Talent management strategies to set your university up for success in a revolutionized talent marketplace
Expand your talent pool to increase access to high-quality talent and innovation
New ways of working provide universities with exceptional opportunities to expand their talent pools. Whereas in the past most faculty and staff have had to reside in the local area, universities are increasingly able to recruit and attract talent from diverse geographic markets without forcing relocation, due in part to expanded online course offerings and new remote technologies.
Organizations re-assessing their talent management strategy must consider how they can leverage new and non-traditional talent pools to recruit diverse talent, increase engagement and innovation and reduce recruiting costs.
Double down on a connected, inclusive culture in a hybrid workforce model
Culture is essential to employee engagement and retention. However, having a mix of remote and in-person colleagues can create a disconnect. In the recent EY Work Reimagined Study, 40% of respondents in the higher education sector said they believe their workplace culture has become worse since the start of the pandemic.²
Organizations must double down on their culture and take a “humans at center” approach to their post-pandemic operating model to help safeguard that they remain employers of choice.⁶ For instance, by allowing regular employee feedback to shape culture transformation efforts, institutions can enable their employees to feel more engaged, valued and committed to the university.
Universities can also strengthen their culture through DEI efforts. In addition to hiring diverse talent, institutions must develop initiatives that drive inclusion — an imperative that is even more critical in a virtual or hybrid environment. As higher education develops diversity frameworks and processes in tandem, they will help promote the longevity and adoption of their DEI efforts.
Shape benefits packages to align with new ways of working
According to the recent EY Work Reimagined Study, 79% of employees would like to see “moderate to extensive” changes to their benefits packages in a post-COVID-19 era.² Benefits can be both financial and non-financial (e.g., flexible schedules or work locations) in nature.
Colleges and universities can reimagine benefits packages for the changing world and adopt leading practices to increase retention.⁷ For instance, institutions can increase benefits that enhance employee wellness and productivity, which can take the form of health and fitness reimbursements, free mental health counseling sessions, expanded paid time off (PTO), increased hazard pay and flexible work arrangements.⁸ While some benefits will require greater short-term cost, the long-term return on investment (ROI) can be worth the cost.
Reimagine your performance management to keep pace with new ways of working
In the shift to a virtual world, many employees feel pressure to always be online, immediately reply to emails and maintain an appearances of productivity, which has led to increased rates of burnout, exhaustion and even turnover. The introduction of hybrid models presents an opportunity to extend greater trust to employees by reevaluating how we define “performance” and what the organization values from its employees’ contributions, leading to greater productivity.
Organizations must redefine their performance metrics and key performance indicators (KPIs) to align with the new ways of working. Specifically, organizations can consider placing more emphasis on work impact rather than time spent working.