HRO Today Global Summer 2017 - 38

LATAM Report
Whilst Latin America
has never had a more
qualified talent pool
with more diverse
skills, recruiting
employees still
remains a challenge.
thoughtful ways to keep employees happy and prevent
talent from sprinting out the door.
Compensation remains the best incentive to get
employees to stay. According to a Workforce 2020
research report that surveyed 5,500 executives and
employees across 27 countries, compensation was most
important to employees in North America and LATAM
compared to other regions around the world. LATAM
also scored the highest among the regions in employees'
likelihood of leaving their job in the next six months
(at 29 per cent). This reinforces the need for HR to have
highly competitive strategies for keeping their talent
engaged.
One approach that is gaining popularity among is using
continuous performance management (CPM) tools. CPM
tools allow businesses to shift away from ineffective
annual reviews and instead, move towards an ongoing
feedback system that keeps employees engaged in their
work through constant coaching. However, this is not a
permanent fix, and employees who are not challenged
and engaged will often seek other opportunities.
Putting Millennials in the Driver's Seat
As LATAM emerges as a business epicenter, companies
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HRO TODAY GLOBAL | SUMMER 2017
are depending more and more on younger generations
to be the engine of their organisations. And millennials
in the region are welcoming this responsibility with open
arms.
But millennials also require an investment from
employers in their future as well. Formal training
and mentorship are proven ways to keep millennials
engaged and excited about their current roles. In the
same Workforce 2020 survey, researchers found that
nearly 30 per cent of employees surveyed in both North
America and Latin America said they have considered
quitting a job due to lack of learning and development
opportunities. This illustrates how critical it is for LATAM
companies to take steps to address workforce needs.
But employee development is still only half the battle.
Ensuring a healthy work-life balance is just as important
to this demographic, hinting that companies that go the
extra mile to understand the drivers of their employees
will be positioned for long-term success.
Making Technology a Key Enabler
With such a diverse and competitive market for talent,
LATAM countries are developing creative ways to retain
their top performers. In this region in particular, many
organisations find success in deploying technologies that
foster deeper engagement and collaboration between
employees and managers. For example, performance
management is evolving from a once a year event into
a continuous feedback culture where conversations
between managers and employees are deeper, more
meaningful, and more relevant for development and
career planning. Thus, organisations can engage their
workforce, ignite better performance, and retain key
talent, ultimately driving better business outcomes.
As LATAM businesses invest in more technology for their
HR teams, it will allow them to move towards a real-time
approach to decision making and ultimately enable them
to better recruit and retain top talent. At the end of the
day, the job market holds enough opportunities to keep
the workforce on the lookout for their next job prospect,
but HR teams can ensure that they're doing everything
they can to keep their employees trained and always
learning and hungry for new challenges.
Paula Jacomo is head of HR, Latin America at SAP

HRO Today Global Summer 2017

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