Beyond Funnel Mentality

ACHIEVE TALENT MANAGEMENT SUCCESS Beyond the Funnel Mentality: How a Shift in Thinking will Transform the Way Companies Engage Quality Candidates Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved.

ACHIEVE TALENT MANAGEMENT SUCCESS Agenda Evolution and trends in recruiting A new role for Talent Acquisition The Science of Networking Leveraging the tools Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Evolution and trends in Recruiting Recruiting has evolved into a frantic attempt to create the largest funnel possible to manage an enormous amount of data The role of the Recruiter is to filter and reduce this data to actionable pieces We are constantly in search of faster more productive recruiters More and more automation is being developed to help a recruiter sift through the enormous amounts of data Systems are evolving in an attempt to make things easy while there are many features that are rarely used Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Whale Watching More aggressive recruiting tactics are being used in the corporate environment Sometimes referred to as predatory recruiting Poaching There is no value exchange, only taking This is not a sustainable form of networking Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Manager Involvement in the Process Movement toward manager self service Goal is to establish accountability for hiring In what part of the hiring process do we really want the manager to be engaged? Once you finish entering those requisitions, HR said we should have at least five top quality candidates to talk to in just 4 weeks! Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS The Quality Challenge The tools and technologies all offer the promise of higher quality candidates By improving the filters and matching capabilities we will get to the higher quality candidates faster The speed of the competitive talent market is shortening the time we have to get to know a candidate Assessments help, but we still do not know the true quality until after we see the person in action Quality of hire measures can only take place post hire – Engagement survey – Manager survey, performance review – Peer review Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Stepping up to the challenge Rather than attempting to improve the filtering process to increase the quality of the output We should focus on putting higher quality candidates into the funnel How? Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS The origin of the recruiting function When a business owner needs to increase the staff size, the very first step is to hire people they already know and/or have worked with in the past When they run out of people they know, they turn to their employees and ask “Who do you know?” Employee Referrals is the original source of recruiting A recruiting function is only needed when the scale of growth becomes too large for this grass roots approach It is widely accepted that Employee Referrals yield the highest quality of candidate Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Employee Referrals Lowers overall recruitment costs Reduces time to fill Increases quality of hire Ready made mentors Higher acceptance/retention rates Increased morale and motivation An Ohio State University study shows that employees hired through referrals have a retention rate that's 25 percent higher than that of employees hired through other methods Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Building a Manager’s Network Manager’s should be engaged in maintaining a network of talent True networking is not aggressive It is about establishing and leveraging relationships There is value exchange in a relationship A value based network becomes a sustainable source Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS A shift in thinking Rather than building the biggest possible funnel with the best filters Establish a small network of talent to meet the hiring needs of a single manager Develop a Talent Inventory, identify internal and external candidates as successors for existing positions or future vacancies Create a network community by delivering value to the members – Routine gatherings, online or in person – Web portals for content and collaboration – Turn acquaintances into relationships – Engage in activities to get to know each other Hiring people we know, increases quality because there is a shorter time to employee engagement Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS New Role for Talent Acquisition Become a Talent Coach Assist the Hiring Manager in developing and maintaining a network of enough people to hire from (20 – 35). – Identify prospects to be introduced to the Manager’s network (avoid the old boy network) – Provide the tools for managing the Network (e.g. LinkedIn, Salesforce.com, etc.) – Attend industry events with the Manager and organize social events – Assist the manager maintain periodic, systematic communication with network members Create a Talent minded culture Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Establishing New Role for Talent Acquisition Step I – Identify Managers who will be hiring critical talent – Determine the number of networks to be established and relative size requirements based on hiring goals, and demographics – Establish criteria for inviting participants to the network – Educate managers on networking basics and protocol Step II – Interview leaders who already operate as talent scouts – Determine the tools to be used for managing the information – Identify opportunities to provide relevant and meaningful content to participants (news letters, press release, CE opportunities) – Develop a calendar of events (trade shows, ball games, association meetings, etc.) Step III – Establish goals for network production, number of hires and number of referrals – Identify method for data to be captured –different than source of hire – Monitor results and make adjustments Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Taking it to the next level It is widely accepted that the stronger the network the better results How do we measure the strength of a person’s network today? – Number of entries in the rolodex – Contacts in the outlook folder – Number of connections on Linked-in Anecdotal references – She is really well connected – He knows everyone and the 12 disciples What if we apply the principles of Network Theory? Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Network Theory Network theory concerns itself with the study of graphs as a representation of either symmetric relations or, more generally, of asymmetric relations between discrete objects. Typically, the graphs of concern in network theory are complex networks, examples of which include the World Wide Web, the Internet, gene regulatory networks, metabolic networks, social networks, epistemological networks, etc Source: Wikipedia Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Determining Network Strength The shape of a social network helps determine a network's usefulness to its individuals Tighter networks can be less useful to their members More open networks are more likely to introduce new ideas and opportunities to their members A group of friends who only do things with each other already share the same knowledge and opportunities - Cliques It is better for individual success to have connections to a variety of networks rather than many connections within a single network. Individuals can exercise influence or act as brokers within their social networks by bridging two networks that are not directly linked Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Network Analysis Closed Network Open Network Group 4 Group 1 Group 3 Group 2 Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Network Analysis Measures Betweenness – The extent to which a node is directly connected only to those other nodes that are not directly connected to each other; an intermediary; liaisons; bridges Closeness – The degree an individual is near all other individuals in a network (directly or indirectly). It reflects the ability to access information through the \"grapevine\" of network members. Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Network Analysis Measures Eigenvector centrality – a measure of the importance of a node in a network. It assigns relative scores to all nodes in the network based on the principle that connections to nodes having a high score contribute more to the score of the node in question. Structural hole – Static holes that can be strategically filled by connecting one or more links to bring together other points. Linked to ideas of social capital: if you link to two people who are not linked you can control their communication – create value. Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Filling structural holes Group 4 Group 1 Group 3 Group 2 Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Position in Network Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. The McKinsey Quarterly: Harnessing the .power of informal employee networks, 2007

ACHIEVE TALENT MANAGEMENT SUCCESS Social Capital \"refers to the collective value of all 'social networks' and the inclinations that arise from these networks to do things for each other“ social capital can be measured by the amount of trust and \"reciprocity\" in a community or between individuals Robert D. Putnam, Bowling Alone Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS A Possibility By applying the measures of network analysis to the social networks of our recruiting staff and hiring managers, we can: – Identify gaps, structural holes – Establish specific targets for hiring to fill structural holes – Identify internal resources in key positions in the network to develop retention and succession strategies – Assess the value of the overall network and create a new metric for the dashboard – “Recruiting Capital” – Assign goals and objectives to the team to increase the Recruiting Capital of the network Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Some Tools to Consider There is niche market evolving for functionality that sits on top of, or outside of your traditional Career Site that can provide more interactive functionality for your candidate contacts. Micro-sites; Talent Communities Here are just a few examples: – Jobs2Web – Climber.com – Ning Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

ACHIEVE TALENT MANAGEMENT SUCCESS Final comments The tools are changing – we need to change the way we use them Establishing value based networks is a sustainable source of quality candidates Managers must participate in the networking to create the quality Different model for investment of recruiting budget; Be selective in the application, where does it make the most sense Measure, measure, measure Copyright © 2008. Korn/Ferry International and Korn/Ferry International Futurestep, Inc. All Rights Reserved. .

Beyond Funnel Mentality

1 comments

Notes on slide 1

2 Favorites