Investing in People 2013


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“Investing in People” – Presentation by Peter Cosgrove to the Small Firms Association June 11th 2013

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Investing in People 2013

  1. 1. Investing in PeoplePeter CosgroveJune 11th 2013
  2. 2. Agenda• The problem with people• Tips on hiring• Tips on retaining• Takeaways
  3. 3. I hate networking!!The problem with peopleThey don’t do whatthey are meant todo!1+ 1 does notalways equal 2
  4. 4. Why is Talent Not Our Top Priority• All CEOs say it’s a top priority but…..• Director salary levels• Selling - vs - Hiring• Human behaviourAll CEOs have people as a toppriority – but are seniormanagement target against apeople metric?HR Directors are paid about 60-70% of finance /sales equivalents.People prefer to sell/meet clientsrather than interview despite theimportance of hiring the best talent
  5. 5. Ultimatum Game• Here is €20 you can keep it under one condition, you haveto share some of it with a friend, it is up to you how muchand your friend has no say in it.• If your friend rejects your offer you both get nothing, ifhe accepts you both keep your share.• How much will you offer your friend?
  6. 6. The Cost of Turnover Cost of a poor hire = 3 to 5 times employee’s annualisedcompensation. Specialist functions = 10 x annual salary. For an employee earning €30,000, a hiring mistake can costup to €150,000.Harvard Business School
  7. 7. Increased Productivity100 100 100150185225Low Complexity Jobs Medium Complexity Jobs High Complexity JobsAveragePerformerTopPerformerAveragePerformerTopPerformerAveragePerformerTopPerformerJournal of Applied Psychology
  8. 8. What does this mean?• We measure the wrong things• Quarterly results financially driven• People don’t look just when we want to hireMeasuring time to hire, ornumber of hires is not the bestmetricBig companies are targeted onquarterly figures – not conduciveto hiring the bestDon’t expect the best people tolook for a job just when you arelooking to hire
  9. 9. I hate networking!!The Job Marketplace
  10. 10. Ireland Marketplace• 2 speed economy• Demand: IT, Finance, Healthcare, Science & Languages• Other areas have a huge over supply• The social welfare “challenge”There is not 400,000people out there in Irelandlooking for a job – in someareas there is few to noone actively looking!
  11. 11. The internet is making it too easyfor people to apply onlinemaking the candidate experiencea horrible one with less than 10%response rate to applications anda huge time waster fororganisations
  12. 12. Hiring Talent
  13. 13. Hiring mistakes made by Employers1. No accountability on recruitment
  14. 14. Job SpecsWhat are you looking for?HAVING: Skills BSC, MBA 5 years industry experience 3 years Sales management Consultative selling Good communication skillsWhat does the person need to do?DOING: Deliverables ESTABLISH sales tactics for eachaccount to meet budget UPSKILL sales team to enablethem to achieve target IMPLEMENT sales managementsystem and realistic forecastingmodel
  15. 15. Hiring mistakes made by Employers2. The Recruitment Process Screening The Interview References UrgencyScreening out thosewithout a 2.1 degree orany degree will take outthese guysFocus more on referencesless on face to faceinterviews
  16. 16. Its your attitude not youraptitude that will defineyour altitude
  17. 17. Hiring mistakes made by Employers3. Involve the existing team and use your own people to hire
  18. 18. Hiring mistakes made by Employers4. Your employee value proposition - your brand is not whatyou think it is.
  19. 19. 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)
  20. 20. Touch Points• What are the touch points to a great hire?Disney – the experts onemployee engagementand how to transfer thisto shareholder value
  21. 21. I hate networking!!Holding/ Retaining Talent
  22. 22. Worker SatisfactionPWC Research Employee turnover is likely to rise. No one expects to work long-term forone company anymore.
  23. 23. 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 pensionSource - CRF International Holding BV.
  24. 24. Recognition – remember to say thank you
  25. 25. We come to work to earn but also to learn
  26. 26. Use “small” to your advantageSmall companies have less internalbarriers to social mediaSmall companies are nimble,remember Darwin, its those most“adaptable to change”
  27. 27. Invest in Technology solutionsRemember Moore’s Law -technology is changing so fast – getyour people to help you with yourtechnology strategy – they knowyour business and everyone is usingthe best technology these days
  28. 28. Your Top Talent Wants…• Challenge• Opportunity• Lack of bureaucracy• Accountability• Other top talent• Mentors
  29. 29. Case Study – Julliard School of Music• Top talent helpseverybody improve• Everyone knows theworst performers –act fastRef: Brian Kotinos
  30. 30. Performance RangeOn a scale of 1 – 10 rate your lowest and highest performer1 2 3 4 5 6 7 8 9 10Low HighRef: Brian Kotinos
  31. 31. Performance RangeOn a scale of 1 – 10 rate your lowest and highest performer1 2 3 4 5 6 7 8 9 10Low HighRef: Brian Kotinos
  32. 32. Performance RangeOn a scale of 1 – 10 rate your lowest and highest performer1 2 3 4 5 6 7 8 9 10Low HighRef: Brian Kotinos
  33. 33. 5 Takeaways
  34. 34. Takeaways1. When is the last time the whole team talked only abouttalent.2. Does you make it easy for people to join your company.3. Do you know what your brand says to your potentialhires.4. Are you a good place to work.5. Hiring and holding talent starts with the CEO.
  35. 35. QUESTIONSName: Peter CosgroveTitle: Director – CplPhone: 01 614 6160 / 087 6200836Email: peter.cosgrove@cpl.ieTwitter: @petercosgroveWebsite: