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In an increasingly competitive marketplace with continued economic uncertainties, companies must employ strategies for innovative recruitment, retention, onboarding and learning and development programs to create long-term, invested team members. Creating a best-in-class beyondboarding™ process that includes pre-boarding, onboarding and post-boarding, and focuses on improving employee retention, employee satisfaction, and productivity helps companies retain their top talent and decrease new-hire time to productivity, turnover and recruiting costs.
- Identify the type of talent you need before recruiting. According to a recent CareerBuilder survey, 67 percent of companies acknowledge that a bad hire adversely affected their business in the last year.
- Twenty-four percent of hiring managers said a single bad hire cost their business more than $50,000 in the last year. Four-in-10 said a bad hire cost them more than $25,000. Lost sales, negative effects on client relations and lower productivity were among the factors contributing to the financial damage.
- Qualified candidates are not easy to find. When managers begin to work with their HR partner or assigned recruiter, they do not have an understanding of the real shortage of qualified candidates. As Baby Boomers begin to retire in exponentially growing numbers, it becomes even more to fill open positions within our organizations. According to Jim Sirbasku, CEO of Profiles International, the workforce crisis is being driven into a "perfect storm" caused by:
- A significant drop in the growth rate of the labor force
- A continuing paradigm shift from physical labor to a knowledge worker economy
- Clearly communicate your culture and values. In a Business Insider video interview, Zappos CEO Tony Hsieh estimates hiring mistakes have cost his company more than $100 million since it was founded in 1999. There is a "domino effect" when bad hires make their own bad hiring decisions, says Hsieh. While it's tempting for startups and other growing companies to staff and accommodate that growth, Hsieh says it's a mistake managers will come to regret if hires aren't a good fit with the corporate culture. Zappos now" sacrifices short-term benefits for long-term gains" by spending time vetting potential employees and hiring only folks that mesh well with the company's culture.
- Onboarding programs impact a new employee's decision to stay with your organization. A new employee decides within three weeks whether or not an employer is a right fit; 4 percent of new employees leave a job after the first day; more than 20 percent of employee turnover occurs in the first 45 days. (The Wynhurst Group)
- Gaining company and job knowledge from Day One helps employees become productive. 89 percent of new hires lack the institutional knowledge required to get up to speed quickly and become effective on the job within their first 90 days. (Strong Start To Job Success By William C. Byham, Ph.D)
- Creating a culture of commitment and engagement leads to organizational success. According to the Small Business Administration, 90 percent of businesses fail in the first 10 years due to a lack of fundamental principles, one of these being a lack of soft skills from a manager. Creating and maintaining an effective culture of commitment and engagement takes effort from leaders who work closely with employees, and that's often neglected. In The Conference Board's study, 51 percent of respondents said they were satisfied with their boss. That's down from 55 percent in 2008 and around 60 percent 20 years ago.
- Senior talent is greatly affected when they join a new organization. Companies that leave executive onboarding to chance and do not implement formal processes experience failure rates in excess of 50% when it comes to retaining new executive talent. (Egon Zehnder International, Inc.)
- Talent management must be a key organizational initiative. As Jack Welch communicates in his book Winning, talent management deserves at least as much focus as financial capital management and not just when an organization is trying to acquire talent or implement change.
- Learning professionals should own talent management for the enterprise. Today's learning executives are responsible for more than directing the learning function, planning learning strategy, or guiding the development of high potential employees. Although each of these roles is important and contributes directly to performance, learning professionals are taking on larger roles as the owners of talent management for the enterprise. Organizations such as Steelcase and The Gap have benefited from managing talent throughout the employment life cycle as a centrally directed function, linking workforce capability to specific strategic goals. ( The Face of Talent Management)
- Investment in learning remains stable. Although organizations grappled with some of the worst economic conditions in several decades, business leaders continued to dedicate substantial resources to employee learning in 2009. ASTD estimates that U.S. organizations spent $125.88 billion on employee learning and development in 2009. Nearly two-thirds of the total ($78.61 billion) was spent on the internal learning function, and the remainder ($47.27 billion) was allocated to external services. ( ASTD State of the Industry 2010 report)
