Transformational Talent: portrait of the high-potential workforce by Matt Burney, Employer Insights Strategist - EMEA. Indeed
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Transformational Talent: portrait of the high-potential workforce by Matt Burney, Employer Insights Strategist - EMEA. Indeed
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Transformational Talent: portrait of the high-potential workforce by Matt Burney, Employer Insights Strategist - EMEA. Indeed
- 1. #indeedinsights Transformational Talent: Portrait of the High-Potential Workforce Matt Burney Employer Insights Strategist Indeed @Sussexmatt
- 2. #indeedinsights In every field of human endeavour, there are people who accomplish extraordinary things
- 3. #indeedinsights When we think about extraordinary performance, it’s hard not to ask—what sets these people apart?
- 4. #indeedinsights “Is there such a thing as innate talent? The obvious answer is yes …[but] the closer psychologists look at the careers of the gifted, the smaller role innate talent seems to play and the bigger role preparation seems to play.” Malcolm Gladwell Outliers: The Story of Success
- 5. #indeedinsights What do transformational people have in common?
- 6. #indeedinsights Luck? Timing? Innate ability? Effort? Perseverance?
- 7. #indeedinsights Strategic thinking We identified 5 leading attributes of transformational talent in the United Kingdom Problem solving Self-directionPassio n Drive
- 8. #indeedinsights Problem solving Ability to find and implement solutions for difficult or complex issues
- 9. #indeedinsights Passion Demonstrated enthusiasm or excitement for a task or role
- 10. #indeedinsights Strategic thinking Creative thinker, thinks outside of the box
- 11. #indeedinsights Self-direction Self-starter, someone who initiates new assignments and challenges
- 12. #indeedinsights Drive Desire to succeed, goes above and beyond what is asked of them Drive
- 13. #indeedinsights What makes this combination so transformational? Strategic thinkingProblem solving Self-directionPassio n Drive
- 14. #indeedinsights A bias towards action Strategic thinkingProblem solving Self-directionPassio n Drive
- 15. #indeedinsights Experience and the capability to learn how to do things effectively Strategic thinkingProblem solving Self-directionPassio n Drive
- 17. #indeedinsights Effort or Experience Effort + Experience
- 18. #indeedinsights As employers, our opportunity is to find more candidates with a bias to action and a track record of doing things effectively
- 19. #indeedinsights What is the impact of transformational talent in our workplaces?
- 20. #indeedinsights “People are not your most important asset. The right people are.” Jim Collins Good to Great
- 21. #indeedinsights What is the value of a top performer? High performers are 4X more productive than average performers 4X Bain & Company
- 22. #indeedinsights What is the value of a top performer? High performers are 10X more productive than average performers 4X 10X Bain & Company GE
- 23. #indeedinsights What is the value of a top performer? High performers are 25X more productive than average performers 4X 10X 25X Bain & Company GE Apple
- 24. #indeedinsights But the most surprising answer came from Google …
- 25. #indeedinsights 4X 10X 25X Bain & Company GE 300X Apple Google High-performing technologists are 300X more productive than average performers What is the value of a top performer?
- 27. #indeedinsights They may all be right: It comes down to the line you draw to define “top talent”
- 28. #indeedinsights Research shows a small portion of your workforce has an outsized impact on business output THE BEST AND THE REST: REVISITING THE NORM OF NORMALITY OF INDIVIDUAL PERFORMANCE, Personnel Psychology, 2012
- 29. #indeedinsights The bottom 10% of talent is responsible for 0% of output THE BEST AND THE REST: REVISITING THE NORM OF NORMALITY OF INDIVIDUAL PERFORMANCE, Personnel Psychology, 2012
- 30. #indeedinsights The next 85% of your talent is responsible for 74% of output THE BEST AND THE REST: REVISITING THE NORM OF NORMALITY OF INDIVIDUAL PERFORMANCE, Personnel Psychology, 2012
- 31. #indeedinsights The next 4% of your workforce is responsible for 16% of output That’s 5X the output of the average worker THE BEST AND THE REST: REVISITING THE NORM OF NORMALITY OF INDIVIDUAL PERFORMANCE, Personnel Psychology, 2012
- 32. #indeedinsights And 10% of productivity comes from the top 1% of employees That’s 10X more than the average worker THE BEST AND THE REST: REVISITING THE NORM OF NORMALITY OF INDIVIDUAL PERFORMANCE, Personnel Psychology, 2012
- 33. #indeedinsights How can we recruit and build teams overflowing with top talent?
- 34. #indeedinsights The most successful top talent recruiting programs are built on three simple ideas
- 35. #indeedinsights Top talent have options: You need to inspire them Idea #1
- 36. #indeedinsights “When you’re surrounded by people who share a passionate commitment around a common purpose, anything is possible.” Howard Schultz CEO, Starbucks
- 37. #indeedinsights For top performers, inspiration is the primary motivator for career change Top performers are less likely to consider new jobs when they are discouraged at work -33% Source: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823)
- 38. #indeedinsights Company reputation +19% Source: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823)
- 39. #indeedinsights More interesting, challenging work +29% Source: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823)
- 40. #indeedinsights Company mission and vision +53% Source: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823)
- 41. #indeedinsights Team environment that fosters learning and growth +83% Source: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823)
- 42. #indeedinsights Great companies use mission, purpose and impact to attract transformational talent
- 43. #indeedinsights
- 44. #indeedinsights “The people here at Apple don’t just create products—they create the kind of wonder that’s revolutionised entire industries. Join Apple, and help us leave the world better than we found it.”
- 45. #indeedinsights
- 46. #indeedinsights “No global movement springs from individuals. It takes an entire team united behind something big. Together, we work hard, we laugh a lot, we brainstorm nonstop, we use hundreds of Post-Its a week, and we give the best high-fives in town.”
- 47. #indeedinsights In the internet economy, top talent will find you if you make it easy Idea #2
- 48. #indeedinsightsSource: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823) Top performers want to be in control of their career decisions 64% 59% Agree “I would feel more confident a job is the right fit for me when I pick the company and apply rather than being contacted by an external party for the position.” Agree “I think I would be more successful in a job I found and got on my own versus a job which I got through an external party (friend, recruiter, etc.).”
- 49. #indeedinsights Top performers take initiative: they actively look for the right opportunity Say they search for job opportunities at least a few times a year Look at new jobs monthly 95% 79% Source: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823)
- 50. #indeedinsights In fact, only 6% of top performers hired in the United Kingdom were passive when it comes to job search 94% of top performers hired in the last year took an action to find a job 6 months prior to being hired Active 6% of top performers hired in the last year were passive during the 6 months prior to being hired Passive Source: Indeed jobseeker study conducted by Decipher/FocusVision (Base: employed adults self-identifying as being recognised for top performer attributes, N=1,823)
- 51. #indeedinsights Make it easy for top talent to get through your door Idea #3
- 52. #indeedinsights In the era of job search, transformational talent will find your jobs Inspire Make it easy to show interest Respond quickly to applicants Wow them with a candidate experience Build a personal connection with them Show them what is special about your company Focus the offer on the right things Transformational Talent
- 53. #indeedinsights Companies with strong brands and reputations will have a strong pipeline of top talent Inspire Make it easy to show interest Respond quickly to applicants Wow them with a candidate experience Build a personal connection with them Show them what is special about your company Focus the offer on the right things Transformational Talent
- 54. #indeedinsights The biggest issue: companies accidentally eliminate top talent early in the recruiting process
- 55. #indeedinsights Inspire Make it easy to show interest Respond quickly to applicants Wow them with a candidate experience Build a personal connection with them Show them what is special about your company Focus the offer on the right things When companies make it too hard to show interest, top talent will go elsewhere Transformational Talent
- 56. #indeedinsights You risk losing up to 4% of candidates with every minute you add to your application process Source: Seven Step RPO
- 57. #indeedinsights Median time to apply for UK’s top employers 9.6 minutes Source: Indeed
- 58. #indeedinsights Apply times vary significantly within the United Kingdom Source: Indeed Shortest <1 minute Longest 35 minutes
- 59. #indeedinsights Know your competition Some of the fastest application processes in the United Kingdom include: 0.5 minute 1 minute 1 minute 1 minute 1.5 minutes Source: Indeed
- 60. #indeedinsights 83%100% 50% 11% 0 screener questions 10 screener questions 30 screener questions 45+ screener questions The average UK company loses half of its qualified candidates to complex application processes % of qualified candidates remaining Source: Indeed
- 61. #indeedinsights Know your competition Companies with the fewest number of screener questions in the United Kingdom include: 4 765 11 Source: Indeed
- 62. #indeedinsights If top candidates can’t apply to your jobs, they won’t.
- 63. #indeedinsights What does great look like?
- 64. #indeedinsights Netflix’s application has only 5 fields for all positions (including senior-level and hard-to-fill roles) 5 application questions 1 minute to apply
- 65. #indeedinsights Twinings, a subsidiary of Associated British Foods Plc, offers candidates help with the logistical details of applying directly within their online application 8 required application questions 2 minutes to apply Source: SilkRoad
- 66. #indeedinsights German company Roche enables candidates to auto-fill application details by connecting their social accounts, drastically reducing the time to apply Source: SilkRoad
- 67. #indeedinsights So where do we go from here?
- 68. #indeedinsights “No team has ever had too many strong performers.” Sheryl Sandberg COO, Facebook
- 69. #indeedinsights Global labour trends will continue to increase the impact of top talent over the next decade Automation Skills shortage Leverage through technology Fewer people, bigger impact
- 70. #indeedinsights Inspire top talent Make it easy for top talent find your jobs Keep your apply process simple Create a great top talent experience Look for the 5 markers of top talent Give offers that matter to top talent Summary: How to recruit more transformational talent Emphasise qualities like your company’s mission or vision and the meaning or impact of the work that the chosen candidate will be doing
- 71. #indeedinsights Inspire top talent Make it easy for top talent find your jobs Keep your apply process simple Create a great top talent experience Look for the 5 markers of top talent Give offers that matter to top talent Summary: How to recruit more transformational talent Keep in mind that transformational talent’s top two job search activities are visiting online job sites/boards and subscribing to their job alerts
- 72. #indeedinsights Inspire top talent Make it easy for top talent find your jobs Keep your apply process simple Create a great top talent experience Look for the 5 markers of top talent Give offers that matter to top talent Minimise your screener questions and time to apply to maximise your quality applicants Summary: How to recruit more transformational talent
- 73. #indeedinsights Inspire top talent Make it easy for top talent find your jobs Keep your apply process simple Create a great top talent experience Look for the 5 markers of top talent Give offers that matter to top talent Follow up quickly with top talent when they apply to your jobs and remain transparent and communicative throughout the application process Summary: How to recruit more transformational talent
- 74. #indeedinsights Inspire top talent Make it easy for top talent find your jobs Keep your apply process simple Create a great top talent experience Look for the 5 markers of top talent Give offers that matter to top talent Problem solving, passion, strategic thinking, ownership, self-direction Summary: How to recruit more transformational talent
- 75. #indeedinsights Inspire top talent Make it easy for top talent find your jobs Keep your apply process simple Create a great top talent experience Look for the 5 markers of top talent Give offers that matter to top talent Summary: How to recruit more transformational talent Company Mission, Challenging Work and an ability to make an impact
- 76. #indeedinsights “You can dream, create, design and build the most wonderful place in the world … but it requires people to make the dream a reality.” Walt Disney Founder, The Walt Disney Company
- 77. #indeedinsights Transformational Talent: Portrait of the High-Potential Workforce Matt Burney Employer Insights Strategist Indeed @Sussexmatt
Editor's Notes
- Jim Collins who wrote Good to Great said, "People are not the most important asset. The right people are." I think that definitely is applicable in the context of transformational talent.
- Bain & Company, a large and well known reputable consulting firm across the globe, would say that their top performers drive 4 times the performance, or 4 times the impact than the average employer thing.
- At the same time, GE tell us from their analysis their high performers are 10 times more productive than average performers.
- Apple, who we’ve already touched on earlier in the discussion, said that they think their high performers are 25 times more productive than average performers.
- Lastly, the most surprising answer comes from Google…
- …who tells us that their high performing technologists are 300 times more productive than the average performers.
- That’s quite a differing view between Bain to Google, 4 times, 10 times, 25 times, 300 times. Who’s right depends largely on how you define top talent.
- What we’re not able to determine is how Bain versus Google versus Apple defined “top talent”.
- Research shows though that a small portion of your workforce has an out-sized impact on the business output.
- To visualize that, the bottom 10% of talent is responsible for 0% of the output. You could get rid of these people and it would have no impact on your business. In fact, one might argue that getting rid of them would improve the impact of the business. We can definitely assure that 0% of the output is coming from the bottom 10% of your performers.
- Meanwhile, the work horses, the next 85% of your talent is responsible for 74% of your output. This is where majority of your organization's work gets done. These people are incredibly important for the vitality, whatever operation your business or organization participates in.
- 26% of the output comes from the top 5% of the workers. That’s 5 times the output of the average worker
- And 10% of the productivity across your entire organization comes from that top 1% of your employees. These are the most impactful people in your organization. That’s 10 times more than the average worker. That’s the impact that these folks have on your organization.
- Based on what we know about the impact transformational talent has and the common characteristic in this group of talent, how do we, as a talent attraction team, recruit and build teams overflowing over this top talent?
- The most successful top talent recruiting programs are built on 3 very simple ideas.
- The first idea is that top talent have options, and because they have options, you as an employer need to inspire them to want to work for you.
- Howard Schultz, CEO of Starbucks, said, “When you’re surrounded by people who share a passionate commitment around a common purpose, anything is possible.”
- For top performers, inspiration is a primary motivator for a career change. We see this because top performers are 33% less likely to consider new jobs when they're discouraged at work. I'm not going to say top performers don’t get discouraged, but when they get discouraged, they grind in and entrench themselves into solving the particular challenge that's discouraging them, rather than fleeing. It's that flight the fight mode that people have.
- …and 19% more likely to be attracted by company reputation.
- They're 29% more likely to be attracted by more interesting, challenging work…
- The research says they're 53% more likely to be attracted by company mission/vision.
- Also, top talent is 83% more likely to be attracted by a good team environment.
- They're more likely to be pulled by the things we just touched on. Great companies use mission, purpose, and impact to attract transformational talent.
- Here's an example from Apple, "Doing your life's best work here. With the whole world watching." If you're a transformational talent, this is going to draw you in.
- "The people here at Apple don’t just create product - they create the kind of wonder that’s revolutionized entire industries. Join Apple, and help us leave the world better than we found it." That’s an example of a company speaking to the motivational, and aspirational aspects they think that their ideal target top talent is going to be motivated by.
- One of my favorite examples come from Airbnb who says, "Create a world that inspires human connection.”
- No global movement springs from individuals. It takes an entire team United behind something big. Together, we work hard, we laugh a lot, we brainstorm nonstop, we use hundreds of Post-Its a week, and we give the best high-fives in town." Again, you may read this and be put off by the tone or the message, but they find that it speak to inspires their target demographic or a good cultural fit.
- The second idea is that in the internet economy, which we squarely are in the middle of, top talent will find you if you make it easy.
- 64% of top performers agree that they would feel more confident in a job that’s a right fit for them when they pick the company and apply, rather than being contacted by an external party for the position. Over half, 59% say they agree. They state that, "I think I'd be more successful in a job I found and got on my own, versus a job which I got through an external party."
- Top talent also tells us, 95% of which said that, "They search for job opportunities at least a few times a year." 79% said, "Not only do I do so a few times a year, I look at new jobs at least monthly." Suggesting that people are far more active today than passive, regardless of what old myths might be stood up as factful.
- In fact, only 6% of top performers hired across Europe were passive when it comes to job search. Measuring what people do as far as looking is interesting, but when I look at the research, only 6% of hired folks would truly pass it. Meaning if you're in the business of hiring people, you're going to be far more successful in doing so by engaging with active talent.
- The third idea comes around making it easy for top talent to get through your door. Put as little friction in the process to attract the best of the best.
- Right now in your funnels, transformational talent exist.
- The difference though unfortunately is that some companies who are strong brands or reputations, have an unfair advantage. They may have a bigger or a stronger pipeline of top talent compared to other companies that may find it more difficult.
- The biggest issue though in this context, is that companies accidentally eliminate top talent early in the recruitment process.
- The funnel looks like this. An equal proportion of top talent is being eliminated from one step to the next, as the non-transformational talent, leaving you with a smaller pipeline of great talent in your rightfully own, should you put enough attention to this process.
- Further, you risk losing up to 4% of candidates with every minute you add to your application process.
- 9.6 minutes is the median time to apply for UK’s top employers. We know this because we’ve done the research, and put forth the effort to go try to apply to many of these jobs.
- Apply times vary dramatically across top UK employers. With less than 1 minute being the shortest, and 35 minutes being the longest. The longer it takes to complete an application, the more top talents you'll lose.
- Some of the fastest processes include, Taylor Wimpey, Worldpay, Bunzl, Mondi and Netflix—all two minutes or less. These companies are putting as little friction in the process to apply to their jobs as possible.
- Meaning the average UK company is asking roughly 34 questions between the apply button and the submit button. It shows that there's a direct correlation between the number of screener questions you ask, and the percentage of candidates remaining. Said differently, the way you read this is that with 30 screener questions, only 50% of qualified candidates remained to complete the application. Look at the the number of candidates remaining when you just ask 45 or more questions.
- When we think of the most desirable companies, we see that they have very few screener questions. Nexflix only has 3 screener questions.
- Now, if top candidates can’t apply to your jobs, they won't. This is pretty self explanatory.
- What does great look like?
- Netflix, we’ve stood them up as great a couple of times already today. Here's an example of their application page. They ask you your first and last name. That's 2 fields by the way. Email, phone number. They’ll allow you either attach or paste a resume, and you hit the submit application button. Again, 5 application questions, 1 minute to apply. Even less, if you know exactly where resume is and one you want to attach for this particular opportunity. Indeed enables a lot of companies to be great.
- Twinings offers candidates help with the logistical details of applying directly within their online application.
- The German company Roche enables candidates to auto-fill application details by connecting their social accounts, drastically reducing the time to apply.
- Where do we go from here?
- I think Sheryl at Facebook said it well, "No team has ever had too many strong performers." As we all can point to the rock star that we’ve each and individually recruited, or that sit on given teams that we’ve helped staff today, that shouldn’t be enough. We should always be striving for more high quality transformational talent. To enable that, we’ve researched this extensively over last year.
- To get there, automation has got to be a component of the solution. The reality is that skill shortage is real for many of the roles that we're trying to recruit and fill. That technology is going to play a key role in all of this. At the end of the day through automation, the skill shortage, acknowledging that and leveraging technology, fewer people are going to have a bigger impact in our organizations.
- This is what I want to leave you with today. First, you’ve got to inspire top talent. We talked about ways to do that through job descriptions and company branding efforts et cetera.
- You’ve got to make it easy for top talent to find your jobs. Go to Indeed, the largest job site in the world and search whatever you're trying to hire, software engineers in London, sales in Berlin. See how easy or hard it is to find the job you're trying to fill. If it's not as easy as you want, reach out to the team here at Indeed and we can help you through a variety of efforts, whether it be optimizing your job content, whether it be sponsoring your jobs for more prominent display. The list goes on.
- Then apply that same effort and methodology, to all the other key places that you think that your job should be easily found, by those who are looking to be hired today. Keep your apply process as simple as possible. Yes, your leadership or the way we used to always do it has gotten us to a point, where maybe we ask 30 or 40 questions. In an effort to help sourcers or recruiters weed out the talent that we need to engage with. Try something. Reduce the number of questions you're asking, to only those that are legally required on absolute much fewer organization. See what happens to the volume of people that apply to your jobs, and look at the resumes, and the experience, and the qualifications, to see what happens with the quality of the folks that are applying to your jobs. Then play with it to get to that balance of the right volume of great candidates.
- Hitting the apply drop button is just the tip of the iceberg when it comes to a great experience. Unfortunately or better said fortunately in many cases, the score to that experience is you as a recruiter. Returning phone calls quickly, responding to candidates, ushering them through the experience, and having a flawless interview experience, and ultimately offer experience, is going to produce incrementally great results.
- Those 5 markers of talent that we talked about, look for them in both your screening efforts and your interview process. Those are the markers of transformational talent who would come in, and be part of that top 5, that top 1% who drive incrementally an unfair share of impact in your organization.
- Ultimately, at the end of the day, give offers that matters. Certainly money matters. I'm not discounting the importance of a competitive salary, but competitive salaries don’t have to always be the biggest. You can win with offers that focus on meaningful things to the candidate beyond just finance.
- I'm a big fan of Walt Disney because he tells us, "If you can dream, create, design and build the most wonderful place in the world but it requires people to make that dream a reality." I fundamentally believe that.