Like a machine with gears, the workforce is a fundamental piece for a company to run well. This is one of the new paradigms in the world of work: the employee value in business success. However, this change in mentality implies a transformation in talent management.
“The things we used to do can’t continue in the same way,” says Victoria Holtz, CEO of Moveminds Global. In this sense, the pandemic showed that companies with more resistance to change they tend to face more challenges.
According to KPMG, the leading companies in Human Capital practices had the best response to the Covid-19 health emergency thanks to their use of disruptions as an opportunity to develop a new workforce and redesign the work model.
The new one talent management It proposes a focus on people, on a new style of leadership, openness to change and clear strategies, among other elements.
For Victoria Holtz there is 10 common mistakes committed by companies in the field of Human Resources due to a “fixed thinking” and that can represent failure for the business. These are actions that no longer fit into the new model:
- softened by success. If we are fine, why change? Success cannot leave companies in a state of conformity. Companies have to keep innovating so as not to fall.
- Syndrome of “everything is fine”. Maintain a relaxed attitude in the face of the flight of talent and business opportunities. If the company considers that, despite the high turnover, for example, the route is correct, then there is an underlying problem.
- Fear of the boss and not the competition. When workers are more afraid of the boss than the competition, there is a mistake in leadership that needs to be addressed.
- risk overdose. Companies promise things to the market, customers, suppliers and their talent, but do they keep it? Digital transformation and changes in people’s thinking require organizations to make real commitments that they can meet. If talent is promised something that cannot be delivered, only the employer brand is affected.
- unnecessary acquisitions. How many programs does your company have that people don’t use? Before purchasing technology or software, it is important to know how well it serves human capital.
- More attention to shareholders. A mistake that companies can no longer make is to pay more attention to shareholders than to employees. The organization could not be more concerned with what the shareholders want, instead of wondering what the workers want, what the people need.
- Strategy per day. Organizations that change course and strategy every day are simply not clear on the path they will follow and that only creates confusion in talent. In this type of company, “if you ask different people what the strategy is, each one tells you something different,” explained the specialist.
- dangerous corporate culture. It refers to organizations where, despite knowing that mistakes are being made, there is a tendency not to mention things that are going wrong, including mistakes in talent management. Many failures can be avoided if the company talks about everything that is not working.
- the spiral of death. A bad decision to cover an error leads to another bad decision, and so on until a vicious circle is formed that affects work dynamics.
- dysfunctional managers. One path that leads companies to failure is to have a directive that cannot be agreed upon, where it seems that each area is a different company
The costs of neglecting talent
These 10 common mistakes are closely linked to human capital management. Victoria Holtz stressed that companies do not fail because of a bad product, not having a patent or not having a good location, they do so because of a bad Talent management.
“Everything has to do with people and that is where all of us who work on the issue of human capital we have to strengthen it and see what those red lights are that tell us: Be careful, it’s time to make a change!” said the specialist during a talk with Human Resources directors.
A study conducted by Quantum Talent identified that high Staff turnover in labor-intensive industries such as retail, consumer goods or financial services, it can cost an organization between 4 and 11% of its productivity.
“This pandemic has shown that the real heroes are collaborators. The paradigm must change and companies have to recognize who are the ones who really define the success of the company and, therefore, who must be procured and ‘pampered’”, said Victoria Holtz.
According to a report by LinkedIn and Glint, workers who do not feel valued by management have a 42% chance of leave the company and the probability of applying for a new vacancy among employees who do not feel supported by their bosses is increased to 45%.