Build a Resilient Workforce by Elevating the Employee Experience

Today, it can be hard to find, recruit and retain top talent. And challenges in the talent market will only increase as economic uncertainty grows.

With time-to-fill rates increasing, workers leaving assignments earlier than planned, and the cost of a single wrong hire averaging roughly $15,000, getting the talent management model right is more important than ever. Ensuring workforce resilience and sustainability begins with knowing how well your workforce program is doing the job now. Questions to ask include:

• Is your program in an unmanaged or partially managed state? 
• Are the right processes in place to not only drive effectiveness and efficiency, but to also support workforce resilience?
• Is the program being optimized, utilizing real-time data to help balance near-term tactical and long-term strategic plans, costs of talent and talent acquisition, and employee experience, productivity and retention?

Regardless of a program’s maturity, employee experience should always be a central focus.

Budgeting for a Productive Workforce

While not the only factor, compensation is a significant driver of employee experience. Full-time, part-time, or flex-time candidates who make it through the recruitment funnel will be looking for an offer that makes them feel valued as a contributor. What will that number be? Budgets and pay rates are certainly influenced by comparable roles, but with the market and labor force always changing, access to real-time rate data is more important than ever.

Job requisitions, salaries and hiring decisions should utilize market data whenever possible. By leveraging an up-to-date global salary and compensation database, the workforce management team is empowered to build accurate talent budgets and create competitive compensation packages to cost-effectively secure top talent.

Employee Experience Extends Beyond Pay

There is tremendous uncertainty in the market, and critical talent wants to be confident that its employer is transparent and supportive of career work-life balance goals. Today, many young workers say they’ve regretted accepting a new job after starting, and CFOs recognize that a poor hiring decision can significantly reduce morale.

Preventing turnover and retaining critical talent requires optimizing employee experience beyond a good paycheck. Today it means providing workplace flexibility (including remote and hybrid work) while offering opportunities to develop new skills and move within an organization. Companies must be able to design and manage an optimal employee experience with workforce engagement tracking and talent intelligence.    

HR Can Use Talent Data to Elevate the Employee Experience

Failing to create an optimal employee experience can be disruptive to the organization’s culture and impact its ability to reach its goals. For example, in the past companies with workforce optimization strategies that rely solely on cutting workforce have only an 11% probability of achieving breakaway performance after a downturn.

With Magnit’s Total Talent Intelligence (TTI) solution, organizations can pair the knowledge and insights of their internal teams with the world’s largest global market rate, salary and talent intelligence dataset to meet company objectives and build resilience by maintaining the employee experience in three key areas:

PERFORMANCE

• Monitor workforce productivity and program performance
• Redeploy workers to new roles or projects

COMPENSATION

• Access, analyze and compare real-time market rates
• Find the best financial options for on-premise and remote workforce
• Ensure fair compensation without overpaying for talent

SENTIMENT

• Capture workforce sentiment and monitor turnover
• Evaluate and predict talent volatility
• Analyze talent migration patterns

The takeaway? Leveraging data to elevate the employee experience is essential to building a resilient workforce that enables organizations to thrive despite a volatile economy.

To get more strategies for helping navigate your company through a shifting workforce landscape, check out our eBook, “Preparing for Economic Uncertainty: Resilient Workforce Strategies.”

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.