In today’s dynamic business landscape, fostering employee growth and engagement isn’t just a strategy; it’s a necessity. The concept of an internal “skills market” has emerged as a transformative approach to not only nurture talent but also curb the costs associated with turnover and disengagement within organizations.
.jpg?width=1920&height=1080&name=Talentguide%20(1).jpg)
Research shows the pivotal role of professional development in shaping an engaged and loyal workforce. Employees provided with growth opportunities show a 15% higher engagement level and a 34% boost in loyalty. Unfortunately, despite this understanding, significant challenges persist in the European job market: 34% of the workforce actively seeks new employment.
The financial toll of staff turnover is daunting, with direct replacement costs ranging between 50% and 60% of annual salaries and total expenses soaring between 90% and 200%. Disengagement among employees poses a multifaceted financial burden, amounting to as much as 18% of their annual salary due to factors like absenteeism and decreased productivity. Alarmingly, up to 87% of EU employees admit to feeling disengaged at work.
To overcome these challenges, companies are looking into technology platforms such as talentguide to have a better and more transparent overview of their human resources. By mapping current skill sets relative to the positions within a company, operations, and human resource managers can provide employees with a more meaningful career path. With talentguide, companies can save costs by reducing staff disengagement and turnover significantly.
By harnessing the capabilities of an internal skills market, as facilitated by talentguide, organizations can not only mitigate financial burdens but also foster a culture of continuous growth and engagement among their workforce.
Designed with operations and human resource managers in mind, talentguide offers companies the functionalities that help increase employee engagement and improve strategic resource planning.
Skills Analytics
Skills Analytics is talentguide’s strategic workforce planning solution. It enables human resource managers to build an effective workforce plan through a comprehensive analysis of the skills, abilities, and personalities of talents within the company.
By utilizing data from the talentguide Library, companies are able to strategically assess their existing skill sets and proactively identify the skills essential for future-proofing their workforce. This enables them to visualize evolving and expanding skill gaps, allowing for targeted training initiatives to ensure that all employees remain relevant and up-to-date in their roles.
Skills Passport
With the Skills passport, human resource managers can offer a more personalized experience and approach to upskilling and reskilling within the organization. talentguide’s Skills passport details an employee's current skills and strengths. It empowers HR managers to better personalize employee training.
talentguide’s skills passport enables employees to be more engaged and foresee the skills needed to stay relevant in their roles or future opportunities as well as proactively initiate smart reskilling and upskilling efforts.
talentguide Library
The talentguide Library is a database that actively monitors and captures the pulse of the labor market across industries. It provides HR managers insights on what skills are going to be obsolete, anticipates the emergence of new critical skills, and assesses how technology might reshape the importance of existing skills. The talentguide Library focuses on granular activities that are easy to understand for all, providing up-to-date descriptions of the needed skills to connect jobs, people, and education.
Ready to transform your company’s approach to talent retention and growth? Contact us for more information or schedule a demo.
