Year end is a great time to review performance and map out your people strategy well in advance of the New Year. Creating a human capital plan that understands not just the skills and knowledge your people need to do the job, but the behaviors that will help your organization be successful is imperative. Winging it with talent puts you on a path to failure.
Don’t believe me? According to a study by Leadership IQ, 46% of newly-hired employees fail within 18 months. Less than 20% were consider a success. Yikes! You Can read more about the study here, http://www.leadershipiq.com/blogs/leadershipiq/35354241-why-new-hires-fail-emotional-intelligence-vs-skills.
Some highlights of the study: Only 11% of these new hires failed because they didn’t have the necessary technical skills. Oh, good news there. That means most people can read a resume. (Sarcastic tone intended.)
But the rest of the failures cited, totally a whopping 81% are all related to people hiring without science. The failures were because the new employees were unable to accept feedback (26%), understand/manage emotions (23%), lacked motivation (17%), or had the wrong temperament for the job (15%).
All of these issues, let me repeat, all of these issues are avoidable and resolved by using a behavioral assessment tool such as the Predictive Index.
As part of your people strategy planning process, ask:
- Do you have the right people performing as you expect them to perform?
- When you hire new people, are you ensuring they are a right fit for the job and that they will be behave as you need them to in the role?
- Are your people as fully engaged and productive as they need to be to help the company meet its goals?
- Are your managers effective as you expect? Do they lack the tools and training to lead their teams?
- Do you have teams that are underperforming in comparison to the other teams?
Putting behavioral data on your people allows you to use metrics with your key performance indicators to vastly improve new hires, and also understand how to best manage and motivate your existing talent as well.