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Recruitment & Retention Strategies
Never has there been a greater urgency to improve recruiting
and retention strategies
People Drive Success
What drives the success of your company? Chances are, it's not your strategies or your products or your capital investments. It's your people. People are a company's primary source of competitive advantage. However, finding and keeping talented employees has become one of today's greatest business challenges, as these current trends reveal
1. The pool of available labor is shrinking.
. Even an economic slowdown may not alleviate the talent shortage. The economy is changing at a faster pace than ever before, forcing companies to hire people with different skill sets from one year to the next, regardless of the overall pace of economic growth.
. Downsizing isn't the answer. Layoffs haven't decreased the unemployment rate. Studies show companies that downsize usually re-hire different people to fill those vacant posts and often end up paying more money to train the new hires. ¡§When a company announces that it's cutting 40,000 managers, that doesn't mean it can operate with 40,000 fewer managers,' says Peter Cappelli, director of the Center for Human Resource at the University of Pennsylvania's Wharton School. ¡§All they're doing is churning the skill base. They're going out and hiring 40,000 managers who have different skills.'
4. The war for talent is likely to intensify. A recent study by the McKinsey Group of 77 corporations and more than 6,000 executives concludes
„h The demand for the best talent has not yet begun to peak,
„h The price of obtaining that talent will go up,
„h The best talent will be under constant pressure to defect.
Never has there been a greater urgency to improve recruiting and retention strategies. Companies that are winning this war for talent are doing so by investing more time, money and energy to attract the best candidates and keep valued employees happy for one simple reason they realize the bottom-line benefits more than offset the cost of those investments.
What Today's Candidates Want
Today's candidates demand attractive compensation packages, including long-term deferred compensation and comprehensive health benefits. There is a continual increase in requests for performance-based compensation including bonuses and stock options. While up-front bonuses used to be relegated to the realm of upper management, offering a signing bonus to highly attractive candidates now often extends down, for example, to the staff accountant level.
While compensation used to be everything, these days your corporate culture is under greater scrutiny than ever by job hunters. A recent survey looked at the line of questions by candidates and ranked those questions in terms of their overall importance to the candidate. The results showed that corporate culturerivaled compensation and benefits in terms of importance.
Candidates are evaluating companies on the basis of the length of the workday, weekend work, whether flexible hours are permitted, the opportunity to telecommute, style of management (participatory or dictatorial), educational opportunities, day care facilities and the availability of mentoring programs.
Job seekers also want their work to be challenging and stimulating. They are attracted to innovative, creative, rapid-growing organizations.
Competing effectively for talent doesn't always require throwing more money at a candidate than the next company. You can gain a recruiting edge by offering non-monetary benefits such as a potentially faster promotion track and greater job responsibilities.
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