The ROI of talent management

Transcription

1 How to attract, train, and retain the best talent in higher education. The ROI of talent management Three steps with big payoffs

2 Contents Introduction 1: Attraction is everything 2: What they don t know could hurt you 3: Let em shine Recommendations Conclusion About Ellucian and Cornerstone OnDemand 2

3 Introduction High-quality faculty and staff are one of your institution s greatest assets. Are you doing everything you can to find them, hire them, and give them a reason to stay? With a comprehensive talent management strategy and effective tools in place, you may gain more than intellectual assets. Because talent management initiatives are high on most higher education institutions priority list, here s a look at the top three areas where you can sharpen your focus and get an immediate return on your investment. very few metrics or measures exist to quantify the loss (or value) of institutional knowledge, continuity and history. What we do know is that these costs manifest in the turnover, recruitment, replacement, and training costs that many organizations face Survey of College and University Human Resources Officers, Inside Higher Ed, n.d. 3

4 1: Attraction is everything Change the way you manage, develop, and attract your top talent. Institutions invest heavily in attracting the brightest students. Bright students are attracted to bright faculty and staff. But finding the right staff takes knowledge, skill, and an understanding of how a potential candidate will fit in the department. Hiring faculty members is a long process. And a faculty gap means that courses are no longer offered, resources are stretched, and recruiting teams are under pressure. When it comes to hiring faculty, helping candidates progress through the process efficiently is key. But it s tough to stay on top of faculty searches and see when searches stall. All too often, the best candidate may be someone who already works at your institution or knows someone who does. Are your job postings getting to the right candidate at the right time? Are your job searches evolving in the right channels? It s time to step it up with a modern recruiting solution that includes video interviewing tools to help teams meet with candidates quickly, rate, and share their views about the candidate, and confirm their credentials and history. Access the power of social media sites such as LinkedIn to get professional insights to speed the recruiting process and identify top candidates faster. The recruitment, retention, and development of effective educators are perennial policy concerns for states, particularly in hard-to-staff subjects and geographic areas Imazeki, J., & Goe, L. (2009). The distribution of highly-qualified, experienced teachers: Challenges and opportunities (p. 23). Washington D.C: The National Comprehensive Center for Teacher Quality. Retrieved from 4

5 2: What they don t know could hurt you Support employee development and career growth with training Your professors are the reasons why students seek out your best courses. Providing talent management tools will help both new and tenured professors stay motivated, trained, and engaged. And that means they focus on what they do best: teach your students and help them graduate. Randomly assigned learning initiatives don t always address competency and skill gaps. And inefficient processes can really bog things down. Worse, not tracking your institution s state, federal and professional regulatory requirements may put your staff and institution at risk for non-compliance. Simply delivering an organized and coherent training program can help you get the most out of your talent and realize a rapid return on investment in terms of learning management. Educator quality at the school level is the most influential factor in student achievement Leithwood, K. A., Louis, K. S., Anderson, S., & Wahlstrom, K. (2004). Review of research: How leadership influences student learning. University of Minnesota Toronto. Retrieved from LearningFromLeadership.pdf 5

6 3: Let em shine Build tomorrow s organizations today with your top performers Many institutions attempt to manage campus tasks and employee performance using antiquated, disparate technology that doesn t really provide an accurate picture. Staff and faculty want to create a development plan that highlights their competency and lets them easily track progress but aligning institutional goals with your staff s personal development goals requires more than a single conversation. You need to see ongoing assessments that give enough information to make adjustments and keep your top talent satisfied with their career path and future potential. In addition, you have to be proactive and prepare for the future around an increasingly aging and mobile workforce. According to Sabrina Ellis, chief human resources officer at George Washington University, there is, a lot of senior leadership turnover at higher education. 1 Losing a single employee won t close a school or department but, given the effort required to replace a professor, dean, or administrator, giving them every opportunity to excel at your institution is a far more efficient strategy. Implementing performance management tools and employee succession management tools can have both immediate and long-term results on your bottom line. Two decades ago, the average age of college and university presidents was 52. Today, it is 61. In fact, in 1986 just 13 percent of presidents were over the age of 60. In 2011, 58 percent of presidents are over Inside Higher Ed 2013 Survey of College and University Human Resources Officers 2. Cook, B. (2012, Spring). The American College President Study: Key Findings and Takeaways. American Council on Education. Association. Retrieved April 16, 2014, from 6

7 Recommendations More than ever before you need an advanced technology solution that helps you achieve your goals even with limited resources and budget. With technology as a foundation, institutions have seen significant results with small, focused talent initiatives as well as large-scope strategies. It s pretty straightforward: effective people management improves productivity. Automating certain tasks simplifies processes and a unified approach helps your faculty and staff do their best work. Choose a software system that helps you drive internal and external referrals, implement social media tools to expand job postings, improve internal recruiting processes, cut the time it takes to fill a position, and improve the quality of the people you hire. Whether it s a one-time course or recurring certification or licensing requirements, you need to make sure your faculty and staff stay current and relevant. Offer highly targeted training that addresses competency and skill gaps and boosts productivity. Increase employee engagement with face-to-face instruction that helps your employees get the most of their development plans. Implement goal setting and management tools that let faculty track their performance goals, career expectations, social reviews, and help plan for the future with employee succession management tools. Schools that implemented talent management practices showed an association between the talent management processes and successful reform efforts and more ambitious instruction Smylie, M., & Wenzel, S. (2006). Promoting Instructional Improvement: A Strategic Human Resource Management Perspective. Chicago, IL: UChicago Consortium on Chicago School Research, The University of Chicago. Retrieved from promoting-instructional-improvement-strategic-human-resource-management-perspective 7

8 Conclusion The Ellucian Talent Management Suite, leveraging the industry leading functionality developed by Cornerstone OnDemand and deep integration with the Ellucian enterprise resource planning (ERP) solutions, is customized to meet the unique needs of higher education professionals. Ellucian Talent Management Suite delivers a powerful, secure set of cloud-based tools that can save you money and help you cultivate and keep your top talent. The Ellucian Talent Management Suite is comprised of three modules that can be used together or individually depending on need. The Recruiting module helps you: Track and evaluate potential candidates Build custom career sites Transform candidate pools into talent communities Speed the screening and assessment cycles Extend your job postings through social media channels The Learning module helps you: Deliver targeted training to close skill gaps Manage any kind of one-time or recurring certification or licensing requirements Publish and deploy media-rich content Provide face-to-face, instructorled training Design and deliver courses, tests, and assessments The Performance module helps you: Align key performance processes with institutional goals Plan for the future with workforce and employee succession management Identify and track high-performing employees Reward top performers appropriately Manage compensation programs including salary, merit increases, and more 8

9 About Ellucian and Cornerstone OnDemand Ellucian helps education institutions thrive in an open and dynamic world. We deliver a broad portfolio of technology solutions, developed in collaboration with a global education community, and provide strategic guidance to help education institutions of all kinds navigate change, achieve greater transparency, and drive efficiencies. More than 2,400 institutions in 40 countries around the world look to Ellucian for the ideas and insights that will move education forward, helping people everywhere discover their futures through learning. To learn more, visit Cornerstone OnDemand is a leader in cloud-based applications for talent management. The company s solutions help organizations recruit, train, manage and connect their employees, empowering their people and increasing workforce productivity. For more information about Cornerstone, visit csod.com. Read Cornerstone s blog at csod.com/blog. Follow Cornerstone on Twitter at twitter.com/cornerstoneinc. Like Cornerstone on Facebook at facebook.com/csodcommunity Ellucian. All rights reserved. EEB-502 9

10 Headquarters: 4375 Fair Lakes Ct, Fairfax, Virginia 22033, USA Phone: Ellucian. All rights reserved. EEB-502