A recent study by Taleo entitled “The Business Impact of Talent Intelligence” illustrated a major pain point of HR practitioners:
“Top performer retention and productivity metric are the most sought after metrics among the eight performance management and compensation metrics. As was the case with the other metrics rated most important, the access and reliability rates for DPOs [Data Proficient Organizations] and DDOs [Data Deficient Organizations] are significantly lower for those metrics rated more important.”
Meaning, while keeping their best employees is a top concern, they are sorely lacking in the data that helps them achieve this goal. So how can better business intelligence help?
1. Know Who Your Top Employees Are
The first issue that BI can help with is identifying who your top performers are. Maybe you have a chart similar to this tracking the cumulative Bookings of each employee:
John Adams is your top performer. Case closed, right? Well no, that’s not the whole story. Do you know who your most efficient worker is? Here is another chart that shows employees ranked in terms of efficiency (in this case, the Activity Ratio of Job Orders to Placements):
The further left the blue dot, the more efficient the employee is (less Job Orders worked per Placement). John Adams has a relatively high ratio compared to Truman or Hoover, so while Adams books more revenue, now we see that that’s not the whole story. Arguably, your more efficient workers are your most important, and it behooves you to nurture them as well.
2. Give Thorough Performance Visibility
Your top performers should be celebrated, publicly. Not only is it a reminder to them that they are well appreciated for their hard work, but it can motivate others to strive to become top performers as well. Many of our clients display a Leader Board for their teams with an up-to-date tally of performance:
This is great to have, but again doesn’t tell the full story. Perhaps there are weekly or even daily wins that are not immediately visible on a Leader Board, but just as important to point out and celebrate. For this, Nightly/Weekly Emails can be a great way to keep you and your team informed of the most recent wins:
You can customize this module to show the top performers for the past week as shown here. Not only does this provide your team with a nightly or weekly performance snapshot, it is another way to publicly acknowledge big wins. Follow up with an email to your team with a “Way to go, John! Great job getting 9 JOs!” to let them know you’re fully aware of their successes.
3. Be Fully Informed for Employee Reviews
You know that an employee is your top performer, but is that enough to make him or her feel fully appreciated? Is it enough to pat them on the back, or is it better to give them new challenges that keep them engaged and interested in their work? Do you know if they struggled through a tough quarter to hit their goals, or flew through with relative ease? You will if you have a robust and up-to-date Employee Scorecard.
Here, you can see an up-to-date snapshot of your employee’s most important and relevant activities. Easily compare him to the company average, or to another team member, to put his performance in context. Individual Activity Ratios are there to see how efficiently he has been working, showing you what stage was hardest. Going into a review with this information at hand, you can speak more intelligently to your top performer’s successes and problem areas so he or she knows that the two of you are on the same page. Also, neither of you will be bogged down with unnecessary information, scouring through pages of Excel for data points.
How much of a hit to your bottom line would it be to lose your top employee? Make sure you prevent any one of them from becoming a flight risk with better data intelligence.[button size=”large” align=”center” full=”false” link=”https://insightsquared.com/features/” linkTarget=”_blank” color=”blue”]Find out more »[/button]