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Maximizing the Valueof Your TalentNetwork –Next GenerationReferral ProgramsColorado Talent Recruitment NetworkDenver, ColoradoAugust 24, 2011
Presented by:Master Burnett, Managing DirectorDr. John Sullivan & Associates
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 2
THE GROWTH OF REFERRAL PROGRAMS
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 3
Widespread adoption
Source: CareerXroads Colloquium, 9/2010
Program formality
Formal,
Dedicate
d Budget/S
taff
Formal,
No Dedic
ated B
udget/Sta
ff
Info
rmal M
anaged
Ad-hoc, N
o Managem
ent0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
2006/2007 2006/2007 TP 2008/2009 2008/2009 TP 2010/2011*n=267 n=40 n=252 n=45 n=41
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS)
External hires
2006/2007 2008/2009 2010/2011*20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
26.2%27.1%
28.3%
35.0%
41.1%
46.3%
Overall Sample Top Performing
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS)
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 6
A faulty assumption…
69% of the time is actually looks like this…
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 7
Experts at using other people’s time (OPT)
The Percentage of Hires They Achieve
47% 62%
63%
56% 82%
78%49% 56% 57%45%
51% 71%
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 8
THE BUSINESS CASE
Candidate knowledge
Source: DJS ERP Participant Experience Study
Retention Rates
Performance Appraisal
Manager Satisfaction
Actual Performance
Promotion Rates
MBO Attainment
Bonus Compensation
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00%
2010/2011* 2008/2009 TP 2008/2009 2006/2007 TP 2006/2007
Real QoH measurement is rare
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS)
Measure Employee Referral Job Board Difference
Cost per Hire (CpH)1 $2,306 $1,671 +$635Offer Acceptance % 94.7% 78.4% +16.3%Voluntary Turnover < 1 Year 6.8% 22.1% -15.3%
Voluntary Turnover > 1 Year 5.2% 14.9% -9.7%
Involuntary Turnover < 1 Year 0.9% 4.3% -3.4%
Quality of Hire QoH2 4.21 3.47 +21.3%
ERP versus Job Boards
Source: DJS Private Client Study, 2008
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 12
Referral hire ratio
Top Performing ERP3:1
Average ERP10:1
All Sources18:1
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 13
Diversity (do your assumptions carry out)
Source: CareerXroads SOH, 3/2011
Employee Referrals
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 14
THE PRACTICES THAT MAKE THE DIFFERENCE
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 15
Going beyond the generic
• Recommended referral programs• Social referral programs• Partner referral programs• Executive referral programs• Internal referral programs
Referral is an approach that can be applied to accomplish many different goals
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 16
A clearly established goal/charter
• Why are you leveraging referrals?– OPT; Huge requisition loads, fragmented pools
• Who do you need to participate?– Who can/will influence?
• What do you need other’s to do?– Your needs versus their ad hoc actions
• What will it take to trigger/sustain action?– Experience!
Source: DJS ERP Participant Experience Study
Comfort with prioritization
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 18
An infrastructure to execute
• Dedicated management (needs fluctuate)• Dedicated resources (fast response,
expectations)• Transparent process (POLICY)• Program communications• Administration
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 19
When infrastructure fails (most often)
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 20
Program marketing
• Awareness is horrible (>21%)• Variable messaging (campaigns)• Variable channels (3+)• Exponential marketing model
– Group centric, sharable content• Keep it top of mind (recruiting culture)
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 21
Frequency of communication
37%
22%
13%
12%
7%
9%
OccaisionalNeverAnnuallyQuarterlyBi-AnnuallyMonthly
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 22
The social referral program
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 23
Exponential marketing
Create
Publish
ReuseShare
Measure
Modular contentExtensibleEasy to excerpt
MultimediaMulti-channelMulti-stakeholder
RepositoryManually postAuto-syndicate
PropagationCycle
ReachImpressionEngagement
Source: DJS ERP Participant Experience Study
Great ERP results rarely just happen!
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 25
Driver based rewards & recognition
• Understand the motivations– Not the money!– Non-Employee participants
• Make it time relevant– Campaign tied
• Reward desired activity– Referrals, leads, interviews, repeat activity, etc.
Source: DJS ERP Participant Experience Study
Understand the motivation
$- $5,000.00 $10,000.00 $15,000.00 $20,000.00 $25,000.00 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
The money doesn’t matter
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS), 2008/2009
Source: DJS ERP Participant Experience Study
Comfort with variable rewards
Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 29
Questions and follow up
[email protected] or [email protected]
masterburnett
@masterburnett
master.burnett
www.slideshare.net/mburnett/