Date post: | 10-Jun-2015 |
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Business |
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Wanda Goldwag
THE WAR FOR TALENT
Principle:•The top ten percent of your employees contribute exponential value to your business (read – PROFITS!)
Fact:•These kinds of individuals (particularly in Western Economies) are in very high demand and very short supply (and the problem is getting worse)
Action:•Create a TALENT MANAGEMENT PROGRAMME to identify, nurture and develop your current and future leaders (read – TOP 10%)
Outcome:•The majority of leading businesses globally now have well developed Talent Management Programmes and source on a worldwide basis
THE WAR FOR TALENT: THE BIT THEY LEFT OUT......
The impact of globalisation: •Opening up of markets has led to mass economic migration and free movement of highly skilled labour
Off-shoring and outsourcing: •The skills are there but they may not be on your own payroll anymore
Too much focus on the top 10% disenfranchises the rest:•The need to manage talent further down the food chain too!
The increasing impact of technology in modern businesses:•The growth in importance of the knowledge worker
THE WAR FOR TALENT :..... THE REALITY
•The war for talent only highlighted one of the key challenges associated with Human Capital Management for medium to large size organisations
•Increasingly, it has been junior and mid-level skill based roles which have proven to be where the biggest shortages in talent really are
THE PEOPLE CHALLENGE
•To be a world-class company - requires world class employees
•Talent management – a given that the people at the top are the very best but to sustain 30% year on year growth you need the vast majority to be exceptional
•Generation Y issues – 60% plus of the staff are in transit and see this role as a stepping stone
•More drivers fewer passengers – the constant need for people to take on new challenges
THE ‘BIG’ DECISION
To outsource all resourcing and talent management activities to a specialist Human Capital Consultancy like True North. Why?
1.Cost – you spend a great deal of money on your Human Capital, even small efficiencies can have a big impact
2. Expertise – to get the most innovative ideas quickly which is essential given the rate of growth and change
3.Accountability – all of the information in one place with clear lines of responsibility
4. Speed – you might be able to do this for yourselves eventually but it would take longer and probably cost more...
THE SOLUTIONThe process from the bottom up...
Define and understand the corporate DNA: •What makes an employee ‘special’ for your business? •How do you define that – the language•How do you share that – the communication internally
Recruit every hire against the corporate DNA:•Often the ‘strongest’ candidate on paper fails the DNA test
Only target relevant communities for candidates •The best people are not ‘mass market commodities’
Make the experience exceptional – even for those people you turn down (i.e. 99.9 %!)• Today’s candidate is tomorrows customer and they will become good brand
ambassadors for you too
CONTROLLING ATTRITION: A DOUBLE EDGED SWORD
Positives:•Brings in new ideas, energy and enthusiasm. •Removes unproductive people
Negatives: •Affects culture, engagement, morale, costs
The reality:•A business growing say 30% year on year changes very rapidly. It will outgrow the capability of some of its people every year. Any organisation with a large Customer Operations organisation will experience higher than average attrition.
Challenge•How do you minimise attrition while ensuring a healthy turnover?
PUTTING THEORY INTO PRACTISE
BUILD A DIRECT SOURCING CAPABILITY• Reduce agency contacts• Recruit the best to recruit the best• Advertise on company branded sites rather than sites with the company brand• Relaunch bounty schemes, analyse results and respond to them• Relaunch intranet to drive greater internal movement
NARROW CHANNEL APPROACH • Only target candidates looking for a job at your company, not candidates just
looking for job• Focus on selling benefits of working at your company• Target the best in the field not the best in YOUR field
PUTTING THEORY INTO PRACTISE
ENGAGEMENT• End to end Employer Value Proposition with no gaps• Consistency of approach and of systems• Branded from first to last
ONBOARDING• Incentivise HR teams to focus on on boarding• Use recruitment team to ‘handover’ at Induction• Make good on your promises• Follow up with surveys of key stakeholders in process• Capture retention data!
INDUCTION DAY – A SORRY TALE OF MISSHAPS?
Reaction on Day 1 is all important:
How do you make Whoah! Become WOW!
•First impressions DO count so ensure: The welcome – we are expecting you! The involvement of senior stakeholders Make the day ‘AN EVENT’ – think about ‘branding’ Ensure the basics are ready – a (clean) desk, a PC etc Don’t over promise Give people an action plan Ensure everyone has a ‘go-to’ point of contact for even small things
PROBATION – OUR PHILISOPHY
Probation is a transition:• Out of the old job and into the new one – every new joiner no matter how senior will have questions and uncertainty when they join
We expect it to be a success: • This is not a time to ensure that you made the correct recruitment decision
New joiners want to succeed too:• Every new starter wants to prove themselves quickly. We work with them to ensure their objectives are visible and achievable
Our research shows:• 96% of new joiners at one business True North is doing this for are classed as ‘net contributors’ by their line managers within 16 weeks of joining
KPMG research shows:• The national average for new joiners in the US is 27 weeks
INSIGHT INTO THE COSTS
•Recruitment and retention costs money!
•The biggest costs are all hidden - Management time, opportunity costs, reduced moral and engagement of staff
•Things to look out for:Attrition amongst new joinersFrequent extended probation periodsResignations after new managerial appointmentsUnsuccessful recruitment campaignsLong lead times to fill vacant roles
•Through more effective deployment of resources True North created gross savings of around 35% in costs per hire between 2007 and 2008 for one company.
For more information about the services we offer and how we can help your business grow
Contact Wanda Goldwag at