Millennials -- those born between 1979 and 2000 -- have become the largest generation in the workforce today. However, they have very different expectations. Cloud-based talent management platforms thus not only help identify and recruit these candidates, but also helps motivate them, improve their productivity and identify new skills to learn once they start work. According to McKinsey research, these platforms could help boost global GDP by $2.7 trillion by 2025.
Retaining and managing existing talent
The cost of a bad hire is higher for SMEs. This leads to a potentially more feasible option of training and reskilling the existing workforce, and helping employees improve and succeed with ongoing feedback and coaching.
Effectively managing employee performance has never been more critical. SMEs need a workforce that clearly understands strategic business objectives to grow, expand and quickly adjust course as business needs evolve. It is not just about creating SMART (Specific, Measurable, Attainable, Realistic, and Timely) goals, but also a continuous ongoing dialogue between manager and employee about performance. This not only enables organisations to identify top talent, but also aide in their continued motivation, growth and success, which ultimately leads to organisational success.
A transformative approach to HR puts people first and provides employees with an overall experience that is both engaging and motivating. The strategic use of technology can help identify talent gaps in the organisation and better manage existing talent. By doing so, it gives SMEs the foundation to sing loud and proud on a global stage and enable SME business owners to be the overall winner in the competition for talent.
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