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Winning The Talent War: Recruitment, Retention and Rewards
The document discusses strategies for winning the talent war through effective recruitment, retention, and rewards, highlighting the importance of social networking, employee engagement, and compensation trends. It emphasizes the rising turnover rates as the economy improves and suggests that businesses must actively engage and compensate their employees to retain top talent. Various employee engagement tactics and compensation strategies are recommended to create a motivating work environment and reduce turnover.
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Winning The Talent War: Recruitment, Retention and Rewards
- 1. Winning the TalentWar Recruitment, Retention and Rewards
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- 3. 3 • Social networking –LinkedIn, Twitter, Facebook – Aggregators / consolidators Recruiting in a modern world
- 4. 4 • Nonline networking –Build and maintain talent pipeline – Recruit top performers from competitors – Monitor employment brand and reputation – Utilize partners, board and staff referrals Recruiting in a modern world
- 5. 5 • Associations Recruiting ina modern world
- 6. 6 • Search-firm dynamics –Transparency (sharing of databases) – Milestones – Good candidates, fast – Recruitment process outsourcing (RPO) – Candidate-identification firms / name-generation firms – Offshoring Recruiting in a modern world
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- 8. 8 • Common perception,supported by monthly reports from the U.S. Bureau of Labor Statistics Unemployment in an improving economy 5.7% January 2015 U.S. Department of Labor
- 9. 9 • In reality,an interesting correlation exists between unemployment percentage and education Unemployment in an improving economy October 2014 U.S. Department of Labor Bachelor’s degree or above 3.1% Some college or an associate’s degree 4.8% High school graduate 5.7% Less than high school diploma 7.9%
- 10. 10 • More thanhalf of employees intend to leave their current jobs as the economy improves: Projected turnover as the economy improves 2014 2009 Yes, I intend to leave 86% 60% Maybe, so I’m networking 8% 21% Not likely, but I’ve updated my resume 1% 6% No, I intend to stay in my current position 5% 13% Right Management Group: http://www.right.com/news-and-events/press-releases/2014-press-releases/item26654.aspx
- 11. 11 • A majorityof employers are convinced that other organizations are actively seeking their top performers (senior leaders and high potentials) – Agree: 43% – Strongly agree: 13% – Disagree: 11% – Strongly disagree: 4% – No opinion: 29% • How will you combat this? Projected turnover as the economy improves World At Work: www.worldatwork.org/waw/adimComment?id=35633
- 12. 12 • Rule ofThumb: 33% to 150% percent of the annual salary – Salary costs – Recruiting expenses – Downtime and training time • If true: – Cost to replace $100K position ranges from $33K to $150K Hidden costs of losing tenured employees
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- 14. 14 “A heightened emotionalor intellectual connection that an employee has for his/her job, organization, manager, or coworkers that, in turn, influences him/her to apply additional discretionary effort to his/her work.” - The Conference Board Employee engagement Engaged employees = 70% less turnover
- 15. 15 • Highly engaged workplacesscore high on all six. • Highly engaged workplaces have “signature” drivers. Employee engagement
- 16. 16 Employee-engagement tactics • BasePay • Bonus • Health Benefits Tangibles Intangibles Short term Long term • Retirement • Deferred Comp • Job Security • Work/Life Benefits • Hiring Practices • New-Hire Coaching • Work Climate/Vision • Supervisor Behavior • Trust in Leaders
- 17. 17 • Hot topics –Title enhancement – Flexible scheduling – Telecommuting Employee-engagement tactics
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- 19. 19 • Average salaryincreases – 3.0% in 2013 – 3.0% in 2014 – 3.1% in 2015 (projected) • Incentive payout trends – Nonexempt: 5% – Exempt: 10-12% – Executive: 35-40% • Top performers vs. average workers – 144% more in 2012 – 152% more in 2013 Compensation trends World At Work: http://www.worldatwork.org/waw/adimLink?id=75547
- 20. 20 • Money talks –Communicate total benefits effectively – Pay winners like winners Rewards help retention (and recruiting)
- 21. 21 Compensation strategies Best Practice Matrix Performance1 2 3 4 Exceptional 6.5% 5.5% 5.0% 4.0% Exceeds Expectation 6.0% 5.0% 4.0% 3.0% Effective 5.0% 4.0% 3.0% 2.0% Development Needed 2.0% 1.0% 0.0% 0.0% Critical Need for Improvement 0.0% 0.0% 0.0% 0.0% Quartile in Range Typical Matrix Performance 1 2 3 4 Exceptional 3.5% 3.5% 3.0% 3.0% Exceeds Expectation 3.0% 3.0% 3.0% 3.0% Effective 2.5% 2.5% 2.5% 2.0% Development Needed 2.5% 2.5% 2.0% 2.0% Critical Need for Improvement 2.5% 2.0% 2.0% 2.0% Quartile in Range CBIZ Compensation Consulting
- 22. 22 • Recruiting – Attractindividuals who will help move your organization forward • Angie Salmon, CBIZ & EFL Associates • Retention – Create an environment of employee engagement • CBIZ Employee Benefits • Rewards – Pay your winners like winners • CBIZ Compensation Consulting Win the talent war with CBIZ
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- 24. 24 • EFL Associates/ CBIZ Human Capital Services – Top 2% retainer-based search firm – Searches conducted in 48 states and six foreign countries – Search practice complemented by compensation consulting services • Angie Salmon – Senior Vice President, EFL Associates – Leads Nonprofit Practice – Co-leads Board of Directors Practice – Completed over 130 search engagements Win the talent war with CBIZ asalmon@eflassociates.com 913.234.1576 @SalmonSearch