How to Hire and Hold Talent

How to Hire and Hold Top TalentPeter CosgroveOctober 25th 2012

Agenda• Why we do not focus on our people• Current marketplace for talent• How we hire• How we hold/ retain• What are the future trends in talent• Summary actions

Why Talent is Not a PriorityI hate networking!!

Why is Talent Not Our Top Priority• All CEOs say it’s a top priority but…..• Director salary levels CEOs say talent is a top priority – but what• Selling - vs - Hiring measures are in place to bonus/ reward Directors• Human behaviour based on this?

Ultimatum Game• Here is €20 you can keep it under one condition, you have to share some of it with a friend, it is up to you how much and your friend has no say in it.• If your friend rejects your offer you both get nothing, if he accepts you both keep your share.• How much will you offer your friend? People are not rational – this is one of the reasons we don’t like hiring!

The Cost of Turnover  Cost of a poor hire = 3 to 5 times employee’s annualised compensation.  Specialist functions = 10 x annual salary.  For an employee earning €30,000, a hiring mistake can cost up to €150,000.Harvard Business School

Increased Productivity 225 185 150 100 100 100 Average Top Average Top Average TopPerformer Performer Performer Performer Performer PerformerLow Complexity Jobs Medium Complexity Jobs High Complexity JobsJournal of Applied Psychology

Why the Disconnect?• Ownership / accountability of the cost of hiring• Hiring Top talent does not necessarily work when filling a job Just because you want to hire someone today does not mean that “someone” wants a job today

The Irish MarketplaceI hate networking!!

Ireland Marketplace• 2 speed economy• Demand: IT, Finance, Healthcare, Science and Engineering• Other areas have a huge over supply• The social welfare “challenge”

Hiring Talent

We want theneedle in thehaystack

When weadvertise we oftenget this!

Hiring mistakes made by Employers 1. Responsibility is left with HR/ Recruitment and not with the businessDon’t use a three year oldjob spec, you need tothink about who you wantto hire

Hiring mistakes made by Employers2. The Recruitment Process If you screen out those without degrees – you would never have hired these guys. Remember to take really thorough references  Screening  The Interview  Urgency  References

Hiring mistakes made by Employers3. Involve the existing team and use your own people to hire Get a second opinion – involve the team in the hire -just because they seem great does not mean they fit with the team

Hiring mistakes made by Employers4. Your employee value proposition - your brand is not whatyou think it is.

The moment of Truth…“Every time a customer interfaces with SAS Airlines we givethem a little vignette of film, and over a period of time wewill give them enough evidence to decide if they arewatching an Oscar winning epic, or a horror story”(Jan Carlzon- CEO- he turned it from B listing to Airline of the Year)

Touch Points• What are the touch points to a great hire? Understand the key touch points of every hire – first impressions are crucial

“Learn” how to Hire• Understand competencies• Understand the power of networking for recruitment• Ensure you are always looking to spot talent

Holding/ Retaining TalentI hate networking!!

Worker SatisfactionPWC Research - May 2011  Employee turnover is likely to rise.  Employee free agency to accelerate.  No one expects to work long-term for one company anymore.  Generation X vs Y vs Z

Engagement• An engaged employee is one who is willing to put in discretionary effort• “An exceptional employee is not just a little better than someone who is pretty good they are 100 times better” Mark Zuckerberg “

Your Top Talent Wants…• Challenge• Opportunity• Lack of bureaucracy• Accountability• Other top talent• MentorsHigh Potentialemployees wantmentors – and toprovide them costsnothing!

Performance Range On a scale of 1 – 10 rate your lowest and highest performer 1 2 3 4 5 6 7 8 9 10 Low High If you have a big gap between the best and the worst – the best willRef: Brian Kotinos worsen

Performance Range On a scale of 1 – 10 rate your lowest and highest performer 1 2 3 4 5 6 7 8 9 10 Low High If you focus on top talent – everyone improvesRef: Brian Kotinos

Talent TrendsI hate networking!!

SOCIAL MEDIA

Deloitte New Zealand - Graduate ProgrammeI hate networking!!

PwC VideoIts what the public want to see not what you want to put out there Over 127,000 hits Its about what people want to watch not what you want to create – know your audience

Dollar Shave club

Trends - Tomorrow’s CandidateI hate networking!! James is 12  …his last Christmas list was online using price comparison site data!  …his favourite film Ironman, he downloaded from iTunes.  ...he put together his holiday videos into a movie using the iMovie app.  … after scanning a QR code on his mum’s iPhone, he won a trip to Disneyland.  … he taught his dad to stream football online. => Do you think he’ll ever send you his CV or reply to a job ad?

5 Takeaways

Takeaways 1. When is the last time you devoted a meeting to talent only 2. Does your selection process make it easy for people to want to join your organisation. 3. Do you know what your brand says to your potential hires. 4. Are you a good place to work, don’t just say you are. 5. Hiring and holding talent starts with the CEO.

QUESTIONSName: Peter CosgroveTitle: Director – CplPhone: 01 614 6160 / 087 6200836Email: peter.cosgrove@cpl.ieTwitter: @petercosgroveWebsite: www.cpl.ie

How to Hire and Hold Talent

by Peter Cosgrove on Oct 23, 2012

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