This challenge has unfortunately been felt around the world in recent years. Finding the right candidates and keeping them engaged is harder than ever due to a variety of factors that are certainly not limited to remote work expectations, inflation, and more. WorkDove Solution: With the right tool, you can strategically develop your talent in-house. With apps such as the 9-Box leadership succession planning tool, Individual Development Plan Plus (IDP+), one-to-one Check-Ins, and 360-Degree Feedback, you can improve employee retention and engagement while simultaneously giving managers the tools they need to coach more effectively. Bonus: Our Recognition tool allows for company-wide recognition at any time, further contributing to feelings of belonging which lead to higher engagement. Our Performance Review app gives insight into employee talents and development opportunities, ensuring they have a clear path at all times. Challenge: Leadership Succession Planning The banking industry in general has a need for insight into employee development and career growth. With Millennials and Gen Zers quickly rising as the most represented generations in the workforce, their deep desire for growth cannot be ignored. WorkDove Solution: Gain key data insights to accurately identify top performers and potential successors using the 9-box leadership succession planning tool. This tool plots future leaders on a matrix based on the two most important factors: performance and potential. WorkDove also offers a leadership succession planning report including comprehensive information on individual employees’ performance scores, next desired position, and more. Challenge: Compliance All work systems being compliant within highly regulated industries is an absolute non-negotiable. WorkDove Solution Housing all performance management information in a reliable cloud-based platform allows for one single, secure source of truth. One location that contains historical records of employee development and management documentation provides a homebase for more equitable performance and talent management. Gone are the days of accidentally misplaced papers or a loss of information due to employee or management changes. Challenge: Antiquated Systems Manual, cumbersome systems are not only a drag to the employee experience but they also slow processes down. Systems and processes that look and feel archaic do no favors for increasing employee engagement. WorkDove Solution WorkDove allows you to save precious time and money by converting from outdated systems to a modern, easy-to-use technology that integrates with your everyday workflows. Partnering with our team ensures you will have just that: a partner. We make intentional time to understand your current processes, discover what’s working well and what isn’t, and map out a new workflow that is unique to your needs, but not so nuanced that you get lost in the details. A common trend among banking organizations is the need to decrease their digital footprint. This often results in an HRIS (like ADP or UKG) that combines several solutions into one place. Many HRIS solutions offer performance and talent management modules. While this approach indeed decreases the digital footprint, we often hear that the modules simply do not satisfy all performance/talent management needs. The good news is that WorkDove can work with your HRIS. Through modern integrations, we can connect to almost any HRIS or Payroll System through a secure data feed or API, which eliminates the need for duplicate data entry and edits. Your digital footprint remains low and your solutions work collaboratively together! Learn more about how we can partner with your bank or credit union today! Click here
