How to hire and hold top talent - Cpl

How to Hire and Hold Top TalentPeter CosgroveJanuary 18th 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• Selling - vs - Hiring• Human behaviour

Ultimatum Game• Here is €20 you can keep it under one condition, you have to share some of it with your friend, it is up to you how much you share 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?

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 of the cost of hiring • Lack of accountability • Hiring Top talent does not necessarily work when filling a job

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

Hiring mistakes made by Employers1. Responsibility is left with HR/ Recruitment and not with the business

Hiring mistakes made by Employers2. The Recruitment Process  Screening  The Interview  Urgency  References

Hiring mistakes made by Employers3. Involve the existing team and use your own people to hire

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?

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.

Holding Talent Generation Y - Work-Life balance Generation X – Work -Family • More family time • Work from home • Reduce travel time Baby Boomers • Less working hours • Knowledge transfer • Reduce travel time • Increased pension Source - CRF International Holding BV.

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• Mentors

Company health Check Have you: Surveyed your employees? Asked people who did not choose you why not?I hate networking!! Talked with those recently joined to get their initial assessments?

Talent TrendsI hate networking!!

“I HATE SOCIAL MEDIA!”

Hard data on Social Media Company case studies in the US Technology-vs- Humans

Passive Candidates Source: Wade Burgess, LinkedIn

Deloitte New Zealand - Graduate ProgrammeI hate networking!!

PwC VideoIts what the public want to see not what you want to put out there Over 113,000 hits

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 her CV or reply to a job ad?

The Future…. Scientists at University of Bradford and Aberystwyth. More science and more data may not make it easier to recruit.

5 Takeaways

Takeaways 1. When is the last time the whole team talked only about talent. 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

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How to hire and hold top talent - Cpl

by Peter Cosgrove

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