If you missed part 1 and part 2 of Turning Compliance into a Competitive Advantage make sure you catch yourself up! Today we discuss how to align performance with corporate strategy in a way that ensures compliance standards are met along the way.
Aligning Performance with Corporate Strategy
If you have an online learning system that includes performance management, you can link training and performance in order to align individual performance to corporate strategies. Nimble companies test and tune their corporate strategies on a regular basis and when they do they neglect to ensure strategies are reorganized with performance because it is difficult. Often it seems the corporate goals are large, unwieldy and difficult to grasp at the department level — let alone at the individual level. According to a 2014 study, Rethinking Performance Management, the degree of alignment with corporate goals is woefully low—79% of organizations do not align performance with corporate goals. Here are a few tips to better align performance targets with corporate strategy.
Role & Career Path Definition
In well-managed companies, the line of business leaders identify how their unit can contribute to achieving the larger goals and then identify the roles and competencies required to meet them. While there are generic skills like time management, critical thinking, effective communications and so forth, there are also specific competencies based on role. For each role, competencies, compliance certifications, job performance appraisals and competency progress reports, can form the basis for a unique career development program at the individual level. Even better, the individual can be in alignment with the corporate strategy.
When all these steps are taken, individuals can see exactly what they need to do next to achieve new levels of competency, or to bring their skills up to an acceptable level for compliance. With clear insight into their performance and development path, employees can more easily steer their own career trajectory to move the organization towards its goals. An integrated learning and talent management system can aid in the following ways.
Workforce Performance Measurement
By keeping all employee information in one unified system, human resource professionals and other corporate leaders can view aggregate statistics regarding workforce performance. Because roles are associated with larger goals, you can find out which goals are most actively supported by training. Lines of business managers can easily see when an important goal is lacking roles and associated training. Moreover, corporate leadership can see on aggregate whether the people in the organization are working effectively toward corporate goals.
Individual Contribution to Corporate Goals
The average employee working on their tasks might never understand how their projects contribute to larger corporate goals. With access to their HR record in an integrated learning and talent management system, employees can view their role and which goals it supports. If their career aspirations are not in alignment with their current and future roles within an organization it should become obvious allowing HR managers to make appropriate changes.
Aligning talent development and corporate strategy is very important given the scarcity of good employees and the competition to keep them. Interestingly, just half of all respondents in the ADP survey expressed confidence that their organization had the tools to effectively find, keep, and grow the best talent. In the past, training, and performance monitoring traditionally were disparate processes, with associated separate software tools. Now, combined open learning and talent management solutions are available to help with compliance training which will lead to competitive advantage by ensuring employee efforts align directly with corporate strategy.
When turning compliance into a competitive advantage it is integral that you have a talent management system in place to ensure that performance and training is aligned with corporate strategies. If you have no idea where to start, contact one of our talent management system experts today to get started!
For more information on Turning Compliance into a Competitive Advantage, check out our Guide.