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How to attract and retain talent?
- 3. difficulties in attracting senior talents larger incumbents’ incentives are hard to beat hardships in recruiting quality candidates big companies vacuumed up top talents lack of talents hiring stalled
- 4. You are only as good as the people you hire" R AY K R O C – C E O O F M c D O N A L D S
- 6. Sample Profile 59 29 12 22 32 37 9 Employment Status Years of Work Our Respondents
- 8. Meet Top 4 Green Flags!
- 9. Teammates: Personality & Approach Score: 4.09 Very Important Fairly Important Important Slightly Important 45% 30% 17% 6% Not Important 1% 4
- 10. Salary Very Important Fairly Important Important Slightly Important Not Important No Opinion 45% 36% 17% 2% 0% 0% 3 Score: 4.25
- 11. R O B E R T B O S C H – F O U N D E R O F R O B E R T B O S C H G M B H I don’t pay good wages because I have a lot of money; I have a lot of money because I pay good wages."
- 12. Immediate Manager: Personality & Approach Score: 4.28 Very Important Fairly Important Important Slightly Important 52% 30% 13% 4% Not Important 1% 2
- 13. A N D R E W C A R N E G I E – F O U N D E R O F C A R N E G I E S T E E L C O M PA N Y You cannot push anyone up a ladder unless he is willing to climb."
- 14. Career Advancement Opportunities Very Important Fairly Important Important Slightly Important Not Important No Opinion 55% 28% 13% 2% 0% 2% Score: 4.30 1
- 15. More insights about our Green Flags
- 16. Insight #1: Work Experience Trends Salary Annual Leave Days Pension Plans Business Travels* Teammates Personality Training/Educational Opportunities Sustainability Goals* Team Social Events
- 17. Insight #2: Employment Status
- 18. Insight #3: Students vs Graduates” Immediate Manager & Salary Career Advancement & Education
- 19. S T E V E J O B S – C O - F O U N D E R , C H A I R M A N A N D C E O O F A P P L E I N C . Recruiting usually requires more than you alone can do, so I’ve found that collaborative recruiting and having a culture that recruits the A players is the best way"
- 20. Know Your Foe
- 21. Red Flags Intolerance to Failure & Experiment Bad Reference from Other Employees Abuse of ‘Flexibility’ Term for Extra Workload Mandatory Office Presence Lack of Accountability Low-balling by a company Complex Hierarchy, Non-approachable Leader No Coaching & Mentoring CEO’s & Founder’s Relatives at Critical Jobs 62% 61% 58% 55% 50% 50% 48% 46% 45%
- 22. Insight #4: Work Experience Trends CEO’s or Founder’s Relatives at Critical Roles Low-balling at Salary Negotiations Company’s Intolerance to Failure Absence of Coaching & Mentoring Vague Promotion Track Non-sustainable Company Values
- 23. Insight #5: Beyond trends… <2 years 2 to 5 years >10 years
- 24. Insight #6: Employment Status Peculiarities “I need a coach” “I hate bad references” “I love to work & learn, but don’t want to spend my hours doing extra time” “ I like trying new things. I learn by failing” “I stay away from people who don’t keep their promise” “Even one bad referral from an employee is enough to stay away from that company!” 12 9 6
- 25. I am convinced that nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies." L AW R E N C E B O S S I D Y – C O O O F G E N E R AL E L E C T R I C
- 30. APPENDIX
Editor's Notes
- When we thought of a possible topic for today’s presentation, we set a goal to bring you some actionable information, which you as CEOs and owners could use today for improving your business. Upon sourcing the information from 50 different companies, we identified that there are 3 major challenges they are facing today. One is financial constraints, the other two are slower pace in tapping on the market than expected and hardships in attracting talents. Understanding that insights in finance and marketing are a lesser fit to the spirit of the forum, we decided to stick to human capital issue and tap on that. Besides, we have a strong belief that other two problems are in great part also depend on the quality of the team you have. Even getting a financing is hard if you can not produce a capable team to execute the plans.
- This is what we heard or seen from them. And our thought was what if this problem is, at least partially, a root-cause for other two. You can neither be successful in the market, not raise capital through debt or equity if your team is not strong. Talents are moving companies forward. Lack of those brings to stagnation.
- I may not like MCd’s product but I cant but admit that Kroc’s words ring the bell to me. https://hire.engineerjobs.com/2015/21-quotes-on-hiring-and-managing-talent.htm https://twitter.com/aidab_marketing/status/1028257293941583872
- So, we decided to look at the process of acquisition and retention and talents by the eyes of the talents. Gokhan and I conducted a survey and collected 100 responses from our MBA classmates as well previous and next cohort, which is still at school. We asked them about how they assess a company as a good or bad place to work at, calling the attractive elements green flags, while those which can make us run away – red flags. 30 greens and 18 reds in total.
- As you may see the breakdown, we sliced our sample by years of work experience and employments status, hoping to find some actionable insights. We do not pretend that the survey is representative of the whole population – the size is too small. Treat is a profile for Sauder MBAs. Without any further delay, let my colleague speak about green flags and the findings behind them.
- In order to find what really matters for our target audience, we grouped our questions into 5 different categories. We asked them questions about their: Team ( Teammates, immediate managers, social events etc.) Benefits & Perks ( Salary, Annual leave,, pension plans, stock options, health insurance) Company ( Career opportunities, global offices, sustainability goals, office location, website etc.) Culture ( Decision making criteria, diversity & inclusion, gender equality, clear role definitions) Working Hours ( Annual Leave, remote working options, overtime not more than 10 hours) After Q&A appendix they are present
- Here are the top 4 items that are ranked the highest! We are starting with the 4th one…
- The people that you are working with makes the difference. Almost 90% of our survey participants think that their teammates are important for their workplace decisions. So make sure you make the right decision in your first hire. cause it’s going to effect the next hires as well.. Work Experience <2 years segment has significantly higher score for: teammates personality and approach 4.56
- Moving on to the 3rd item, Not surprisingly, salary is considered as among the top 3 most important green flags. A vast majority of our survey participants, more than 80%, stated that salary is more than important in their decision making for a workplace. Yes, we all care about our salaries, don’t we?
- Here is an excellent quote from Robert Bosch. It seems like he solved the chicken and egg problem about salaries
- Another high ranked green flag is their immediate manager. Our participants know that their immediate manager can make the life a hell or a heaven for them. Make sure that your managers have a good behaviour on their direct reports. Get feedback about as often as possible and observe their relationships with your employees. Their “untold bad reputation” can negatively influence the market and can keep you away from talent. This is even more important for people with Work Experience 10+ years!!! ( Immediate Manager Personality/Approach as their 1st priority – 4.43 )
- I love this quote. Millennials don’t need a push to climb up the ladders. They are already on it and passionate to go to the top of it.
- That explains the reason why career advancement opportunities had the highest overall score of 4.30 among all our survey questions. Yes, they care about their future. They want to learn what opportunities they will have in the future. That has a big influence in their decision-making process. Work Experience 2-5 & 6-10 years have higher score for: 4.38 – 4.64 for career advancement opportunities. In contrast, Work Experience 10+ years has the lowest score of 4.05 for Career Advancement Opportunities among 4 segments.
- Let’s deep dive into different segments to find some more actionable insights.
- We found interesting insights about our participants when we compared their responses according to their work experience. I will try to explain that with Brad Pitt’s career. As Brad became more experienced: Importance grows with increasing Work Experience for: Salary Annual Leave Days 3+ weeks Pension Plans ( yes, as they get older they start caring more about their retirement. He needs to look after his dependents etc. Business Travels ( Interesting, I would assume the opposite… I don’t know what the real reason behind this ) Importance decreases with increasing Work Experience for: Teammates Personality/Approach ( As people get more experienced, they get used to working with different people and learn how to manage them ) Training/Educational Opportunities Sustainability Goals ( Obviously, young generation care more about the sustainability goals of the company, but I don’t think they still give enough value to that in terms of their job decision) Team Social Events More experienced don’t think team social events are important for them.
- In our research, we used two different segments as graduate employed and graduate unemployed, but their response characteristics were identical. It showed NO significant difference between Employed and Unemployed for top 7 green flags, with ranges: Immediate Manager Personality/Approach Salary Career Advancement Opportunity Teammates Personality/Approach Health Insurance Coverage Involvement in Leadership Decisions Training/Education Opportunities
- On the other hand, once we compared student's vs graduates, we found some basic differences in their choices. Our data shows that Career Advancement Opportunities and Training/Education Opportunities are dramatically ranked as higher in students. Whereas, immediate manager’s personality and their potential salary aren’t as important as they are for graduates. Value significantly MORE than “Graduates”: Career Advancement Opportunities // 4.83 (I assumed 1.5 SD as a significant one, in case other segments have opposite sign. Training/Education Opportunities // 4.42 Value LESS than “Graduates”: Immediate Manager Personality/Approach // 4.00 Salary // 3.92 For example, Career Development Opportunity has 1.5 SD for Students, while -0.3 and -0.2 for Grads Employed and Grads Unemployed
- Final words… Recruiting and retaining talent is not the sole responsibility of the hiring team, recruiters or the CEO. It’s a collaborative team effort, and only a strong company culture that’s appreciated by the entire team can be used to maintain it. So make sure that you build it in your team. And now we have some understanding of what we should have on board to attract talents. However, there are things that can completely negate all other positive elements and make your great candidate run away. We call them the red flags. Andriy will tell what they are and will share our insights about them. Andriy, floor is yours. https://creativityboost.net/2018/04/15/steve-jobs-quote/
- Sometimes you may have a long chat with an applicant and it seems you ticked all the boxes. On both sides. And then, all of a sudden, a person gives you a negative reply. What happened? What scared them off? Meet your foes – even one alone can kill all the progress of onboarding! https://hire.engineerjobs.com/2015/21-quotes-on-hiring-and-managing-talent.htm
- To save time and taking into account how crucial the flags are, we are showing top 9 of them at once. Let’s slice and dice though to see the trends and peculiarities in terms of work experience and employment status.
- As employees, we tend to get more intolerant to some factors, while others bring less tension to us. To the left, you can see those positively correlated with years spent in the office. To the right – their opposites. Rate of mentioning grows with increasing Work Experience for: CEO’s & Founder’s Relatives at Critical Jobs Low-balling at Salary Negotiations Rate of mentioning decreases with increasing Work Experience for: Company’s Intolerance to Failure Absence of Coaching & Mentoring Vague Promotion Track Non-sustainable Company Values
- Beyond the trend describes in the previous slide, we identified that Work Experience <2 years segment has significantly higher score for Complex Hierarchy/Non-Approachable Leaders than their peers. While for Work Experience 2-5 years are a bit more concerned about Bad References from Other Employees Work Experience 10+ years goes much ahead with intolerance to ‘Flexibility’ Demand as a Support to Extra Workload
- “Students” have 12 (!) out of 18 Red Flags above 50% threshold: Absence of Coaching & Mentoring Bad References from Other Employees Abuse of ‘Flexibility’ Demand to Support Extra Workload “Unemployed Graduates” have 9 Red Flags above 50% threshold: Company’s Intolerance to Failure Failing on Commitments / Lack of Accountability “Employed Graduates” have 6 Red Flags above 50% threshold: Bad References from Other Employees
- Now, we hope that you are a bit more prepared to the interviews with candidates and find your talents to bet on https://hire.engineerjobs.com/2015/21-quotes-on-hiring-and-managing-talent.htm
- As major takeaways for today, pleas, remember that No candidates are equal in their values and anticipations. Moreover, they change the priorities in those over time and experience. Let them grow, provide safe environment for experiment, and give them some reasonable freedom. The results will not make you wait long. One thing is sure, they will not want to leave you .
- With that, we are ready to answer your questions now or during the break. https://medium.com/@Adrien_Liard/stop-asking-how-you-can-retain-top-talents-talent-does-not-exist-cecbb340c6fe
- With that, we are ready to answer your questions now or during the break. https://medium.com/@Adrien_Liard/stop-asking-how-you-can-retain-top-talents-talent-does-not-exist-cecbb340c6fe
- With that, we are ready to answer your questions now or during the break. https://medium.com/@Adrien_Liard/stop-asking-how-you-can-retain-top-talents-talent-does-not-exist-cecbb340c6fe