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Two Sides of the Same Coin: Recruiting and Retention

  1. Two Sides of the Same Coin: Recruiting & Retention Tara Dwyer Webinar Coordinator Human Resources Today Caitlin MacGregor CEO & Co-Founder, Plum March 21st, 2023 9:30 am PDT, 12:30 pm EDT, 4:30 pm BST With
  2. Lever is a leading Talent Acquisition Suite that makes it easy for talent teams to reach their hiring goals and to connect companies with top talent. Lever is the only platform that provides all talent acquisition leaders with complete ATS and robust CRM capabilities in one product, LeverTRM. The LeverTRM features allow leaders to scale and grow their people pipeline, build authentic and long-lasting relationships, and source the right people to hire. Lever Analytics provides customized reports with data visualization, offers completed, interview feedback, and more, to inform strategic decisions between hiring managers and executives alike. Our platform also enables companies to hire with inclusivity in mind, helping eliminate any hiring bias. Lever supports the hiring needs of over 5,000 companies around the globe including the teams at Netflix, Spotify, Atlassian, KPMG, and Nielsen. Lever is now a subsidiary of Employ, offering the industry’s most comprehensive talent acquisition portfolio. Learn more at
  3. TO USE YOUR TELEPHONE: You must select "Use Telephone" after joining and call in using the numbers below. United States: +1 (562) 247-8422 Access Code: 782-614-788 Audio PIN: Shown after joining the webinar TO USE YOUR COMPUTER'S AUDIO: When the webinar begins, you will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended. Click on the Questions panel to interact with the presenters
  4. Caitlin MacGregor CEO & Co-Founder, Plum Two Sides of the Same Coin: Recruiting & Retention
  5. When People Flourish, Business Thrives.
  6. “We are accelerating toward the new world of work.” ⁃ George LaRocque, Founder, WorkTech
  7. Let's Take a Moment
  8. Think about a time when… You were your happiest at work a) What made you excited to jump out of bed in the morning? b) What were you doing that filled your proverbial cup?
  9. Now, think about a time when… You were unhappy, unmotivated, or burnout at work a) What were the activities you were doing that drained your bucket? b) What did you feel was taxing and took forever to do?
  10. Thinking about our drivers and drainers Drivers Drainers
  11. 50.5 million quit
  12. The new criteria for accepting job offers 14 64% 61% 58% A significant increase in income or benefits Greater work-life balance and personal wellbeing The ability to do what they do best
  13. “Companies must tailor their workforce strategy to the unique needs of their workers.” ⁃ PricewaterhouseCoopers
  14. Being Happy at Work Matters 17 4X 2X 21% Happy employees stay in their jobs four times longer than unhappy employees Happy employees commit twice as much time to their tasks Companies with a highly engaged workforce have 21% higher profitability [iOpener Institute for People and Performance LTD] [iOpener Institute for People and Performance LTD] [Gallup]
  15. The Cost of Missing the Mark 18 $11B $550B 47% Amount of US companies spend annually on employee turnover Amount US employers lose annually due to a lack of engagement with the job Of HR Chiefs cite employee retention and turnover as their top workforce-management challenge [Gallup] [Hubspot] [SHRM]
  16. Leaky Bucket Problems 11M Unfilled jobs in the US $11B Companies spend annually on turnover
  17. Solution to the Leaky Bucket Screen people IN - AND – Increase retention
  18. The way we used to match Resume parsing (keywords) doesn’t work in our post-pandemic world
  19. Psychometric data is 4X more predictive of performance than a Resume General Guidelines for Interpreting Validity Coefficients Department of Labor - US (1999) Age Education Experience References Unstructured Interview Innate Talents Structured Interview Job Tryout 0 0.13 0.25 0.38 0.5 Unlikely to be Useful Situational Likely to be Useful Very Beneficial
  20. $300,000 A poor hiring decision can cost
  21. When People Flourish, Business Thrives.
  22. I/O Psychology understands: 1. The Human behind the work — What drives & drains someone 2. The behavioral needs of every job (KBIs) 3. The alignment between the person and the job, predicting where someone has the greatest potential to succeed and thrive if given the opportunity
  23. Adaptation Communication Decision Making Embracing Diversity Managing Others Innovation Conflict Resolution Execution Persuasion Teamwork Universal Talent Model for measuring human potential and job needs 26 Quantify innate Talents
  24. Talent Competencies Description Behaviors Focusing on quality of output Meeting expectations by being thorough, organized, and detail-oriented, and accepting responsibility for mistakes. • Demonstrating thoroughness and attention to detail • Always trying to do the best possible work • Learning what is important to produce quality work • Completing work in a timely manner without making errors • Accepting responsibility for mistakes Monitoring progress Monitoring performance and comparing performance to standards to ensure high expectations are met. • Doing the best possible work to achieve challenging goals • Improving performance by analyzing prior mistakes or problems • Monitoring activities and overseeing resources • Learning what is important to produce quality work and avoid costly mistakes Setting challenging goals Setting goals that are measurable, time-based, challenging, and both short- and long-term focused. • Developing specific goals to prioritize and organize work • Skillfully tackling challenging problems • Establishing short- and long-term goals • Remaining calm and level-headed when faced with multiple or conflicting goals Execution Setting goals, monitoring progress, and taking the initiative to improve your work
  25. Match People to Roles in 3 Easy Steps 28 1. Candidate/Employee Assessment 2. Employer Match Criteria Survey 3. Match Score One-time 20-25 min assessment 8 min Job Analysis Match people to roles
  26. Drives Drains Teamwork Adaptation Execution Innovation Formulating plans to implementation Generating new ideas Identifying impact of possible solutions Anticipating problems and choosing solutions that avoid them Seeking out new ideas and critically evaluating them Establishing objectives and specifying the strategies and actions to achieve them Finding and generating valuable solutions Using unconventional approaches to solve problems Suggesting creative and original ideas Finding ways to improve the quality and efficiency of work Managing Others Anticipating problems and outcomes before they happen Gathering and analyzing information relevant to a problem Assessing the value, importance, or quality of an idea Meet Maia
  27. Screen-in people that are often overlooked into roles where they will thrive Critical Essential Important Helpful Product Manager Match Score: 94 Execution Innovation Adaptation Teamwork Useful Managing Others Managing Others Communication Decision Making Conflict Resolution Persuasion Critical Essential Important Helpful Useful Director of Underwriting Match Score: 63 Maia Drives Drains
  28. Universal Talent dataset supporting the entire Employee Lifecycle Talent Acquisition Learning and Development Team Optimization Internal Mobility Leadership Potential Onboarding
  29. Plum Confidential Identify where your people will thrive Managerial Track Expert Track
  30. Plum Confidential Leadership Potential Defined The potential to emerge as a leader and be effective in leadership roles at higher levels in the hierarchy
  31. Plum Confidential Why measure Leadership Potential Assessing potential is about increasing the probability that you will see a good return on your investment in people
  32. Plum Confidential Organizations with strong leaders are 2.3x more likely to financially outperform peers $166B annual spend on leadership development in the USA Biggest problem is 42% of Potential Leaders are misidentified Impact of Leadership Potential
  33. Plum Confidential Add objective data to your Talent Review Subjective Data Observed Behaviour…“has potential” • If someone is an excellent individual contributor, they are more likely to be identified as "has potential" regardless of their leadership capabilities • 88% of DEI Leaders perceive bias in their promotions or succession processes Objective Data Leadership Potential Dimensions… • Proven science identifying the foundational dimension that exist in successful leaders • Increase diversity in your leadership pipeline by screening in people that are overlooked
  34. Plum Confidential 3 By 2030 workforce millennials 70%
  35. Plum Confidential 1 2 3 Great land Do your people have the potential to be great leaders? This means high learning agility and a mix of certain personality behaviors to build upon. Building Great leaders build the skills and knowledge required to accomplish the company’s goals. Leaders need to keep their skills and knowledge up-to-date to meet ever- changing challenges. Updating Great Leaders and Building a House …they’re surprisingly similar
  36. Plum Confidential Leadership Potential • Objectively identify and start developing future leaders sooner • Our Leadership Potential Model is based on 6 foundational dimensions • Positive employee experience • Strip away bias and build a more diverse leadership pipeline Overall Leadership Potential Learning Agility Drive Self-Confidence Composure Empowerment Presence
  37. The Scotiabank Challenge 1. Optimize their hiring process 2. Hire individuals for their potential 3. Improve their candidate experience 40
  38. Creating unprecedented ROI for 182% ROI 2X Retention 60% Hiring of visible minorities
  39. The Whirlpool Challenge 1. Better predict performance to improve quality of hire 2. Create better end-user experiences for candidates and recruiters 43
  40. 0 10 20 30 40 50 Expectancy of Performance Based on Plum Match Score Lower Performance Potential (No Offer) Higher Performance Potential (LDP Offer) High Match Scores Low Match Scores Higher Plum Match Score = Higher Performance 44
  41. The Sitel Challenge (TM) 1. Have a fair and objective process to assess talent 2. Support employee development 3. Enable internal mobility 45
  42. Commitment to their employees Facilitating internal mobility Employee development across countries 26 100% NPS
  43. Providing a scalable solution for psychometric data Consulting Technology Resume Keyword Match Psychometric Data Scalable Predictive 140 hrs per role Nonpredictive 8 mins per role 4x more predictive
  44. The results Plum delivers Quality of Hire 93% Of managers would hire their Plum recommended matches again Retention 77% Increase in ability to retain talent Efficiency 80% Less time reading resumes 88% Less time interviewing Diversity 78% Increase in hiring of underrepresented minorities Candidate Experience 94% Of people found their Plum Profile to be valuable
  45. Plum Confidential Benefits of objective psychometric data throughout the entire employee lifecycle Quantify Job Fit Match the right people to the right roles Identify Potential Objectivelyidentifyandstart developingfutureleaderssooner Grow Your People Empower them with personalized career insights Work Better Together Equip leaders with insights to build high-performing teams
  46. Create your own Plum Profile and personalized Talent Guide
  47. /in/dwyertara @HRPosts Q&A Caitlin MacGregor Tara Dwyer Webinar Coordinator, Human Resources Today /in/caitlinmacgregor/ @caitmacgrego r CEO & Co-Founder, Plum

Editor's Notes