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Tackling Employee Burnout and Retention with ServiceNow's Strategic Portfolio Management

Maureen McCulley
Sep 7, 2023 8:40:48 AM

In today’s fast-paced work environment, a recurring concern among business leaders is how to prevent burnout and retain top talent. I recently had a candid discussion with a CIO at a mid-sized insurance company, and he posed an all-too-familiar question: How can he better track the utilization of his team to ensure they aren't overworked or underutilized? A solution to this challenge can be found by leveraging a Strategic Portfolio Management Solution, like you’ll find within the ServiceNow Platform.

The High Cost of Turnover

Talent retention is not just an HR issue; it's a bottom-line concern. It's estimated that a company spends about $4,500 even before a job gets posted. After that, you're looking at interviewing an average of six candidates before making a selection—if you can even find qualified applicants to begin with. Add to this the fact that it typically takes three to nine months for a new hire to start delivering value, and the financial argument for retention becomes compelling.

Why Strategic Portfolio Management?

In an environment where time, people, tools, and budget are often in short supply, I've seen up close how ServiceNow's Strategic Portfolio Management can be a game-changer. My team and I have plenty of experience steering companies through this process. We're not just managing projects; we're helping businesses sync their investments with their big-picture goals and the skills of their team. In essence, we're setting the stage for businesses to effectively manage their most crucial initiatives.

Identifying and Managing Risks

One of the key features is delivering the ability to understand how your employees are engaged across different projects. Are the same names popping up as recommended for multiple projects? You've just identified a bottleneck. Is an employee consistently utilized at 80% or higher? Industry data indicates that you're treading in the burnout zone.

Armed with these insights, you can take corrective measures such as cross-training employees for other roles or realigning resources to prevent overutilization.

Beyond Project Management

It's essential to understand that Strategic Portfolio Management transcends traditional project management. This isn't just about timelines, milestones, and deliverables; it's about aligning your human and financial resources with the company's long-term vision and goals. You're not merely allocating tasks but building a sustainable framework that can adapt to shifting business priorities without exhausting your team.

The Melding of Old and New

The concept of retaining valuable employees is not new, nor is the idea of aligning business investments with strategic objectives. However, what's novel is how ServiceNow's SPM brings these two critical facets together in a unified, data-driven environment. With this integrated approach, you can effectively prioritize business objectives while keeping an eye on the wellbeing of your most valuable asset—your people.

The Next Steps

Recognizing the problem is the first step to a solution. Let’s solve this challenge together, armed with the right tools and the right information. With the expertise of Solugenix’s implementation team paired with ServiceNow's Strategic Portfolio Management Application, you're not just crunching numbers or filling project roles; you're fostering a work environment where people can excel without burning out, thereby driving your business forward.

Retention and burnout are more than just HR buzzwords; they're key indicators of a company’s health and future success. It's time to take a strategic approach to both, and ServiceNow provides the tools to make that possible.

Let's Continue the Conversation

Thank you for taking the time to read through this article. If these insights resonate with you and you're keen to discuss strategies around employee retention, burnout, or Strategic Portfolio Management, I invite you to connect with me on LinkedIn. Additionally, at Solugenix, we have a broad expertise in helping businesses with most of their ServiceNow needs, from implementation to ongoing management.

If you'd like to go a step further, you can also schedule time with me here for a more in-depth conversation. Don't hesitate to reach out with any questions or to delve deeper into these topics. Let's work together to make your business not just productive, but also a great place for everyone involved. Hope to connect with you soon!