Webinar - How to Attract and Retain the Best Talent for your Organization.pptx
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So how do you effectively attract the best talent in the market? What should you do to retain your top talent? Payscale’s Director of Talent Acquisition, Emily Kent, and Sr. Manager, HR, Tim Douglass, will be answering these questions and more. Register now and find out what you can do to recruit, and keep, the best talent for your organization.
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Webinar - How to Attract and Retain the Best Talent for your Organization.pptx
- 1. How to Attract and Retain the Best Talent for your Organization
- 2. Today's Presenters Tim Douglass Senior Manager, HR Emily Kent Director, Talent Acquisition
- 3. Today's Agenda • Current market conditions • The talent lifecycle: • Part 1: Attracting talent • Part 2: Retaining talent
- 6. 2023 CBPR Highlights • 49% of orgs say compensation and retention will be a higher priority investment in 2023 • The average total turnover rate for organizations in 2022 was 26% • 60% have experienced higher voluntary turnover, labor shortages, or trouble attracting and retaining talent in 2022 than previous years • 35% of orgs cite compensation as most to blame for labor challenges in 2022 • 55% of orgs view quiet quitting as work/life balance and are not concerned about it Source: 2023 Compensation Best Practices Report
- 8. The Talent Lifecycle- Part 1: Attracting Talent
- 9. Brand The talent lifecycle starts before you ever have a conversation with a candidate… • Careers page • Job descriptions • Social Media • DEIB initiatives • Job posting pages
- 10. 10 Poll: What is the top-most mentioned factor in candidate feedback when assessing the overall hiring experience? A. The role and responsibilities B. Compensation and benefits C. Interactions with recruiters D. Interactions with interviewers
- 11. Recruitment and Hiring Experience • Alignment with the business • Balance time, cost, and quality • Consider entire employee value proposition • Job descriptions • Go beyond the skills: compensation, benefits, expectations etc. • Interviews • Be prepared. It's a two-way street • How are you selling them, while making sure they are right for you? • Ask the good questions • Be transparent- give honest feedback
- 12. Values Alignment does not equal Culture Fit “Culture fit” can be “blurry” and hard to define – often described as a feeling or a vibe. Values alignment is best measured via specific examples of behavior; for example: 1. Demonstrating empathy or customer focus (Customer First; customer centric) 2. Overcoming obstacles (Respect every individual, work as a team) 3. Taking initiative (Bias for action) 4. Being solutions-oriented (Commit to excellence) 5. Admitting failure (Humility)
- 13. Offer • What makes up an offer: • Compensation • Benefits • Tangible • Intangible • How do you communicate the offer? • See and show the value beyond the number/base salary
- 14. Compensation will always be very important in the hiring process… What can you do to be competitive? Offer competitive rates determined with fresh market data Annual bonuses, signing bonuses, and stipends Provide stock options Cover various employee/office expenses
- 15. Benefits BEFORE NOW OLD HOT BENEFITS • Healthcare • Remote Work • Flexible Hours • Unlimited PTO • Free Lunch NEW HOT BENEFITS • Healthcare (Employee pays nothing!) • 4-Day Workweek (Time as Benefit) • Volunteer/development time • Remote Work Stipend • Wellness Stipend • Cash Bonuses • Stock / Equity • Paid Retirement • Diversity, Equity, Inclusion, Belonging (DEIB) • Corporate Responsibility (Environment) • Ethics, Values, and Progressivism • Agile Recruitment Processes • Childcare
- 16. The Talent Lifecycle- Part 2: Retaining Talent
- 17. Onboarding The talent lifecycle does not stop after an offer is accepted… • Have a clear onboarding plan • Company • Team • Job • Set new hires up for success from the beginning • Continue relationships built in the early stages of the talent lifecycle • Ensure values are present in the onboarding process
- 18. What is most to blame for voluntary turnover?
- 19. 19 Poll: What is the main cause of turnover in your organization? A. Compensation B. Competition/Better Opportunities C. Company Culture/Values D. Career Advancement E. Manager Relationship F. Burnout/Worklife Balance G. Other/Unsure
- 20. Engagement In order to keep turnover rates low, and employees happy, engagement is key- • Measure engagement and receive feedback • Create open lines of communication • Generate opportunities • For interaction with leadership • Career growth • Learning and development • Be transparent
- 21. The pay transparency continuum Most organizations target being a Level 4, meaning they aspire to train managers on sharing pay ranges and how data informs salaries with individual employees.
- 22. 22 What can you do to retain your employees? Reward your employees for a job well done Emphasize and promote work life balance Be flexible where you can Communicate regularly with employees Correct pay inequalities and focus on pay equity Reinforce company values Increased employee engagement programs
- 23. Development Development opportunities can look different from organization to organization, here are some to consider… • Defining career ladders • Discussing promotion trajectory • Creating stretch assignments • Provide learning opportunities • Focus on skills
- 24. Key Themes Compensation will always be a factor Talent mindset throughout the organization Lead with transparency and values
- 25. Choose data sources that reflects the market & your competition around the world Leverage Payscale data and/or manage and participate in third party surveys. Understand Competitive Market & Determine Data Strategy Benchmark jobs at scale in alignment with your pay strategy Develop your job architecture that supports the complexity of your entire organization Reporting makes it easy to make pay decisions but budget in mind Benchmark Jobs and Create Pay Structures Communicate total compensation internally by securely delivering customized compensation statements Confidently develop competitive salary ranges in line with your strategy for external transparency Communicate Compensation Internally and Externally Facilitate Collaborative Compensation Planning Rapidly build, standardize and maintain job descriptions to ensure accurate and consistent pay. Understand Employees Jobs Complete Pay Equity Analysis The Payscale portfolio supports you through the entire talent lifecycle HR Market Analysis, Employee Reported, Peer Payfactors, MarketPay The fair pay journey with Total Rewards Statements, Payfactors, MarketPay Automate the merit cycle including HR, Comp and front-line management teams, empowering more meaningful pay conversations Enforce budgets, strategy and timelines from a single location Compensation Planning Pay Equity Understand representation and statistical pay gaps within your organization Complete remediation planning based on your budget Compensation Philosophy and Strategy Job Description Manager, MarketPay Jobs Powered by JDXpert Develop an internal philosophy that creates consistency in how pay decisions will be made
- 26. Q&A Feel free to ask any questions in the chat!
Editor's Notes
- Amber will do intro
- Stacey
- Tim
- People are still quitting their jobs, moving, making bold decisions, certain amount of risk involved with predicting the job market. Hiring in conjunction with layoffs- folks still leaving Unemployment is low Unique landscapes and labor shortages Quiet quitting Performance management is out of scope for this- potential to touch Look at all of these stats so much more important to get the right talent
- Up from 24% in 2021 (second bullet)
- What does it take to land a new hire? To get an offer accept?
- 75% of job seekers consider a company's employer brand before even applying
- Hot trends that we are seeing/updated CBPR data
- From passive to active attraction. Not just recruiters, everyone has to be on the same page of people are the most important factor TalentMind set at the company- Consider entire employee value proposition: why do ppl want to work here, what do we offer Seamless, simple recruiting process Use innovative techniques Encourage referrals Active community presence
- Chances are, if you have something great to offer, there's buzz about it. ---> Social Media can cause things to go viral, online reputation really matters *Social/political climate really ignited something in employees and job seekers alike. Diversity & inclusion is no longer a plus, it is a requirement. Depending on how your organization's values, ethics, etc align with job seekers', that can really impact the trajectory of your talent growth.
- Part of attracting talent is closing the deal. Comp will always be a huge factor but hopfully since the beginning of the lifecycle you have been transparent and you don’t have to sell them on the comp you are selling them on the the comp at your company
- Chances are, if you have something great to offer, there's buzz about it. ---> Social Media can cause things to go viral, online reputation really matters *Social/political climate really ignited something in employees and job seekers alike. Diversity & inclusion is no longer a plus, it is a requirement. Depending on how your organization's values, ethics, etc align with job seekers', that can really impact the trajectory of your talent growth. Own your decisions and make sure your programs/compensation support your decision and folks can decide what they want to do when they go through the process. Remote work stipend/resources/transparency to support what you are doing, don't waffle- you should know what you are doing and have defined your stance and the trade offs- your competition has. What levers can we pull, what speaks to the candidates we want to attract?
- Mission/value driven companies is a big ask in job seekers and new employees How do we reassure and firm that a person has made the right choice and is set up for success?
- Timeline of engagement/feedback, do you do exit/stay interviews Tie in grass is greener statistic
- (Majority of companies are below level 3 is a key point)
- Base pay is often the "go to" retention strategy but if you don't have the budget for it, or when it's simply not enough.there are some other popular strategies we can tap. Philosophically I think if raising pay is the only way to retain an employee who might leave for another company, you are still at-risk of turnover even if you raise pay. To really engage employees, we have to start thinking about some intangibles like flexibility in work location, transparency about career progression opportunities, etc. *Hearing from a lot of companies that career pathing is a popular conversation. You'd be surprised how few companies have that established and are sharing what growth looks like. People are hungry for advancement opportunities – not just for money, but for purpose. This does become more difficult depending on the industry or segment of your workforce we're discussing so I do want to acknowledge ...
- Create brand ambassadors/evangelists Manager, career advancement can be handled if you have good process for promotion and internal engagement. Alumni networks- may be out of scope. How people handle exits. In attraction section- referrals, but also boomerangs and exit interviews- never burn a bridge.