Wondering how to “win the race” in recruiting good talent. Here are some great tips from MomSource Team member, Lynette Russell.
You have seen the platitudes “We put our employees first” or “Our employees are our greatest asset”, but how do you practice that and is it enough? Statistics about employment attraction and retention are not all in your favor. With low unemployment rates, the demand for good talent is high. The landscape is changing with baby boomers retiring and Millennials becoming the largest group in the work force. Increasing employee turnover, voluntary or otherwise, is higher than its been in 10 years and numerous studies show the total cost of losing an employee ranges from 1 to 2 times their annual salary. Investment in your processes and people will help with the “quest for the best” talent.
It starts at the beginning. The average hiring cycle is 27.6 days per position, which is well above pre-recession levels. It is often due to sifting through non-qualified resumes, slow interviewing practices and antiquated benefits packages which leads to longer negotiation times. By reviewing these protocols or outsourcing it all together, you can cut this cycle by a third. Additionally, treating candidates like customers greatly improves the experience on both sides. Understanding that each interviewee could be an advocate for your company or brand should be paramount throughout the hiring process.
Relevant and innovative compensation packages are another key component to attracting and retaining top talent. This doesn’t have to cost a fortune, numerous studies show non-monetary benefits could have a huge impact. Eighty percent of employees ranked work flexibility as their number one factor when evaluating a job. Flexible environments take on different meanings in different industries, but having a tactical plan improves work satisfaction drastically. Also, offering progressive leave policies for both women and men, extended unpaid time off and initiatives that promote wellness and community service are all attractive to most candidates. Additionally, the desire for training and leadership development programs is growing. According to the Deloitte Millennial 2016 Study, 63% feel their leadership skills are not being developed in the workplace, plus training prior to promotion creates smoother transitions.
Another important factor in recruitment is successful onboarding. According to the Society of Human Resource and Management (SHRM), onboarding is the process of helping new hires adjust to social and performance aspects of their jobs quickly and smoothly. Every organization should have a version of this process because research suggests the faster an employee feels welcome and prepared, the faster they will be able to successfully contribute to the company’s mission. Best practices include the four “C’s”.
|The 4 C’s of Recruitment|
|Compliance||Basic legal and policy related rules and regulations|
|Clarification||Clear job descriptions and expectations|
|Culture||A sense of organizational norms, both formal and informal|
|Connection||Interpersonal relationships and information networks that need to be established by new employee|
Assessing your current practices by evaluating what your employees want and/or need is simple and MomSource Network can help you through the process. We have the tools and teams to create personalized plans for all levels of employment.