We recently sat down to read Talent Management 2018: A Category at a Crossroads, a white paper by The Starr Conspiracy, that takes a deep-dive into the talent management landscape and provides key insights into the future of our workforce. The insights shared were super compelling, so we wanted to take a quick minute to share our learnings.
According to the white paper, 46% of HR tech buyers believe traditional performance management is a waste of time — signaling the need for a major refresh of this $16 billion market. The industry is now at a crossroads where it either needs to evolve with the times, or get pushed out by competing categories.
Fortunately, the news isn’t all bad. The paper maintains an optimistic tone and addresses various solutions that can help the talent management industry up its game and better match the expectations of the modern workforce.
For instance, employee engagement is a crucial pillar in talent management that’s seeing rapid growth and major support from HR leaders. Finding additional ways to nurture engagement — whether through recognition, better employee communications, or wellness incentives — could be a great way to uplevel your talent management efforts.
The Starr Conspiracy shares that an area of employee engagement that’s especially ripe for the picking is around employee recognition and, more specifically, the realm of experiential rewards. Research shows that millennials — who have become the largest cohort in the workforce — value spending their hard-earned money on experiences over material things.
Yet organizations focus little to no attention on experiences as rewards or compensation for employees. That’s why we were proud to see Blueboard recommended as a solution and a company that’s redefining employee engagement:
“The biggest challenge is in delivering personal experiences at scale. It’s easy for an individual to plan a nice experience like a fine dining experience or a sports event for someone they know. But to do this for thousands of people across an organization, the personal touch gets lost and the need for audit trails, tax reconciliation, and cost controls becomes much greater.
Although many companies have tried to do this in the past, there’s only one in the market that we see managing to make this work at scale: Blueboard. Its success and growth were part of the reason it won the Next Great HR Technology Company contest at the 2017 HR Technology® Conference and Exposition.”
We’re eager to be part of the solution and look forward to a future where we see increased buy-in from company leaders when it comes to experiential reward programs. We strongly believe there’s a lot of impact Blueboard can have on employee engagement (see our latest recognition impact analysis for more) and, therefore, talent management as a whole — an industry that we’re optimistic about as incredible companies, like our partners Culture Amp, Lattice, 15Five and Reflektive continue to introduce innovative solutions into the market.
You can download The Starr Conspiracy’s white paper here. We’d also love to hear your thoughts in the comments section below!