Attract, Retain, and Engage Top Talent with Deltek Talent Management
With 3.9 million people leaving their jobs in June, according to the Bureau of Labor Statistics, project-based businesses are under immense pressure to up the ante when it comes to competing for and retaining top talent. In our own research of hundreds of Government Contractors and Architecture and Engineering firms done for Deltek's annual Clarity industry reports, we’ve found this to be true.
For A&E firms, 93% of respondents say one of their primary acquisition challenges is simply the availability of good candidates in the market. While government contractors note the same difficulties with the talent pool, their ability to attract better qualified talent is of greater concern. Unfortunately, these firms are stuck in reactionary mode. As voluntary turnover has increased, some firms are coming to realize the importance of investing in employee development programs as a proactive measure, but at the moment, employee retention has skyrocketed to the top of the list of the greatest human capital management challenges for both industries.
What these reports make clear is that firms that can successfully transition into proactive measures to enhance culture and boost engagement by leveraging the right tools and technology, like Deltek Talent Management, will be poised to increase retention and become more attractive to the market of available talent. With a comprehensive talent management and HR solution, these firms will more easily be able to successfully attract, engage and retain their most valuable asset by identifying top talent outside and within their business, engaging them in a meaningful way and provide opportunities for ongoing development.
Acquire the Right Talent
As mentioned above, there are a record number of people leaving their jobs, which means that companies have a higher number of job openings to fill. And for project-based businesses, it is crucial that they are prepared to quickly react and staff up before projects commence. Having a tool in place to maintain relationships with qualified candidates is key for efficiently acquiring the right talent as open requisitions ebb and flow. For example, a firm may have a candidate who applies for one job but isn’t the right fit for that specific position. While they may have been a good fit for the organization and had great credentials, someone else was better suited for that specific position. The ideal plan of action for the hiring manager would be to maintain a relationship with this candidate for a future position or project. This is where utilizing the Talent Relationship Management tool in Deltek Talent Management Acquisition Module can help you more efficiently attract the right talent at any time. With this tool, organizations can build talent pipelines, easily maintain relationships with outside candidates, and quickly reach out to them at keys points in the recruitment process.
Identify Top Talent to Develop and Promote
When it comes to staffing projects or filling job openings, companies should look to their current employees first to facilitate growth and promotion from within. Hiring new employees requires a significant investment which can take weeks to get them fully onboarded and working on billable projects. Whereas current employees require less institutional training, which accelerates time to value. Additionally, by promoting from within, current employees will feel valued for all their hard work, which goes a long way to boost culture.
Overall, this leads to higher retention rates and a more efficient acquisition cycle. So, it is not surprising that 43% government contractors stated that internal promotions are a priority. With Deltek Talent Management Performance and Development Module, these firms can easily identify employees who are ready for advancement, need development, or can be reskilled for other opportunities by using the Gap Analysis tool.
Another primary area of focus that these firms have identified to enhance employee development and create a more employee-focused culture is improving employee/manager communication, as stated by 38% of government contractors we surveyed. When an employee feels there is open communication, they feel more empowered to inform their direct manager of where they want their career to go. This opens the door for them to work hand-in-hand to help employees meet their career goals. These small conversations can make a massive impact when an employee might be thinking about leaving.
When employees and managers work together to achieve career goals, this can help them choose to stay versus leaving for a different opportunity. By leveraging the continuous feedback tool in the Deltek Talent Management Performance and Development Module, managers and employees can easily view goals, development progress, career paths, and more, which makes it much easier to manage and achieve.
Learn About the Latest Industry Trends & Benchmarks
13th Annual Deltek Clarity Government Contracting Industry Report
Keep Employees Engaged
Employee engagement is one of the most impactful ways to improve culture and increase retention. But it can be difficult to engage employees in the right way without knowing what is important to them. This is why 65% of A&E firms utilize an annual feedback survey and 30% utilize pulse surveys to track employee engagement on a regular basis. Surveys are a valuable tool that allows employees to highlight the great things their employer is already doing, as well as bring to light any frustrations or suggestions they may have.
As an in-built part of Deltek Talent Management, the Survey Tool allows firms to quickly and easily send out pulse surveys throughout the year. These survey results then allow firms to make informed decisions around workplace policies, strategic culture changes, and how to better improve the work lives of employees. Survey results also provide valuable insights that may not have been available in any other way. When these insights are used to make informed decisions, the result can improve employee sentiment and culture.
Learn the Key Takeaways from this Year’s A&E Deltek Clarity Report
43rd Annual Deltek Clarity A&E Industry Report
Deltek Project Nation Newsletter
Subscribe to receive the latest news and best practices across a range of relevant topics and industries.