Ignoring These Talent Management Stats Could Cost You

Talent management in itself is a broad category. A lot of areas get covered under this wide umbrella, and it goes beyond just talent acquisition.

So if you are on your journey towards improving your talent management strategy, here are a few statistics that you should look at –

Performance Reviews

• 90% of performance reviews are painful and ineffective.
• 51% of employees believe annual reviews are inaccurate.
• Only 5% of HR leaders are satisfied with performance reviews.
• Managers spend 210 Hours A Year on performance management and employees spend 40 hours a year.
• 22% Of Employees have called in sick rather than face a performance review.
• 80% of employees prefer immediate feedback to annual reviews.

Employee Engagement And Loyalty

• 36% of workers would consider a position if it presented itself, and only 27% said they are not interested in a job outside their current company.
• 32% of employees said they need to leave their job to move forward in their career.
• 68% of employees would consider leaving their job if they didn’t feel supported by more senior employees.
• 75% of employees are happy at work, but nearly 8 in 10 said they’re likely to leave in search of another position after just one bad day on the job.
• More than 80% of employees would quit their jobs for better development opportunities.
• Reasons workers move for a job include better career opportunities (65%), desire for a change (44%) or fresh start (40%) and lower costs of living in other locations (33%).
• 70% of millennials said a company’s sustainability would impact their decision to stay with a company for the long haul.
• 43% of workers would be willing to leave their companies for a 10% salary increase, and weak company cultures are to blame.
• 44% of employees don’t feel they have sufficient opportunities for professional growth in their current positions.

Employee Recognition

• 25% of employees leave organizations due to lack of recognition.
• Over 40% of employees do not receive proper workplace recognition.
• Peer-to-peer recognition is 35% more likely to have a positive impact on the employee experience.
• Organizations with strategic recognition programs in place exhibit 28.6% lower frustration levels than companies without recognition programs.

Employee Wellness Programs

• More than 40% of all workers face high stress in their jobs, the negative effects of which spill over to other areas of their lives.
• In the city of Mumbai in India, a jaw-dropping 31% of professionals suffer from stress.
• In the last two years, more than $2 billion has been invested in venture capital in the well-being market.
• Global corporate wellness market is estimated to grow at a CAGR of 5.5% CAGR to reach revenue of $63.26 billion by 2022, as per a recent study from IndustryARC.
• Two-thirds of organizations now state that well-being programs are a critical part of their employment brand and culture.

Diversity & Inclusion

• Companies in the top tier for racially and culturally diverse executive teams were 33% more likely to experience above-average profitability than companies in the bottom tier.
• 40% of workers across generations and genders feel socially excluded or ignored at work.
• 37% of workers surveyed who left jobs in tech said they left those jobs because of mistreatment or unfairness. 
• Companies in the top quartile for gender diversity on their executive teams were 21% more likely to experience above-average profitability than companies in the bottom quartile.

Inside The Candidate’s Mind

• 51 percent of job seekers say their preferred source for finding a relevant new job opportunity is an online job site, such as Glassdoor.
• 58% of candidates cited clear and regular communication as their most important aspect in accepting an offer, followed by clear expectations (53%) and feedback regarding rejection (51%).
• 62% of job seekers prefer a short process for recruitment that completes itself in two weeks.

Take note of these realities, notice the trends in your organization and take the next steps accordingly. Employee recognition and wellness clearly need to be the top priorities.