#Top Employee Retention Strategies For 2022 | Explore Tumblr posts and blogs

tritonmarketresearchamey · 3 months ago

Text

Contact Center Software Market: Industrial Expansion Supports Solution Services

In the constantly changing business landscape, customer experience has become an integral part of any organization’s success. Estimates points out that each year, companies lose approximately $75 billion worth of revenue owing to poor customer service. Moreover, around 35% of customers want support agents to resolve issues in one call. Given these conditions, the number of call centers has soared over the years, with companies investing heavily in contact center software to ensure high customer retention rates.

As per Triton’s analyst report, the global contact center software market is expected to gain $60.18 billion by 2028, advancing with a CAGR of 13.57% during the forecast period 2022-2028.

Given the changing consumer behavior trends, companies adopt software solutions to automate operations, offering an all-inclusive experience. For instance, Nice CXone is a cloud-based solution offering analytics, automation, and CRM integration that elevates customer experiences, promoting the global market’s growth.

Along with CXone, some of the other top contact center software include:

Genesys Cloud CX solution follows customer interactions, offering agents the context to offer personalized experiences. The all-in-one platform also helps engage employees, boosting the team’s performance. The major factors supporting its adoption include real-time dashboards, remote insights to agents, and weekly upgrades. Recently, Genesys partnered with Indian Hotels Company (IHCL) to rediscover the contact center strategy and improve customer engagement.

Talkdesk’s suite of software has also gained significant momentum globally. The automation-first customer experience solutions amalgamate enterprise scale with consumer simplicity. From CX cloud to industry experience clouds, the software has been adopted by notable companies like Fujitsu, IBM, Acxiom, etc. The company’s business phone system built on the cloud decreases costs and supports a hybrid workspace, supporting the software’s high demand.

Aircall is another cloud-based phone system that has gained popularity as it helps agents add numbers from over 100 nations, ensuring clear communication. The real-time analytics and easy accessibility via desktop or mobile app have heightened its demand. For instance, HubSpot invested in Aircall to elevate efficiency and encourage sales.

Geographical Landscape: Latest Trends & Key Segments

The service sector has evolved with the advent of technologies such as big data, AI, and machine learning. In this regard, customer relationship management along with predictive analysis technology monitors consumer behavior, leading to solutions for higher customer retention. The industrial expansion has also supported the deployment of contact center solutions, especially in North America and Asia-Pacific.

North America leads the contact center software market

North America’s contact center software market is expected to advance with a CAGR of 10.63% during the forecast period 2022-2028. The region’s robust growth is due to the expansion of the IT, telecom, and BFSI industries. As per estimates, companies in the US lose approximately $136.8 billion due to consumer switching. This has influenced the adoption of contact center solutions to resolve customer complaints, improve feedback, and avoid revenue loss.

Among these industries, the BFSI industry is a leading end-user in the market. The contact center solution has enabled the industry to prevent security threats and establish centralized control over banking operations, including customer relationship management.

Asia-Pacific expected to witness the fastest growth with a CAGR of 17.42%

Rapid and wide-scale deployment of emerging technologies, including cloud and predictive analysis, have advanced the contact center capabilities immensely. Moreover, the growing awareness about consumer rights has increased queries and complaints, leading to high demand for better customer experience solutions. Organizations are thus heavily investing in solutions to improve customer retention rates, thereby driving the Asia-Pacific contact center software market.

In terms of delivery mode, the cloud solutions category captures the majority of shares. This is because companies shift from on-premise to cloud-based solutions to scale operations. As per sources, a shift to the cloud improves customer call rates by around 5%, decreasing the average speed of answers by around 50%. Thus, these factors generate numerous opportunities for the market.

Concluding Considerations: Personalized Services to Open New Avenues

In a highly competitive market space, companies need to strengthen their footings with novel solutions like personalization. Based on industry sources, around 93% of companies have witnessed an increment in conversion rates due to customization. Besides this, approximately 65% of consumers have stated that personalization induces brand loyalty. In this regard, the integration of CRM solutions with agent desk software helps representatives access entire customer data, supporting custom solutions to address queries. Thus, the growing trend of personalized services is anticipated to promote the contact center software market’s growth in the upcoming years.

FAQs:

Q1) What is a cloud contact center solution?

A cloud contact center solution helps businesses handle customer service operations on the internet through multiple channels, including email, call, chat, and social media platforms.

Q2) What is the size of the contact center software market?

In 2021, the global contact center software market earned $24.82 billion. It is expected to garner $60.18 billion by 2028.

#Contact Center Software Market #ict #triton market research #market research reports

0 notes

stratefixconsulting · 5 months ago

Text

Employee Retention: All you need to know about it!

Oh NO, not again!

“Employees don’t leave companies, they leave people!”

– Dale Carnegie

Let that sink in …

A company is not always judged based on its balance sheet; providing job satisfaction to its employees is also a major factor that impacts a company’s reputation!

Employee resignation which in this age is popularly known as; ‘The Great Resignation’ continues to remain a concern for more than a couple of years now. Statistical data from the World Economic Forum says that in 2022 an average of “1” out of 5 employees quit their jobs globally. As much as these figures are staggering, so is the concern for this trend.

Retention Relevance:

“To win the marketplace, you must first win the workplace.”

– Doug Content

Your employee is not through your business but it is the other way around!

Attrition will not only spoil the company image and morale but also make a remarkable dent on the Balance Sheet :

Costing Flies towards the Sky

Customer Dis-satisfaction and in turn Retention

Divert the Director’s Focus

Productivity sucks

New Talent Acquisition and Overall Culture

Well said by Peter Sticker,

Culture eats Strategy for Breakfast

Attrition creates biggest negative impact on Culture of Organisations which curates the germs of insecurity, blurred future and in turn distrust towards the Organisation.

Psychology of Employees and Their hidden Needs:

“Employees who feel a sense of belonging tend to stay engaged, productive and are far less likely to leave, so to keep the good employees; invest in belongingness.”

– Adam Mambo

When people take a job, they look for a mix of goals!

Examples of other things that any sensible employee looks for can be:

Company culture

Personal and professional growth

Feeling of belongingness

Being heard

Being cared for

Appreciation

Inclusiveness

Being understood

Being trusted

Being valued

An employee feels respected and sought after when they are treated like an asset by their company. The feeling of ‘giving back’ to their company often takes over on a satisfied individual. Any human would work his / her strength out for a company they feel attached to. Undoubtedly it is a circle of actions that shape out of, good company-behavior to good employees work ethic to and customer satisfaction and finally leads to growth for all; but this circle has to be started by the company and its leadership.

“People work for money but go an extra mile for recognition, praise, and rewards.”

– Anonymous

What goes in the core of building the company will return back like a boomerang.

It is an open secret that every team will be filled with members having IQ and EQ at different levels. All members of a team are not going to be on the same page at all times. Nonetheless, the onus lies on the shoulders of the leadership to ensure unity.

Despite the efforts to draw a unified and streamlined approach companies fail to achieve it.

Non Financial Parameters affecting the Culture :

Internal politics,

Groupism,

Favoritism,

Bad-mouthing,

Verbal disrespect

Failure in recognizing performance,

Unnoticed efforts,

Lack of appreciation,

Injustice,

Poor personal support,

Skewed work-life balance,

Faltered pay hike and omitted promotion

The more unhappy an employee is, the more the probability of them resigning. The higher the rate of unfairness meted out to good employees easy will be the string of resignations that follow. When other employees can see how the leadership or company is careless in handling good people, even they lose interest in sticking in.

Focus A : The Tipping Point:

“Start the retention process when the person is still open to staying, not after they have told you they are leaving.”

– Jeff Weiner

The direst of puzzles become easy after a tipping point and so does the puzzle of talent retention!

Remember, Culture moves from Top to Bottom.

It is up to the top management (leadership) of the company to ensure all the people are given due respect, protection, opportunity, a lending ear, appreciation, growth, prejudice free and unbiased environment and most importantly justice. This will in turn encourage employees to treat each other with grace and the customer in a more hospitable manner.

Train them, trust them, applaud them for them to feel valued and thus willing to stay. When the best people win and are acknowledged they stay with the company. Treat them right. Even one dissatisfied and wronged employee can cause a downfall.

Focus B : The Winning point:

“If you take care of your employees, they will take care of your customers and your business will take care of itself.”

– J W Marriott

Value your employees as individuals and not just a human-resource!

The recipe to retention can come from, treating them with inclusiveness, encouraging expectations, helping them grow, competitive remuneration, and nurturing their skills.

Tools to Enhance the Retention of Employees:

Annual review cycles

Monthly feedback systems,

SOP in their problem solving at professional as well as personal level

Retention-pie

Employee Happiness Index

0 notes

shristisahu · 8 months ago

Text

Exploring the Workforce Analytics Market Across North America, Europe, APAC, South America, Middle East, and Africa - US, China, Japan, UK, Germany - Projections and Trends 2023-2027

Originally Published on: TechnavioWorkforce Analytics Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, UK, Germany - Size and Forecast 2023-2027

The workforce analytics market is poised for substantial growth, with an anticipated surge of USD 1,858.84 million projected between 2022 and 2027, at a CAGR of 15.42%. This growth is fueled by various factors, including the critical need for efficient labor management and recruitment, the increasing adoption of cloud-based solutions, and the integration of automation in HR processes.

What will be the Size of the Workforce Analytics Market During the Forecast Period? Workforce Analytics Market Size

Access the Report Sample for comprehensive insights

Key Drivers, Trends, Challenges, and Customer Landscape

Efficient workforce management and recruitment emerge as pivotal drivers of market growth, despite challenges like the scarcity of skilled labor. By analyzing data from 2022, our researchers have identified key drivers, trends, and challenges, aiding companies in refining their marketing strategies for a competitive edge.

Key Driver

The escalating demand for efficient workforce management and recruitment serves as the primary catalyst for market expansion. These solutions empower organizations to make data-driven decisions about human resources, providing insights into employee productivity, engagement, retention, and other critical metrics. Analytics enable organizations to streamline hiring processes, enhance employee engagement, and retain top talent.

Significant Trends

A noteworthy trend shaping the market is the rising adoption of mobile applications for workforce analytics. Organizations recognize the importance of making analytics accessible via mobile platforms, allowing managers and employees to access essential labor metrics and insights remotely.

Major Challenge

The scarcity of skilled labor presents a significant challenge to market growth. Companies investing in data analytics struggle to find proficient professionals capable of executing their strategies. These analytics require expertise in data analysis, statistical modeling, and business strategy, yet many organizations struggle to find qualified individuals with the necessary skills and experience.

Key Market Customer Landscape

The market report covers the adoption lifecycle from innovators to laggards, focusing on adoption rates across different regions and key purchase criteria. This assists companies in evaluating and devising growth strategies.

Who are the Major Workforce Analytics Market Companies?

Leading companies employ various strategies such as alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to strengthen their market presence.

Fastest-Growing Segment

The retail segment is poised for significant growth during the forecast period. Analytics play a crucial role in identifying optimal HR strategies in the retail sector, facilitating budget management, productivity optimization, and recruitment enhancement.

Key Regions

APAC is expected to contribute 33% to the global market growth, while North America remains a key region driving significant market expansion.

#WorkforceAnalytics #MarketForecast #HRAnalytics

0 notes

vantedgesearch23 · 10 months ago

Text

Unlocking Talent: Exploring the Top Sourcing Channels for Recruitment

Table of Content

Acquiring the talent

Various channels to source the best talent

Sourcing the best talent requires organizations to be constantly updated on the leading sourcing channels for recruitment and improve their methods. This includes looking for candidates beyond the usual channels and incorporation of more data-driven decisions in the process.

Employees are the soul of any organization. Your business flourishes or stagnates depending on the capabilities, inspiration, and attitude of your workforce. Both employees and leaders should share the organization’s philosophies and vision, and comprehend and work towards achieving the greater objectives they’re attempting to accomplish.

With retention getting more and more difficult than ever, organizations need to get innovative in terms of how they track new talent and bring them on board.

Acquiring the talent

Sourcing talent or candidates, as part of talent acquisition strategy, is a continuous process. It means proactively searching for the best likely candidates for open or future positions in an organization. At the point when a position opens abruptly, an organization can be ready to move somebody in immediately. Rather than being compelled to skim through resumes or discovering somebody who remotely meets the prerequisites without prior evaluation, businesses can be prepared for any usual or unexpected hiring requirements.

As per the Society of Human Resources Management, sourcing centers around finding as much many relevant, qualified information. That includes names, titles, and responsibilities, which provide meaningful insights into candidate expertise and experience.

Various channels to source the best talent

These are different sources of talent that can be leveraged effectively.

Your company website

Focusing your strategy on pulling candidates into your own website rather than spending a ton of money on sending them to other sites will give you the opportunity to capture their data and your recruitment software can then further help you track and start nurturing them into placements using email, job alerts, etc.

Job alerts and emails

If your organization frequently posts job openings on its website, it’s a good idea to encourage candidates to register on your site, or subscribe to your job alerts. Even if a particular set of openings may not be relevant to them, it still allows you to open a line of communication with them and keep them engaged with updates on open positions and important company news till they decide to approach you for a suitable opening.

Relook at and revise your candidate engagement strategy to boost subscribers and expand your candidate pool in 2022. For example, an easy to locate ‘Share you CV’ button on your homepage or job openings page is a simple and efficient way to capture candidate information and communicate with them.

Employer branding

According to a LinkedIn report, around 75% of jobseekers research a company’s brand before they’ll even consider applying for a role.

When hiring or planning a new recruitment campaign, share positive company culture content, testimonials from employees, or create a video or blog post to tell candidates more about the department or function you’re hiring for.

Such content gives candidates an insight into the culture and nature of the organization they are considering working for and creates a strong impression. That way, even if a candidate isn’t looking for a new role right now, when they do start looking, they are likely to think of you first.

Job boards

Job boards continue to be a very important tool for organizations in their marketing and talent acquisition strategy and boosting the visibility of open job positions. However, it is as important to know when to stop relying on job boards when they do not deliver any results.

Look at job boards as a tool to boost the reach of your postings or specific roles that you think are better suited to be advertised on online channels, rather than using it as the sole channel for every job role you are searching for.

Employee referral programs

Candidates trust other candidates and current employees more than any form of employer branding you may spend tons of money on. Studies show that employee social media profiles have 10 times more engagement than company job pages. Therefore, capitalizing on your existing employees as a source for candidate referrals will be important in driving successful hiring in 2022 and beyond.

Specialized Recruitment Channels:

While traditional methods of sourcing talent are effective, there comes a point when specialized roles, especially at the executive level, require a more targeted approach. This is where Executive Search services become invaluable. Executive search firms specialize in sourcing top-tier talent for senior, executive, or other highly specialized positions. They utilize their extensive networks and industry expertise to identify and attract candidates that are not only qualified but are the right cultural fit for your organization.

LinkedIn is at the center of most recruiters’ engagement strategies and when used right, it can make sourcing the right candidates very simple and manageable.

Your LinkedIn strategy for 2022 needs to be unique and innovative to distinguish your employer brand from and truly show why candidates must consider your organization. This can help you attract the hard-to-reach candidates other companies are unable to find or engage due to any number of reasons.

Facebook

Facebook has a large and powerful user base for certain demographics and markets (for example, blue-collar workers and older professionals). Also, unlike LinkedIn, people engage more on Facebook groups, which makes it a valuable channel for sourcing candidates with skills that are harder to find otherwise.

Also read: Talent + Data = A winning formula for your enterprise

The global talent sourcing domain is evolving rapidly. How to get sourcing talent acquisition right in a rapidly changing environment? At Vantedge Search, we help you find the most suitable executive leadership with our global network of diverse multi-domain talent. Feel free to reach out to us today and we’d more than happy to help you find your ideal leadership candidate.

#sourcing channels for recruitment #sourcing talent acquisition #global talent sourcing #talent sources

0 notes

spacematrixdesignconsultants · 11 months ago

Text

Employee Engagement Spaces: How Innovative Workplaces Keep Employees Motivated

Employee engagement is one of the hallmarks of a motivated and productive workforce. When we talk of a committed workforce, it is one that remains dedicated to organisational success and driven by an urge to contribute their best efforts. Yet, as of 2022, only 23% of the world's employees were actively engaged. It leaves a substantial majority disengaged and potentially disillusioned.

Recognizing the imperative to boost employee engagement, many organisations today are turning to innovative workplace solutions to revitalize their teams. To understand this concept better, this article explores the critical role that employee engagement spaces play in modern workplaces. We will also look at the workplace design strategies that inspire employee motivation to foster a more connected, productive workforce.

The changing dynamics of workplace designs

Today's modern work environment has undergone a marked change from the traditional office setup. There’s been a significant shift towards personalization. With the emergence of millennial employees in the workforce, the priorities and expectations have evolved. Besides comfort and functionality, millennials also seek workplaces that foster creativity and flexibility.

They desire all the comforts and conveniences, along with cutting-edge technology, to facilitate their work. Therefore, in times of changing workplace design trends, companies that truly excel are those that recognize and embrace the demands of their modern workforce. And why not, as attracting and retaining top talent remains a priority. It has thus become one of the essential elements in the pursuit of organisational success and employee satisfaction.

The role of creative workspaces in keeping employees happy

Creative workspaces are innovative environments that provide employees with spaces that inspire and encourage their creativity. It enables them to bring fresh perspectives that ultimately impact the organisation's bottom line. Breaking away from traditional, monotonous office layouts allows creative office designs to offer an engaging atmosphere that helps keep employees motivated.

These settings feature flexible seating arrangements, collaborative zones, pantry areas with a home-like feel, and more. Together, these aspects promote community and collaboration among team members. Moreover, diverse and inspiring design elements in these spaces enhance job satisfaction and boost employee morale.

A revitalized workspace is thus the best bet, contributing to increased productivity and job retention. Moreover, creative workspaces highlight a company's commitment to employees' happiness and well-being, which can drive individual and organisational success.

Tech-friendly workstations for the win

In an era driven by technology, providing employees with workstations equipped to support their digital needs is critical in ensuring efficiency. These workstations seamlessly integrate the latest technology and software solutions. This makes it easier for employees to collaborate and access the information necessary for their roles.

Tech-friendly workstations help organisations empower their workforce and stay ahead regarding innovation and competitiveness. Furthermore, the adaptability and convenience of such workstations enhance overall job satisfaction as employees can work more efficiently. Thus, tech-friendly workstations are an essential element to set the stage for organisational success.

Getting future-ready to boost employee engagement

The role of creative workspaces is much more prominent in maintaining a motivated workforce as we navigate the changing dynamics of the modern workplace. Embracing the shift towards individualized, tech-friendly workstations is essential to attract and retain top talent. Furthermore, it is a critical element in enabling employee satisfaction and remaining competitive.

Recognizing this, our leading design consultancy specializing in workplace design can help you in your journey to create future-ready, engaging environments. Partnering with our experts will help you get workspaces that meet the growing demands of the workforce and foster innovation and collaboration. Contact us today, and let us guide you in ensuring the sustained engagement and well-being of your most valuable asset – your employees.

#modern office ideas #space matrix #office modern design #space matrix service #modern office interior design #space matrix designing #workplace designs #workplace interiors #office interior design #workplace stratergy

0 notes

mylocalskill · 1 year ago

Text

Falling Short of Hiring Goals in Manufacturing: Challenges and Solutions

Recruiting for your factory can be a tough nut to crack, and you're not alone in facing this challenge. In fact, the numbers tell a story of their own. Talent teams in the manufacturing sector managed to meet just 44% of their hiring goals in 2022, marking the lowest attainment across all sectors surveyed in our Hiring Insights Report.

It's no secret that the manufacturing industry has been grappling with talent acquisition for some time now. As we look ahead, the prospect of reaching your hiring goals this year might seem like a distant horizon. But fear not, there are solutions at hand, and we're here to guide you through them.

Understanding the Challenge

Before we delve into solutions, it's crucial to grasp the root of the issue. Why is the manufacturing sector struggling to meet its hiring goals? Several factors contribute to this challenge:

1. Skill Shortages: Finding skilled candidates with the right expertise can be like searching for a needle in a haystack. The demand for specific skills often outpaces the supply in the job market.

2. Evolving Job Roles: As technology advances, job roles in manufacturing are evolving. This means candidates need to adapt and upskill, and companies must adapt their hiring strategies accordingly.

3. Competition: The manufacturing sector faces stiff competition when it comes to attracting top talent. Candidates often have multiple job offers, making it harder for companies to secure their preferred candidates.

Solutions on the Horizon

Now that we've identified the challenges, let's explore the solutions that can help your factory bridge the gap and get closer to those hiring goals:

1. Partnering with Manufacturing Recruitment Agencies

Manufacturing recruitment agencies are your secret weapon in this battle for talent. They specialize in understanding the unique needs of the industry and have an extensive network of candidates with the skills you require. These agencies can help you streamline your recruitment process and identify candidates who are a perfect fit for your factory.

2. Embracing Training and Development

In a world where technology and job roles are constantly evolving, investing in training and development programs for your existing workforce can be a game-changer. By upskilling your current employees, you not only fill skill gaps but also improve employee retention.

3. Attracting the Right Talent

To compete effectively, your factory must become an attractive proposition for potential hires. Highlight your company's culture, benefits, and growth opportunities. Showcase what makes your workplace unique, and you'll stand out in the eyes of candidates.

4. Leveraging Technology

Incorporate technology into your recruitment process. Applicant tracking systems (ATS) and AI-powered tools can help you streamline candidate sourcing and selection, making your hiring process more efficient and effective.

5. Building a Talent Pipeline

Don't wait until you have an immediate vacancy to start recruiting. Build a talent pipeline by consistently engaging with potential candidates. This proactive approach ensures you have a pool of candidates ready to fill roles as they become available.

Conclusion

Meeting hiring goals in the manufacturing sector is undoubtedly challenging, but it's not an impossible task. By understanding the unique challenges, partnering with manufacturing recruitment agencies, investing in training, showcasing your company's strengths, leveraging technology, and proactively building a talent pipeline, you can increase your chances of success.

The manufacturing industry is evolving, and so should your recruitment strategy. While it may take time to see significant improvements, these steps will set your factory on the path to a brighter hiring future. Remember, you're not alone in this journey, and there are resources and experts ready to assist you in reaching your hiring goals. Manufacturing recruitment firms are your trusted allies in the quest for top talent.

#manufacturing recruiting firms #manufacturing recruitment agencies #manufacturing staffing agency

0 notes

saintmeghanmarkle · 1 year ago

Text

Netflix adapts new biz strategy behind Suits' success; Megain Markle laughably takes credit in spite of her objectively spectacular failure by u/cozymayo

Netflix adapts new biz strategy behind Suits' success; Megain Markle laughably takes credit in spite of her objectively spectacular failure I've seen a few stories on Suits' recent success on Netflix that I thought my fellow sinners might find interesting. Since launching on the platform in mid-June, Suits has generated over three billion minutes of streaming time — a record for a licensed show.As Megain Markle feverishly cranks out puff pieces to distract from public allegations of being a grifter and clinical sociopath — as well as rumors of an imminent divorce — some of us have noticed her hilarious attempts to take credit for Suits becoming a surprise hit on Netflix. This is gaslighting at its finest. Not only are we expected to believe that a minor character who was written out of the show halfway through is the reason so many are watching. We're also being asked to accept that this unprecedented streaming record is all thanks to someone who had her own Netflix series canned before it ever saw the light of day, and was also:Fired from Spotify for producing abysmal contentPublicly called a "fucking grifter" by a Spotify execPublicly described as talentless by a major talent agent and entertainment industry execThe real reason Suits is doing so well? IMO it all boils down to Netflix's new business strategy. The company was previously focused on hyper-growth and acquiring as many users as possible. Now it's scrambling to retain them. In 2021, with millions of its customers stuck at home during a global pandemic, Netflix was churning out a new movie every week. Then in 2022, everything went to shit. Netflix lost over 2 million subscribers in six months and $54.4 billion in market cap overnight — the largest single-day decline in history.Netflix has made several adjustments in 2023 to recover. It laid off hundreds of employees, introduced a cheaper ad-supported subscription and cracked down on password sharing. Netflix also switched gears to focus heavily on retention. Suits dropped eight seasons on the platform at once — it makes sense that Netflix would promote a show that gives its users a shit ton of content to get through, so they hopefully postpone or even refrain from canceling their subscriptions.This is all part of a broader strategy created by experienced business professionals at Netflix — a publicly traded company that is still worth $194 billion, in spite of its setbacks. Megain Markle is a D List cable TV actress who ran a lifestyle blog and was briefly connected with the BRF. She's also a fucking joke who couldn't even manage her own 12-episode podcast. But, of course, that doesn't stop Madam from swooping in, right on cue, to take credit for other peoples' work.Side note but I thought this observation was interesting:The three billion minutes viewed generated a lot of headlines. But what does that really mean when more than 120 episodes were all made available at once? (By comparison, The Lincoln Lawyer, also on Netflix, generated 1.4 billion view minutes in its first week on Nielsen’s Top 10, with just 15 episodes.)LMK your thoughts and opinions, sinners! Would genuinely love to hear. post link: https://ift.tt/xWYbJwF author: cozymayo submitted: August 09, 2023 at 09:37PM via SaintMeghanMarkle on Reddit

0 notes

corecompetency-blog · 1 year ago

Text

Utilizing Predictive Analytics for Effective Talent Management

While there may be no magic crystal balls, companies still possess the capacity to peer into the future. Buried within recruitment decisions, performance evaluations, and employee engagement surveys are trends that can guide businesses in making informed, data-driven choices for their future. The key lies in discovering how and where to search.

By skillfully employing predictive analytics—leveraging historical and current data to foresee upcoming events—organizations can enhance their recruitment processes, predict skill gaps, prevent employee turnover, and respond to significant disruptive occurrences.

That explains the nearly 50% increase in predictive analytics adoption over the past three years, as a 2022 SkyQuest Technology survey reported. Company leaders who utilize workforce analytics claim to have a more profound comprehension of their talent requirements than those who don't. They also express higher satisfaction with their overall HR operations.

However, the survey also disclosed that 42% of businesses do not use workforce analytics, which may result in missed opportunities and the perpetuation of incorrect assumptions.

Organizations of all sizes can profit from examining their historical and current data, using it to foresee potential future developments and determine the appropriate reactions. However, it is crucial to recognize that predictive analytics does not merely extend previous trends into the future.

Intelligent Recruitment

Recruitment and expansion are natural entry points for implementing predictive analytics for numerous organizations, as these HR functions are vital to business strategies. For example, a 2022 Talent Acquisition Trends study by Lighthouse Research & Advisory, a company that investigates critical HR trends and technologies, reveals that 83% of talent executives consider hiring to have evolved from an HR priority to a business-level priority.

It is insufficient for HR to merely be aware of their workforce size. Instead, HR leaders are frequently expected to predict future skill demands and pinpoint potential turnover issues and solutions. In a modern workforce, this implies that organizations should base their hiring decisions on the skills required for current and future employees.

Predictive analytics can offer more profound insights by comparing a job applicant to a profile of an organization's most successful employees. Companies can develop a model of an "ideal" employee based on the skills, competencies, and experiences of employees who have excelled within the organization.

The objective is not to generate a group of identical replicas but to recognize qualities that might enable employees to succeed in a specific company. Recruiters can then employ this model and technology, such as applicant tracking systems and competency management systems, to help narrow a list of job applicants.

Retaining Top-Performing Employees

Recruiting an employee is merely one aspect of the challenge. The other crucial factor is retaining them. In addition, employee retention is a domain where companies can effectively utilize predictive analytics.

Information that most HR departments or organizations already monitor—employee engagement rates, duration since the last promotion, performance appraisal scores—can be input into predictive tools to help pinpoint indicators that suggest employees who are at risk of leaving. Recognizing why employees are likely to depart a company enables HR to implement retention strategies. That can save businesses money on recruitment, training, and lost productivity in the long term.

A recent Gallup study demonstrates the significant impact of managers regularly engaging with their employees. Although only 1 in 3 global employees strongly agree that someone has discussed their progress in the past six months, employees who receive important feedback at least weekly are half as likely to seek a new job, according to the survey findings.

Where to Concentrate

Despite considerable support from business leaders, the SkyQuest survey discovered that only 20 percent of organizations extensively use analytics. The primary barriers identified are a lack of funding, a lack of expertise, and a lack of data.

Both large and small companies can encounter these challenges. More prominent companies may be inundated with excessive data, while smaller ones might need more data to derive valuable insights. For instance, examining historical data on why female managers depart from a company may be less helpful for companies with only a few female managers. However, there are measures HR can take to tackle these issues.

Predictive analytics may be more beneficial if applied to a few critical areas rather than creating forecasts for many. People analytics experts agree that having a human perspective when making predictions is vital.

Looking to harness your HR data for valuable insights? At Core Competency, we have the expertise and resources to help you accomplish your goals. Connect with our client success representatives today for assistance.

If you have any questions on “Behavioural Assessments”, please feel free to contact: [email protected] or get in touch with us through our website.

#Talent Management #Talent Management system

0 notes

mystlnewsonline · 1 year ago

Text

Knodell - Nickelson Elevated to Full Status Directors

Missouri Governor Pason elevates acting directory Knodell and Nickelson to full-status directors. JEFFERSON CITY, MO (STL.News) Yesterday, Missouri Governor Mike Parson announced that he is elevating Department of Social Services (DSS) Acting Director Robert Knodell and Department of Health and Senior Services (DHSS) Acting Director Paula Nickelson to full status Directors of their respective Departments. Their appointments will become effective tomorrow, June 2, 2023. "We have greatly enjoyed having Acting Directors Knodell's and Nickelson's perspectives in our Cabinet and have been extremely impressed with their leadership at DSS and DHSS," Governor Parson said. "They have accomplished a lot for the state of Missouri. From improving customer service to helping bring an end to a pandemic, they work hard for the people of Missouri, and we're excited to announce them as full-status Directors. We have much left to accomplish for Missourians, but with both of them in our Cabinet and on our team, we know we can get it done." DSS Director Robert Knodell Knodell has served as DSS Acting Director since October 17, 2021. Since assuming leadership at DSS, Knodell has focused on improving workforce compensation, enhancing employee recruitment and retention strategies, and reducing staff turnover rates. In addition, working with Governor Parson and the General Assembly, he has helped secure pay increases for all DSS team members and shift differential pay increases for the evening and overnight congregate care staff. Additionally, Knodell has successfully worked to accelerate new technology projects to replace and upgrade antiquated systems to more efficiently manage workloads and to better serve the more than 2 million Missourians who utilize DSS programs. He has also focused on improving customer service and stakeholder relationships with partners and advocates. Previously, Knodell was a member of Governor Parson's senior staff, serving as Deputy Chief of Staff, a position he held from June 2018 to October 2021. Knodell also served briefly, from April 2021 to September 2021, as the Acting Director of DHSS to provide stability within the Department until a permanent replacement could be found. During his time in the Governor's Office, Knodell played a key role in implementing Governor Parson's policy priorities across all Executive Branch agencies. Additionally, during the COVID-19 pandemic, he served as the Governor's Office designee who oversaw much of the state's response efforts and vaccine rollout. DHSS Director Paula Nickelson Governor Parson named Nickelson as DHSS Acting Director on March 1, 2022. Since then, Nickelson has been planning for and executing workforce enhancements for both the department and partners in local public health and health care throughout the state. She has focused on the adoption of a new model for public health in Missouri, which describes foundational programs and capabilities that must be available to every Missouri resident and in every community to assure the best opportunity for health. Nickelson has been working to modernize systems to provide more efficient services to Missourians. Additionally, Nickelson is prioritizing some of the top issues affecting Missourians, such as maternal mortality and opioid misuse, by ensuring that policy and programmatic recommendations are being pursued and implemented. Nickelson, a Missouri native, has served within DHSS for more than 23 years and has a distinguished career in public health and health care management. She has been a leader in several program areas, including maternal-child health, chronic disease prevention, and emergency preparedness and response. Nickelson was also involved in the state's H1N1 response and planning efforts following the 9/11 attacks. She was instrumental in a number of COVID-19 response efforts. She helped establish the state’s first Personal Protective Equipment (PPE) warehouse, led an interagency team that implemented the "box it in" COVID mitigation strategy for long-term care facilities, oversaw the state’s antigen testing program and led the implementation of the state’s decontamination system for N95 masks for health care workers when resources were still scarce. Nickelson also developed strategies to establish state-funded monoclonal antibody infusion sites and was part of the team responsible for providing healthcare staffing support to healthcare facilities and serving federal medical assistance teams for state healthcare augmentation. Read the full article

0 notes

w-ht-w · 2 years ago

Text

The importance of tracking / celebrating small wins

Takeaways: celebrate early + small; in the interim; at the top; + at the end of each day. Track progress (small wins jar; journaling). Celebrate/thank/share progress w/ others to help it stick / be more joyful.

Also, studies show that novel setting/environment helps with memory retention. So it would make sense that celebrating in a novel setting/environment can help reinforce our progress and identifying with an emerging identity.

1. https://hbr.org/2022/01/celebrate-to-win

Every initiative — or growth journey — we undertake, whether personal or professional, can be modeled by an S Curve of Learning. At the base of the S we are on a launch point where we encounter fruitful struggle. Resources and expertise may be in short supply. Growth is slow, sometimes hard to discern, but it is happening. Small, achievable goals and appropriate metrics help us see momentum and experience early victories. As expertise and momentum build, we tip into a sweet spot of competence, a phase of rapidly accelerating progress and productivity. Many projects may come to successful completion during this time. Eventually, however, our growth slows as we approach mastery. The top of the S can be a danger zone of boredom and stagnation. It’s time for a new challenge.

Eventually we do have to move on to a new challenge but it’s important to remember that celebration is itself an important milestone on the S Curve, whether it’s an individual’s, a team’s, or an entire organization’s S Curve.

As I said, most organizations do not seem to have a celebration strategy, and individuals also have an “on-to-the-next” mindset, as though it is contrary to productivity and efficiency to relish, even briefly, reaching our objectives. Nothing could be further from the truth.

Fortunately, it’s easy to integrate celebration into your life and organization. Start with these four strategies:

Celebrate early and small.

Progress is hard won early in a challenge (the launch point on the S Curve). It can be discouraging and require painful perseverance. So why wouldn’t we celebrate the early victories, no matter how small?

Celebrating small wins stimulates dopamine release in the brain, a feel-good chemical that reinforces the learning experience and strengthens our sense of connection to those we work with. Change and growth are promoted through positive emotions more than through disciplined practice. Keep in mind that celebration is an experience and, in the workplace, it is most effective when shared with colleagues. It is not a certificate, a gift card, or an employee of the month parking spot, although those rewards may serve a purpose too.

Just as the accomplishments we celebrate don’t have to be large, our celebrations don’t have to be grandiose; they just need to be meaningful. ... This psychologically powerful acknowledgment, though small, should never be skipped.

Celebrate in the interim.

... many smaller mountains will be scaled en route to the ultimate summit. Celebrate all of them. ... Whenever an objective is achieved, have a plan to commemorate it, even if the actual objective and commemoration are modest. Make sure individuals recognize their own achievements and know that their managers and teams recognize and appreciate them too. Celebration reinforces lessons learned, practices adopted, and strengthens the foundation and esprit de corps for future accomplishment.

Celebrate at the top.

This seems obvious, but apparently it isn’t. ... Even for the big, ultimate events, we struggle to hit pause on our busyness to truly acknowledge the mountain conquered. Fred B. Bryant describes celebrating his victory atop Snowmass Mountain in Colorado, in Savoring: A New Model of Positive Experience, coauthored with the late Joseph Veroff. Bryant had attempted the climb twice previously, without success. He knew it was unlikely he would ever return. So he lingered with his friends, taking in the spectacular view, and committing the sensations of the moment to memory: the smell of the air, the sound of the wind, the details of the scenery. He mentally reviewed the challenges he had overcome to reach this moment. Then he embraced his friends—his climbing colleagues—and expressed his gratitude to have shared the climb and the celebratory moment with them. In all, he spent about ten minutes at the summit, basking in the joy and poignancy of the moment of mastery.

Your mountain might be landing a dream job, a product launch, closing the deal with a big client, going public, or one of many common, but uncommon for you, events. The celebration need not be long or elaborate but it must be meaningful.

Celebrate the day.

Each day is an S Curve of its own. I encourage you to think of them this way. Take a few moments in the morning before engaging in tasks — even before reading email — to think through the day to come. What is the most important objective to achieve today? This is the mountaintop, the summit of the day’s S Curve. Whatever else the day requires, keep this critical objective the top priority. The morning contemplation is your base camp from which to attack the climb. At the end of the day, celebrate achievement, or your progress toward it. ... celebration can be as simple as looking in the mirror and claiming, “Victory.”

"...when you feel too comfortable, you have to move….It’s like in climbing; you can’t just camp somewhere. You can rest. You can look around. You can take a deep breath, have a snack. But you’ve got to keep moving, otherwise you get complacent.”

Celebration is an event, not a destination. It’s the little pause where we survey the road we’ve traveled and the mountain we’ve climbed. We can have a snack, with our colleagues or friends, rather than alone in our office. We rest, we catch our breath, we contemplate the next opportunity ahead, before descending to climb again. But the fact that the interval is brief doesn’t make it unimportant, or harmless if neglected. Celebrating achievements great and small is high octane fuel for further achievement. We don’t just celebrate the win; we celebrate to win.

“It takes real intentionality to break out of the negative thoughts and focus on the good things in life,” he adds. But, zeroing on the small wins can help with that.

https://www.calendar.com/blog/9-ways-celebrate-to-your-small-victories/

1. Keep a diary; 2. celebrate/share the good news with someone; 3. Treat yourself. 4. Create a ‘small win’ jar; 5. thanking those who have helped you along the way. 6. making time in your calendar to do nothing. 7. Change mindset (to have less negativity bias).

“It’s a natural human instinct to spend a disproportionate amount of our focus and mental energy on things that went poorly or on things that we can’t control,” ... “That’s part of our survival instinct. It helps us avoid future pain.”

“But realize that failures happen and with continued effort, the overall progress is in a positive direction.”

“It takes real intentionality to break out of the negative thoughts and focus on the good things in life,” ... But, zeroing on the small wins can help with that.

https://inkandvolt.com/blogs/articles/35-small-wins-to-celebrate-this-week

Recognizing progress activates the reward center of our brains. Neurochemical dopamine is released — the stuff that makes us feel good — and suddenly we’re hooked, wanting more.

#goal-setting #productivity

0 notes

rohittriton · 2 years ago

Text

Global Contact Center Software Market - Trends & Forecasts

As per Triton’s analyst report, the global contact center software market is expected to gain $60.18 billion by 2028, advancing with a CAGR of 13.57% during the forecast period 2022-2028.

Along with CXone, some of the other top contact center software include:

Geographical Landscape: Latest Trends & Key Segments

North America leads the contact center software market

Asia-Pacific expected to witness the fastest growth with a CAGR of 17.42%

Concluding Considerations: Personalized Services to Open New Avenues

FAQs:

Q1) What is a cloud contact center solution?

A cloud contact center solution helps businesses handle customer service operations on the internet through multiple channels, including email, call, chat, and social media platforms.

Q2) What is the size of the contact center software market?

In 2021, the global contact center software market earned $24.82 billion. It is expected to garner $60.18 billion by 2028.

#ContactCenterSoftwareMarket #ContactCenterSoftware #ICTIndustry #Telecom&Internet #TritonMarketResearch #MarketResearchReports

0 notes

congruent-solutions · 2 years ago

Text

Impact of Inflation on the retirement plan industry

Introduction

The retirement plan industry is heavily impacted by inflation as it affects the purchasing power of participants’ savings and investments. It has a significant effect on people’s 401(k) accounts. As prices in the economy increase, retirement plan administrators must be aware of how inflation will affect their 401(k) portfolio so they can adjust their strategy accordingly.

Inflation in the U.S. is driven by the Consumer Price Index (CPI), which measures the average prices of food, fuel, and energy. It recently reached 9.1% for the year ending June 2022, the highest 12-month rate since December 2008. As a result, retirement plan administrators must factor in that participant savings may lose some of their purchasing power over time.

Challenges faced by plan sponsors/employers

Plan sponsors are already facing the challenge of labor shortages caused by The Great Resignation. In addition, inflation adds to their problems as employees expect a competitive 401(k) in terms of matching employer contributions. The critical challenges of plan sponsors are:

Employee retention: Employers struggle to retain quality employees as they seek higher wages, more benefits, and increased retirement contributions. Responses to Betterment’s Survey indicate that employees prioritize jobs offering 401(k) and expect employer-matching contributions.

Hiring the best talent: Attracting the best candidates while controlling recruitment costs has become challenging. Top talent prioritizes financial benefits, and 65% of employees rate a high-quality 401(k) plan as a motivator.

Rising demand for 401(k) matching programs: Employers are pressured to provide a 401(k) matching program to remain competitive. As employees value it, 92% of employers offer a matching contribution for their 401(K) plan.

How can retirement plan providers help clients?

Retirement plan providers can help clients create a comprehensive retirement plan that addresses their business and participant needs. They help plan sponsors understand the complexities of their retirement plan, such as investment options, employee eligibility, and employer contributions.

Retirement plan service providers can help plan sponsors through the following:

Offer 401(k) plan options: Retirement plan service providers can provide their clients with various 401(k) plan options, such as traditional, Roth, and other custom plans based on sponsor needs.

Focus on financial wellness: Retirement plan service providers can help Plan sponsors create a comprehensive financial wellness strategy and provide ongoing support to plan participants. It may include educational resources, one-on-one counseling services, webinars, or retirement planning and investing seminars.

Help plan participants save more: From adopting automatic enrollment to discussing the SECURE Act with clients, plan administrators can help improve the plan’s performance. It is important to be aware of recent changes in 401(k) rules and regulations, such as the elimination of Required Minimum Distributions (RMDs)

Provide plan benchmarking analysis: Retirement plan service providers should work with plan sponsors to analyze their current plans and help them compare their performance against other plans in similar industries.

Use technology to save costs: Transitioning to a digital platform can significantly reduce the costs of maintaining and administering a retirement plan. In addition, utilizing technology for plan communications, participant enrollment, and fund selection can help streamline the process and increase efficiency.

Stay relevant and reasonable using technology

Retirement plan service providers such as recordkeepers and 401(k) plan administrators can combat inflation using technology. Automated plan tools help keep costs low, allowing plan administration service providers to remain competitive in the marketplace and provide a reasonable retirement plan for employees. Congruent Solutions offers comprehensive retirement plan administration software and service, which can help to reduce the administrative burden and costs associated with managing a retirement plan. Our automated platform uses AI and Cloud computing to ensure compliance and security of participant data. Ride the inflation wave by keeping plan administration and recordkeeping fees constant and delivering better value to clients.

Author: Congruent Solution

#401k plan administration software #pension administration software providers #retirement plan administration services

0 notes

hardynwa · 2 years ago

Text

Coca-Cola: Creating A Better Shared Future Through Women Economic Empowerment

‘Equality is not just the right thing to do, it is smart economics. No society can ever truly flourish if it stifles the potential of its women and deprives itself of the contribution of half its citizens.’ At Coca-Cola, we know that women are not only essential to building thriving communities – we truly believe they represent one of the biggest accelerators of economic growth globally, which is why Coca-Cola is creating shared opportunities for our communities. We believe that a diverse, equitable and inclusive workplace makes us stronger as a company, enables us to create a better shared future for employees and communities, empowers access to equal opportunity and gives a strong sense of belonging in our workplaces and society. According to the Global Gender Gap Report for 2022, gender parity has not been achieved, and its hindrances continue to intensify. Despite this, the share of women hired into leadership roles in industries continues to increase, from 33.3% in 2016 to 36.9% in 2022. This represents a slight improvement compared to previous years. However, it does not compensate for the generational loss that occurred between 2020 and 2021. At the current rate, progress will take another 132 years to close the global gender gap. Only select industries have levels near gender parity in leadership, such as Non-Governmental and Membership Organisations (47%), Education (46%) and Personal Services and Wellbeing (45%). At the other end of the range are Energy (20%), Manufacturing (19%) and Infrastructure (16%). An organisation’s ability to evolve is increased by inclusivity in a variety of ways. Real sustainability improvements in 2023 are being committed to by change-oriented leaders, those who are prepared to challenge the status quo, take bold actions and move with agility and flexibility. This is a crucial step in managing this unpredictable period. To effectively manage a changing business environment, diversity, equity and inclusion have been viewed as key strategies for an organisation’s dynamic performance. These strategies also aid in the development and retention of top employees. A study by Forbes shows that employees in organisations without a DEI strategy that mainstreams their business for organisational and employee growth are up to six times more likely to actively seek new positions than those in demographically similar organisations that do. For us at the Coca-Cola System, we believe that a diverse, equitable and inclusive workplace makes us stronger as a company. It enables us to create a better-shared future for employees and communities, empowers access to equal opportunities and builds bonding in our workplaces and in society. In 2021, we refreshed our Diversity, Equity & Inclusion (DEI) strategy to expand the global reach and impact of our programmes and policies while driving accountability. The updated strategy also deepens our focus on equity that took the center stage in 2020 amid a climate of widespread of civil unrest and global conversations about systemic racism and inequality. Our global Diversity, Equity and Inclusion (DEI) goal of having women hold 50% of leadership roles within The Coca-Cola Company by 2030 continues to guide our commitments. In our Africa Operating Unit, we already achieved this target as women form 55% of our Extended Leadership Network, while they represent 54% of our total workforce in Nigeria. We have an integrated workforce strategy that will continue to guide our commitment in achieving the Sustainable Development Goals 5 and 10 that speak to gender equality and reduced inequality. Our aspiration is not only to mirror the diversity of the communities where we operate, but also to lead and advocate a better-shared future. We believe that the inclusion of females into the leadership of any company brings a fresh outlook and a unique perspective to the table. In creating these opportunities for our communities, The Coca-Cola System and our philanthropic arm, The Coca-Cola Foundation, have provided over $5Million in grants to various NGO partners to implement women-focused economic empowerment initiatives aimed at driving financial inclusion and poverty reduction across communities under our Africa Sustainability platform, JAMII. These signature projects contribute to our commitment to promoting women's economic empowerment, as a key to bridging the poverty gap and gender inequality across the African continent. In partnership with these NGOs, we have created award-winning and impactful projects that continue to create shared opportunities for these women. Some of these projects include our 5 by 20 Programme that saw the economic empowerment of over 450,000 women across various communities in Nigeria, through initiatives such as Catalyst for Change 1.0 and 2.0 by Karis and Eleos Hand of Hope Foundation, E.Q.U.I.P. 60,000 & S.H.A.P.E. by Whitefield Foundation. The Recycling Scheme for Women and Youth Empowerment (RESWAYE) by Mental and Environmental Development Initiative for Children (MEDIC), AWAMBI by African Fashion Development and Empowerment Centre (AFDEC), and Digital Academy for Female Entrepreneurs (D.A.F.E.) by The Wivesroundtable Foundation etc. With our partners, we will continue to build on our own best practices, learn from others, encourage innovation, replicate and scale up our ambitions and programmes to empower more women. We are proud of the successes and achievements recorded so far and look forward to building on these by advocating and supporting the economic and social advancement of women, both in the workplace and communities across the country. Read the full article

0 notes

mrudula01 · 2 years ago

Text

Contact Center Software Market: Industrial Expansion Supports Solution Services

ICT

26, August 2022

As per Triton’s analyst report, the global contact center software market is expected to gain $60.18 billion by 2028, advancing with a CAGR of 13.57% during the forecast period 2022-2028.

Along with CXone, some of the other top contact center software include:

Geographical Landscape: Latest Trends & Key Segments

North America leads the contact center software market

Asia-Pacific expected to witness the fastest growth with a CAGR of 17.42%

Concluding Considerations: Personalized Services to Open New Avenues

FAQs:

Q1) What is a cloud contact center solution?

A cloud contact center solution helps businesses handle customer service operations on the internet through multiple channels, including email, call, chat, and social media platforms.

Q2) What is the size of the contact center software market?

In 2021, the global contact center software market earned $24.82 billion. It is expected to garner $60.18 billion by 2028.

#contact center software market #contact center software #ICT industry #triton market research #market research trends

0 notes

vantedgesearch23 · 10 months ago

Text

Overcoming Challenges in Digital Leadership Recruiting

Table of Content

Digital leadership – Why do we need it?

But is it easy to hire the right digital leadership talent?

Challenges in hiring at digital leadership level

Way forward

To conclude

“To make war all you need is intelligence. But to win you need talent and material.” – Ernest Hemingway

The thought resonates deeply for all types of wars – political and non-political.

And when we think non-political, the first war that comes to mind is the one raging currently in digital leadership recruiting as digital transformation consumes one sector after another.

While the pandemic may have played out differently for each sector, with its impact still unfolding, digitalization as a business strategy is here to stay. According to PwC’s latest Pulse Survey of C-suite executives, including technology leaders, nearly 60% ranked digital transformation initiatives as highly crucial to their businesses in 2022, only second to hiring and retaining talent as a top priority (77%). Almost the same number had also said that their companies would invest significantly in digitalization in 2022. Now, as we near the end of 2022, considering the challenges ahead, we can reasonably conclude that the trend will likely continue in 2023 as well.

Digital leadership – Why do we need it?

Going by the data above, there are strong implications for leaders in digital roles, such as CIOs, CTOs and CDOs, across organizations. What it typically means is they will have to take a leading role in strategizing and drafting the company’s course, meet the growing demands of IT especially amid the increase in work from home or hybrid work environments, and collaborate effectively with the rest of the leadership in guiding investments in technological developments and enhancements.

Plus, the era of digitalization is characterized by uncertainty, volatility, and disruption. Executives in digital roles are required to address these situations and help the company find a way out. Also, digital transformation entails taking a re-look at the existing operations, culture and infrastructure, which cannot be done without the guidance of the right leadership in digital roles. Beyond technical skills, these executives need to be change agents.

Amid the growing significance of digital products and digital customer experience, it is equally important that the top digital roles be manned by candidates that know how to strengthen the digital brand of the company.

According to a research survey by US-based staffing agency Randstad USA, digital leadership is the common thread through organizations that are successful and profitable. It also shows that digital leaders, especially those coming from the C-suite, have the maximum impact on the organization. Of the organizations covered in the survey, nearly 34% in the proficient category had digital leaders at the helm, while only 10% in the developing category had digital leaders.

The survey also reveals that as influencers, digital leadership (for 72% of workers) and employment of digital tools (80%) played a key role in attracting the best talent and candidates. With technology increasing efficiency, facilitating innovation and serving as a hallmark of progressive thinking, digitalization and digital leadership are the riveting factors in hiring and retaining employees.

There are several risks of not having digital leadership in place. These include digital initiatives not reaching their full potential, ineffective (or absence of) digital innovation, and challenges in employee retention.

Therefore, the digital revolution, coupled with the disruption caused by the pandemic, has not just led to changes in existing roles and positions but also paved the way for new leadership positions. New technical, digital skills have emerged as essential attributes for leaders required to steer the company successfully amid the uncertainties associated with any transformation, digital or otherwise.

But is it easy to hire the right digital leadership talent?

Perhaps not.

As per a study by Capgemini Consulting, conducted in collaboration with the MIT Centre for Digital Business, close to 77% of companies see lack of digital talent posing a primary hurdle to the digital transformation of operations.

In the current digital environment, often we see an enormous gap and/or disparity between the level of digital expertise and knowledge required versus the requirement. It is therefore extremely important to identify the right digital talent, particularly for leadership positions. This is key to attracting leaders with the required skill-set and experience.

A cohesive digital strategy, right from hiring to implementation, needs to be executed from the top, typically by the CEO or Board. Hiring one or two digital leaders as a token gesture will not yield the desired results. It needs to be elaborate with the involvement of more people at the digital leadership level for a coordinated approach. Only then will the commitment to adapt and transform filter through to the entire organization.

Today, therefore, companies need to have an agile digital talent management strategy that can be scaled up to suit the changing requirements.

Challenges in hiring at digital leadership level

Hiring for digital leadership positions is outright difficult. Reason: both companies and candidates, according to Janco Associates, a US-based management consulting firm with expertise in management information systems, are becoming highly selective.

This has created several challenges related to attributes and logistics.

Limited availability of talent with the right attributes

Knowledge, experience and expertise: Given the changing business environment that is increasingly getting integrated globally, the first critical issue is to find a technology leader with experience in working across cultures. The individual should be able to comprehend how business operations are interconnected in terms of supplier and customer requirements. Only then will they be able to devise the right technology leadership strategy and contribute to the success of the organization.

Cultural fit: The job of digital leaders is not simple. They need to provide the right support at the C/Board-level, which can only happen depending on their understanding of the enterprise’s operational environment. They also need to be innovative/creative enough to conceptualize, implement and communicate the technological innovation to the rest of the people. A lot of this depends on the individual’s communication and interpersonal skills – the ability to understand the organization’s culture and adapt to it. This will help them report effectively and communicate efficiently with their reports.

Suitability to plan for succession at C-level: With the rise of digital leaders, such as the CIO or CTO or CDO, following the development of digitalization as a key business function, digital leadership positions are increasingly being assessed from the perspective of succession planning. This means individuals with the right business acumen and skills are required, who understand the technological complexity of running a global enterprise, and can successfully contribute to succession planning at all levels.

Ability for out-of-the-box thinking for success against competitors: This largely revolves around identifying the technology leader. Today, to beat competition, companies need to come up with unique applications or digital technologies. The requirement is for a CXO who can help them develop breakthrough technologies that will change the business dynamics. Some examples include US-based materials and manufacturing company Avery Dennison’s Advanced Planning System (APS) for Operational Production Planning and Detailed Scheduling project under IT LeaderNicholas Colisto, VP and CIO; or ceramics manufacturer CoorsTek’s Model Plant Implementation project under Matt Mehlbrech, VP of IT.

2. Skill assessment of “technology” decision-makers: Having the right technology leader at the helm could not be more important for businesses than now. With organizations working in a highly disruptive setup where new technologies are constantly and rapidly rendering existing technologies obsolete, having the right individual in the leadership position will help your company to move forward.

Interestingly, with digital competency becoming intrinsic to core competency, the roles of CIOs, CDOs, Chief Transformation Officer (CTO) or CDOs have blended significantly. While the degree of blending depends upon the objectives of a particular business, or its level of digital transformation, what is essential is the need to have a person who is both innovative (to come up with transformational initiatives) and can ensure smooth coordination or collaboration across levels in an organization. We continue to see the digital requirements expanding into the other CXO suites. For example, your CFO requirement would include finance transformation.

With CIOs and CTOs thus emerging as change agents, several major companies the world over have designated technology heads responsible for implementing game-changing initiatives. Some of the prominent names are Arthur Hu, SVP, Global CIO and Services & Solutions Group CTO at Lenovo (he is known for designing smart processes and mentoring/team-building skills); Ben McCormack, Technical Director, Office of the CTO at Google (credited with delivering cross-functional initiatives based on his expertise in business and technical functions); Claire Rutkowski, SVP, CIO at Bentley Systems (again, handles a wide range of functions from delivering thought leadership in IT to driving IT maturity initiatives); and Fidelma Russo, CTO at Hewlett-Packard Enterprise (another technology leader with experience in business services and infrastructure).

Given the significance of a leader who can drive transformation, you require a person who (i) understands the company’s priorities, the applications that would be required for smooth functioning, scope for innovation; (ii) connects with the staff regularly to understand the issues head-on and works with the approach of obtaining consent, rather than imposing things; (iii) ensures alignment with culture; (iv) influences all stakeholders in working toward the company’s strategic objectives and vision; and (iv) equally important, knows the customer well.

An article in Forbes sums it up well by saying that for a leader in a digital transformation or technology role, planning and implementation is rather easy—the catch lies in developing the empathy to get the different stakeholders aligned.

Therefore, evaluation of strengths presents a key challenge, especially since leaders at the CIO, CTO or CDO levels typically possess unique styles of leadership. It is difficult to understand how they will react to tricky situations or challenges merely based on how the candidates present themselves. Some candidates will be more generalists and try to present themselves as capable of handling every situation, while others will be more suitable for specific scenarios – transformational or strategic.

It is also necessary to have the right assessment frameworks to capture the sentiment or thinking of the candidate correctly.

Prioritizing quality over quantity: This typically presents a challenge when hard-pressed for time. Usually, to prevent a suitable candidate from getting snapped up, companies absorb the individual. This becomes a problem if the leadership style of that person is not in sync with the organization’s requirement. The result is a leadership style mismatch with the needs of the organization.

The challenges at digital leadership positions vary from industry to industry, size or age of the company. If it is a startup, the focus is on building the team, whereas for a growing company, the emphasis could be more on transformational changes. In an established business, on the other hand, the requirement would be more for operations-driven digital leaders.

It is important to correctly assess and define the mindset, skills, stage, or age of the enterprise to screen for “fit”.

Assessment of experience for IT-specific issues: Often, the approach is to club all digitalization-related requirements under one leadership role or designation, say CIO. Nothing could be more damaging while hiring for a senior position. The IT domain is marked by specialist knowledge; therefore, the expertise of the senior technology candidates will differ. Some could specialize in infrastructure, while another person may have expertise in IoT, or cloud, etc. Therefore, qualifying experience is important to assess candidature.

Validation of skill/experience: The usual trend is to vet experience based on the resume. However, this is tricky. Sometimes resumes could lead to a mediocre candidate, or could over-inflate what the candidate truly brings. Accomplishments, certifications or accolades have their limitations as indicators, and cannot be a substitute for clear, on-the-ground experience.

Small talent pool: Given the seniority of position, the size of the candidate market is small. Few people have the desired qualifications, which restricts the pool available for search. Another factor that contributes to this is resistance to relocation. In the US, for instance, executives tend to congregate around Bay Area, San Francisco. Given that they are established here and well-settled, they are resistant to accept offers from other regions in the country.

Meaningfulness of work vs salary: For several people in senior digital roles, meaningfulness of work takes a beating to salary negotiations. If they are overall satisfied with their job profile that also pays them well, they will think twice before moving to another assignment that may be more meaningful but could be financially less rewarding.

Yet another aspect is that not all companies have the deep pockets required to pay the compensation C-level executives in digital roles draw.

These factors also restrict the talent pool available for acquisition.

Way forward

There are two ways to approaching the issue: either companies hire themselves they opt for the services of a seasoned recruitment solutions provider. This is where the expertise of a Technology Executive Search firm can be invaluable. These firms specialize in identifying and recruiting top-tier digital talent, aligning closely with your company’s strategic objectives and culture.

When deciding whether to hire internally or seek external assistance, consider the following steps to ensure you choose the right candidate:

Identify Your Strategic Objectives: Clearly articulate what you expect from digital leadership, whether it’s transformation, improving customer experience, or driving revenue.

Assess Required Traits: Determine whether you need an innovator, a facilitator of operational transformation, or another type of leader. A Technology Executive Search firm can assist in this process by providing deep insights into the market and access to a pool of qualified candidates.

Leverage Executive Search Expertise: If you find yourself uncertain at any step, it’s advisable to engage a Technology Executive Search firm. With their extensive experience and proprietary frameworks, these firms can help you identify skill gaps, benchmark candidates effectively, and access a broader talent pool.

Based on these factors, decide on the match.

But if you are stuck in any of these steps, it is advisable to hire the services of an executive search firm with rich experience and expertise across talent search categories.

These firms will typically help you with talent and leadership assessment. This will enable you to identify the skill gaps across key competencies and effectively benchmark each leader against the area of expertise required. Some of these firms have been the trusted partners to companies worldwide, and have the digital knowledge and expertise required to facilitate digital transformation.

Moreover, they have access to a wide pool of talent, and use their proprietary frameworks, tools and techniques for assessment and talent acquisition. Leveraging these, you can access the required talent pool and benefit from the services they offer.

To conclude

With the macroeconomic environment evolving rapidly, business dynamics are changing across sectors. Globalization of operations, increase in regulatory compliance, digitalization and rising competition – all denominators point toward the growing role and importance of digital leadership in organizations.

As the scope for impactful digital leadership, especially in the light of using IT and digital technologies to run operations smoothly and contribute to business growth, the war to acquire senior digital talent is intensifying.

And as they say, the more senior the role, the more challenging the hiring. With the role & responsibilities of CIOs, CTOs and CDOs growing, sourcing the right talent will play a key role in driving the success of an organization. The CXO minus one level continues to be a carousel of movement.

The demand for senior digital talent is growing, and so is the movement of such talent across industries. This means that opportunities for a company to draw top digital talent are increasing. Enterprises, therefore, need to know where they stand in terms of manning their digital leadership positions with the right candidates. This will help them not just address the hurdles but also assess their requirement effectively. Above all, only a targeted search going after game changers will provide the digital leader they need for the digital transformation of their business.

#digital leadership #leadership for digital transformation #leadership in digital era #leadership in a digital age #digital executives

0 notes

plutushealthinc · 2 years ago

Text

6 Ways to Combat Healthcare RCM Talent Shortage

Hospitals encountered billions of dollars in loss due to the healthcare skill shortage in 2022, and this upset would grow in the forthcoming years. RCM (Revenue cycle management) is primarily pendant on the workforce. The efficiency and productivity of a provider's income rely on how well the staff can address their medical billing and coding. RCM requires timely follow-ups, processing documentation, and handling denials. The ineptitude to perform the above processes leads to cash flow insufficiencies, expanded contradictions, mistakes, and reduced productivity.

‍

The healthcare enterprise will be transient by over 122,000 by 2032, foresaw AAMC (Associates of Medical College). Skill shortage would affect caregivers, the supporting RCM professionals, and administrative staff. The labor expense would grow by $86 billion in the forthcoming year, while the other costs would increase by $49 billion.

Are you ready to fight the impending talent deficiency in the healthcare industry? Are you also encountering a revenue cycle skill shortage? After profoundly researching why there is a resource crunch in healthcare revenue cycle management, professionals specially hand out the article. We have also discussed the steps to overcome the healthcare revenue cycle skill shortage.

‍

Ways to overpower Healthcare RCM Talent Shortage

Healthcare providers reduced patient retention in 2022 due to recurring resignations and earlier retirement. Here are the top methods to overcome the healthcare RCM talent deficiency.

Utilize cloud

Employee automation

Adequate operational framework

Enhance strategies

Make endurable transformation

Believe in outsourcing

Why is the healthcare sector encountering an RCM resource crunch?

After the Covid-19 pandemic smashed the globe, the healthcare sector is working better than its ability to provide care to consumers. Many caregivers chose to retire early or change to a distinct organization. Even the supportive and back-office staff left the association. Here are additional reasons for the resource crunch:

Earlier retirement

Workload

Low income

Higher growth option

Employees changing, retiring, or leaving their jobs leads to a resource crunch, a tremendous loss for the healthcare provider. Below are the methods to overwhelm the healthcare RCM talent shortage and expand your practice.

‍

Utilize cloud

Cloud-based RCM software aids healthcare providers in performing tricky tasks remotely without needing more resources. Cloud-based EMR software forms a virtual infrastructure that lets healthcare providers access documents anytime, anywhere, without compromising safety.

Employee automation

Technologies like AI (artificial intelligence), RPA (robotic process automation), and ML (machine learning) aid healthcare providers in dealing with RCM staff need efficiently. You can accomplish all the process deadlines without hindering the process quality. Automation eradicates all redundant tasks decreasing the need for FTEs.

Healthcare providers can also facilitate numerous labor-intensive RCM tasks with the optimum utilization of technology. The intro of patient portals allows practices to keep patient finances with a simple click, undervaluing the cost of patient registration, sending patient statements, taking patient follow-up, and collecting payments.

Adequate operational framework

It is tough to keep and control the operating framework in the healthcare RCM due to the increased volume of processes and accuracy requirements. Healthcare providers must create a streamlined work procedure that lets the staff comprehend their work without handling the burden. Healthcare practices can investigate the productivity of each employee and prepare the team based on the information.

Enhanced strategies

Work techniques play a crucial role in healthcare revenue cycle management as all the functions are interdependent. Enhanced plans permit healthcare providers to battle unanticipated staff shortages without hindering operations. Devising work strategies can aid healthcare providers in preparing for impulsive registration.

Make endurable transformation

Denial trend analysis is vital for healthcare providers to run a profitable business. Knowing the root cause of denials aid healthcare providers in making the typical errors hampering revenue. It also boosts the billing staff to work more efficiently, as most of their claims bring revenue.

Believe in outsourcing

Outsourcing is an essential option for healthcare providers to fight the healthcare RCM talent shortage. Outsourcing RCM services boosts the productivity of healthcare providers at minimum cost. A Healthcare provider's RCM gets handled by trained professionals with experience and certification in the tasks assigned to them. RCM service providers efficiently manage account receivables and denials, increasing the FPAR for the healthcare provider.

RCM service providers use an excellent mix of technology and experience to offer superior results for healthcare practices. Besides revenue management, organizations can achieve patient and practice management benefits without constructing additional IT infrastructure.

‍

Ways to choose the right revenue cycle management service provider

Keeping a fast and healthy cash flow is paramount for healthcare providers to stay strong in the market. Revenue authorities should handle all the pain points of healthcare providers and stop them from deficits and revenue leakage.

It is vital to select the correct revenue cycle service vendor. Healthcare providers' RCM process depends on the company they partner with. The right enterprise aligns with your objectives and provides answers that guarantee results.

You must partner with the RCM enterprise open to funding in the latest trends and technology. Plutus Health has the best resolutions for your practice to sustain and facilitate your revenue. We are a one-stop resolution for all your RCM needs.

Our trained professionals provide all the RCM services. They should be capable of giving outcomes without compromising grades. Schedule a call with our professionals to facilitate your revenue cycle management strategies.

#revenue cycle management healthcare #revenue cycle management in medical billing #revenue cycle management consulting #revenue cycle management solution #revenue cycle management process #revenue cycle management in healthcare

0 notes