Skilling

Why Skilling Investments Directly Correlate to an Organization’s Bottom Line

Sponsored by: Cornerstone

Learning is the most important thing we do at work. 

I know that’s a bold statement. I’m sure you’re already trying to think of things you do at work that are more important than learning. But the truth is that learning is the foundation of how we grow and perform. 

Think about the learning opportunities at your organization. Are there company-sponsored places you can go to learn? Or do you simply rely on Google and YouTube? 

The reality is that many organizations rely on employees to find their own learning and development opportunities. So, what’s the problem with this? 

The problem is that this lack of prioritization for development opportunities at work won’t get us through the current talent and skilling shortages many industries are facing or help us grow into the future of work. 

These aren’t problems that will go away on their own, either. In fact, the current skilling and talent shortages are keeping business leaders up at night. According to a recently published Cornerstone People Research Lab survey, 48% of all employers placed skills and talent shortages within their top three concerns over the next three years. 

This urgency from business leaders is further evidenced in PwC’s Annual Global CEO Survey, where 74% of CEOs reported being concerned about the availability of key skills. 

Cornerstone’s survey also found that while ‘laggard’ and ‘average’ organizations show a consistent employer-employee confidence gap in skills development, high-performance organizations are ahead of the game. 

Let’s explore how high-performance organizations approach skills development and why it works.  

High-Performance Organizations as a Model for Success

High-performance organizations put their money where their mouth is. For example, when asked when they would prioritize skills investments for their company, 72% of respondents reported that prioritization was expected to occur within the next year or had already begun. Meanwhile, 68% of lagging organizations plan to invest in skills development within three to five years. 

According to our research, high-performance organizations aren’t just investing in one or two learning and skill development areas either. Nearly all high-performance organizations are prioritizing learning and development technology, learning content, formal education or university learning, mentoring and coaching programs, and on-the-job skills training.  

Meanwhile, only 34% of lagging organizations prioritize formal education, and 52% invest in mentoring and coaching programs. There’s more than a 30-point gap between high-performance organizations and laggards. 

High-performance organizations are also increasingly adopting an internal talent marketplace mindset. They are using skills data and skills development programs to promote internal mobility. Ninety-seven percent of high-performance organizations agreed that the role of talent development is to improve employee growth. Employees also agree – 82% of employees at high-performance organizations reported feeling that their company had insight into the gaps between current skills and those needed in the future. 

Developing internal talent is the number one way high-performance organizations plan to fill skills gaps. Meanwhile, lagging organizations plan to hire externally to fill those gaps over the next three years. 

Up-Leveling Your Skilling Strategy 

So, where do you start in up-leveling your skilling strategy? 

First, take inventory of the skills currently available in your organization. Then, predict what skills are most important to the future success of your organization. Once you understand what skills gaps exist, you can chart a plan to help close them. 

To do this, AI-based skills assessment and pathing technology can help identify those gaps between existing and future skills and make intelligent job and career recommendations based on skills.  

Once you connect skills development to career growth, employees can more easily chart their desired career path by seeing an integrated view of the skills needed and how it translates to internal mobility. 

This kind of growth investment isn’t just good for your people – it’s good for business. According to a 2021 Gallup survey in partnership with Amazon, skills training is one of the top perks younger workers look for in a new job. Further, 61% of respondents also said that upskilling opportunities are important for staying at their job.  Seventy-one percent agreed that job training and development increased their job satisfaction. More satisfaction leads to better retention. Better retention means better success and outcomes for a business.

The takeaway is simple. When organizations adopt an internal skills marketplace and an internal-first hiring mindset, employees stay engaged and happy, and your business increases its chances of successfully navigating the future.

Workforce Expectations

New HR Processes to Meet Workforce Expectations

The Great Resignation was a very real and present concern for HR professionals in 2021. In December alone, 4.3 million workers left their jobs. As the labor pool shrunk and companies faced skill shortages, there was a palpable power shift among employees. Workers knew they were in demand and could ask for more: more flexibility, more money, and more perks. Average hourly earnings have increased 4.8% year over year as a result.

Companies were already faced with competition for talent before the pandemic. This threw HR professionals in even more of a tailspin when they had to find new ways to meet these workforce expectations while developing work-from-anywhere policies practically overnight.

Although the labor force participation rate shows signs of bouncing back in the coming years — in fact, employment is estimated to increase from 153.5 million to 165.4 million by 2030 — HR must come up with innovative ways to attract and retain talented employees if they want to keep up. That means changing their HR processes to meet workforce expectations.

Meeting Workforce Expectations With New HR Processes

With a tight talent pool, HR professionals have to get creative, embrace new technologies, and find fresh ways of attracting and retaining talented employees. To do this, HR teams should stay open-minded to more progressive employment arrangements. This could include using contract, contingent, and gig work. In some instances, they should even consider employing robots, automating HR processes, and reskilling employees. 

As workers’ expectations change regarding work flexibility and other norms, the onus is on HR leaders to update the following HR processes:

1. Productivity Measurement

Gone are the days when measuring employee productivity meant simply looking at an employee’s time card or hours worked. In a work-from-anywhere environment, managers must shift their mindset to managing employees based on results rather than on time spent sitting at a desk.

It’s up to HR to teach managers how to measure and monitor employee productivity without physically seeing them in their chairs. To accomplish this, HR must clearly define job descriptions. Additionally, managers must communicate expectations. Most importantly, HR should encourage managers to let employees have the autonomy they need to do their jobs while still providing coaching on timelines, issues, and opportunities.

2. Pay Practices

Employees want not only the flexibility to work remotely, but also more flexibility as to when they work. Although 70% of executives want to return to the workplace, only 40% of workers do. Organizations that have embraced a remote environment to meet workforce expectations are now faced with the “work from anywhere” problem. Sure, it’s wonderful that employees can live anywhere in the country — or even the world. But, most HR teams are not set up for payroll, benefits, compliance, or taxes everywhere to support this. This can be a major roadblock when it comes to attracting and retaining talented employees.

In addition, HR leaders have to get ahead of questions from employees about cost-of-living adjustments for cities with higher costs of living. What is your philosophy and compensation structure? Does it allow you to attract talent across all markets nationwide? For example, consider tech companies based in San Jose, which is a tech industry hotspot. Should employees get paid more because that’s a high-cost-of-living area? Or not because they have the option to move? These questions can get quite philosophical and are up to your HR team and other company leaders to decide.

3. Onboarding Solutions

For new employees, the “computer setup” checkbox for onboarding has evolved over the years. Just a few decades ago, someone from IT came to connect the new employee’s system and set up their email at their desk. Now, it’s a UPS package delivery. Then, a two-hour phone call where IT instructs the employee on how to set up and configure settings for their workgroup. The employee needs to learn the ins and outs of how to use the collaboration tools and where to find the information needed for the job.

In addition, new employees might never even meet their HR representative in person to complete paperwork. These situations open up a need for remote onboarding tools. Tools that offer e-signature capabilities and advanced cybersecurity to prevent private information from being breached. They also require a solution for remote I-9s. (Current USCIS guidelines still require a person to provide HR with original ID documents to show proof of eligibility to work in the U.S.) Above all, you should determine how to integrate current tech tools with these new tools to make onboarding remote workers smoother for all involved.

4. Career Growth Opportunities for Employees

Even before the pandemic hit, employees looked for development and growth opportunities in their roles — particularly Millennials, who are known to leave jobs that lack such opportunities. HR can encourage employees to stay with the company longer by offering new forms of recognition and benefits, like upskilling.

Now, more than ever, employees want to know what competencies they need to learn to grow in the organization. They also want to know how these skills will benefit them in their future careers. To meet this need, work with managers to understand the competencies required for each role. Outline a clear path from one position to the next on the hierarchy.

Workforce Expectations for the Future

Meeting changing workforce expectations to mitigate the labor shortage requires updated HR processes that follow new trends in HR practices. Although this HR transformation process can seem overwhelming, the benefits will pay dividends in attracting and retaining talented employees — and securing your company’s future growth.

     

Great Employees

How to Find Great Talent in a Tight Job Market

Talent wars may be a dream come true for skilled candidates, but competing for great employees can leave employers hanging. When there doesn’t seem to be much interest in your open positions, you might wonder what you can do better. Making matters more challenging is that all your competitors appear to be looking for help, too. And they may be eye-balling both active and passive job seekers, including some of your star staff members.

While finding good employees can be harder than expected, there are ways to get a leg up. A few of these methods involve tweaking strategies you might already be familiar with. Others could be new approaches that get you thinking outside the box. Below are some techniques to use in your quest to find talented new hires.

Go Beyond Your Conventional Candidate Pool

Certain business models, such as brick-and-mortar retail, limit hiring pools to local candidates. But if your business can accommodate remote work, you open up the possibility of finding out-of-state or even global talent. To enable your international hiring efforts, your company can work with an employer of record or establish local entities.   

Creating overseas subsidiaries or legal entities can make sense if you plan on hiring more than a few employees. Maybe you’ve identified an attractive international labor market with candidates that will be good fits for various positions. This approach might also pay off if your company plans on sticking around in that market for a while.

Yet setting up a bunch of legal entities can get expensive. The average costs range from $15,000 to $20,000 in most countries. These figures are only for initial expenses and do not include the price tag for recurring admin and office needs. If you want to hire one candidate from Spain and another from Thailand, legal entity expenditures could prove prohibitive.

An employer of record (EOR) service that already has a legal entity in the location you want to hire from can help. The EOR is the employer on paper, but your company gains local staff with the desired expertise and outlook. Similar to professional employer organizations, EORs also handle the HR side of things such as payroll. But an EOR goes a step further by ensuring companies stay in compliance with a country’s labor laws.

Create a Stand-Out Employer Brand

Job seekers are encouraged to develop a unique personal brand when crafting a résumé, cover letter, or LinkedIn profile. Companies can do the same with online career and HR website pages or microsites. An organization’s employer branding should also extend to applicable social media platforms, job board postings, and employer review sites.

Creating and managing a strong brand pays off in recruiting and retention. Research shows that 75 percent of active job seekers are more likely to apply to companies that actively manage their employer brand. About 50 percent of candidates won’t accept an offer from an organization with a poor reputation, even for a raise. And employers that stay on top of branding can decrease turnover by up to 28 percent.  

Candidates who don’t have an inside link to your company will first go to your website and social media pages. They’re looking for who you are as an employer, what you stand for, and what current employees have to say. Beyond a list of perks and financial incentives, job seekers want a glimpse of what working for you looks like. Consider adding behind-the-scenes videos, employee spotlight blogs, and catchphrases that emphasize your core values.

Take a Closer Look at Your Job Descriptions and Postings

Sometimes posting a generic help wanted or “We’re Hiring!” notice is enough to bring a star candidate to your door. But in a competitive labor market, where everyone’s looking for specialized skills, compelling job descriptions and postings are a must. Using worn-out phrases or getting too technical might repel qualified applicants.

Mismatched descriptions touting roles perfect for recent graduates and long lists of specialized qualifications will also turn off candidates. You’ll leave job seekers shaking their heads with postings for entry-level positions that nevertheless insist on three years of experience. 

Even if your area doesn’t require you to list salary ranges, including pay rates helps set expectations. You’ll save time and disappointment if you’re upfront about hiring budgets early in the process.

Besides clear descriptions of a position’s core responsibilities and performance standards, job postings should highlight why the company is unique. You can include things like mission statements, values, and career development opportunities. But also consider who your intended audience is and why they would want to do this job in your organization. Include language that communicates the why and pulls them in. Add links to your career site and employee reviews.

Once you’ve perfected your job descriptions, find job boards, events, or professional networks that target your ideal candidate. If you’re hiring for entry-level positions, reach out to colleges and universities with career services and informational events. Some online job boards appeal to remote job seekers or those who specialize in tech or marketing. Start building a database or pipeline with potential applicants from referrals, career-oriented sites, and internal employees.  

Finding the Best Match

Finding the best people proves to be more difficult when strong contenders have more choices. Cutthroat labor markets often require employers to get creative and revisit company identity strategies. You can do this by searching outside conventional hiring pools, developing distinctive employer branding, and aligning descriptions with candidates’ motivations. Putting these methods into practice can help you shorten the time you’ll take to find that great match.             

Boost Your Talent Attraction Strategy

Boost Your Talent Attraction Strategy

There are several job vacancies advertised each day. The question is how many of them manage to attract prospective candidates. Many recruiters struggle to locate and hire qualified candidates. The job market is full of talent, but wrong moves can cost you the right candidate.

Below are some helpful recruitment strategies for attracting the best talent.

Boost by Adding Clarity

In most cases, the job seekers are looking for clarity in the job posting. Clarity around company history, job profile, pay scale, and career opportunities. The savvy recruiters give job seekers a clear picture of what to expect. Communicating job necessities clearly and how someone will benefit from them is important. There are several ways of crafting job posts that can stand out. Note the company culture mentioning how the employees can enjoy the work-life balance while being in the company and the different perks they are entitled to. 

You may be wondering if outsourcing your recruitment is the right move for you. It can give both parties involved in this process an opportunity to do what they do best, and help provide more time for focusing on tasks that really matter, like hiring new employees. You can also take help from PEO services for recruitment. 

Boost with Campus Recruitment

Colleges are full of dynamic and young talent that will show a great deal of enthusiasm in their work. Partner with colleges and universities to get in touch with their placement cells. Campus recruitment is a terrific way of finding students and new graduates. other ways to get in front of students and graduates:

  • Campus newsletters
  • Seminars and workshops to showcase company and career opportunities
  • Invite students to take a tour of your organization
  • Sponsor student cultural events and festivals
  • Provide internship programs

Boost by Adding Flexibility

Employees are often looking for organizations where the pressures of work will not affect their personal lives. A modern-day organization offers many benefits to its employees including a better work-life balance. Provide some extra perks such as a remote or hybrid work model, extra company holidays, or an open office environment.

Several companies have friendly sports events for keeping their employees entertained. It is crucial to have a sense of freedom and rejuvenation in the workplace. Try to get away from the usual working standards.

Leverage Competitions

According to the reports, digital media has gradually become the leading source for finding employment. You can arrange online talent search programs for experts and students to participate in to showcase their skills. For example, Loreal Cosmetics conducts a marketing competition for students called Brandstorm where they are allowed to act as managers throughout the competition. These kinds of competitions allow job seekers to know the organization better and recognize its brand.

Social Media Recruitment

HR teams have to be sufficiently active on social media networks for attracting the best available talent. Develop a reputation and a good connection by using social media. There are specialists available that can guide you in the art of using social media as your mainstream device for promoting yourself as a top recruiter. 

Conclusion

Companies need to flaunt their job requirements in a way that will appear like irresistible opportunities for the top talent.  Think of it as a well-organized marketing campaign. You are selling the brand. If done right, you will find the right talent for your organization quickly and easily.

Ways to Help Veteran Employees Thrive

Ways to Help Veteran Employees Thrive

Sponsored: Orion Talent

I am a staunch advocate of veteran hiring. It is a smart business decision with a positive impact on everything from profitability to innovation to competitiveness. Not only are you hiring men and women with state-of-the-art technical skills and proven leadership skills far beyond that of their civilian peers, but you are also accessing resilient soft skills. Combined, these skills will help shape the future of your company.

While many of you are already on board with hiring veterans, I know retaining veterans is an entirely different animal. In a recent conversation with Meghan Biro, we talked about how many companies don’t transition service members to civilian roles very well. According to SHRM, the average annual employee turnover rate is around 19% making it a formidable hurdle for talent acquisition leaders. When we consider veteran employees, the percentage jumps to nearly 50% leaving their first post-military position within a year.

Much of this turnover can be attributed to a lack of support. Or, an undefined career path, feeling uninspired, or skills misalignment. But this doesn’t have to be the case. Luckily, these issues can all be addressed through a well-planned veteran onboarding and retention plan.

Help Military Veterans Thrive with These Five Strategies

1. Mentorships 

Mentorship is an excellent way to provide your new veteran employees with a connection to another veteran. They can serve as a resource, guide, and advocate in their new role. The U.S. Department of Veteran Affairs offers a wealth of information on retaining veterans, including information on setting up a successful mentorship program. 

Listed among the benefits of veteran mentoring are an increase in morale, and productivity. In addition, retention, better adaptation to workplace culture, better career development, and promotion of diversity. These voluntary relationships are also a great way to transfer institutional and cultural knowledge.

Technology powerhouse Siemens has been successfully executing its veteran mentorship program for years. Orion Talent has worked with Siemens to hire nearly 2,500 veterans since 2010, and among their veteran retention best practices is a military peer mentorship program. Mike Brown, Global Head of Talent Acquisition of Siemens, explained their program.  “When other military come in now, they get paired up. And I think that really helps with their transition.” 

2. Employee Resource Groups

Similar to the retention benefits of mentoring veterans, creating Employee Resource Groups or Veteran Affinity Groups also offers increased employee engagement and job satisfaction. The VA calls these voluntary groups a “critical element to retention advocated by study respondents”  in their Veterans Employment Toolkit. ERG programs can also include career development, advocacy, community service, and social activities. Make sure to give your veteran employees the time and space to participate in these groups, especially as they onboard.

An additional benefit of veteran ERGs is that they help build your company’s reputation in a job market where candidates, veteran or civilian, are seeking purpose-driven work. They also increase workplace agility as your org chart is flattened in an ERG. Collaboration and innovation often follow!

3. Career Pathing

When I speak with men and women transitioning into the civilian world, their desire for a clear career path stands out. Their military career progression was clearly laid out, with defined goals and requirements. In civilian terms, you can think of this as career pathing. When you hire a veteran for a Junior Electrical Engineer position, you could lay out a plan with steps and milestones to reach Senior Electrical Engineer and then Project Manager, for example. 

Laying out these career paths pays dividends in terms of engagement and retention. Employers also experience higher performance and productivity rates. This Mercer study shows that 78% of employees would stay with their current employer if they were given a clear career path. 

4. Upskilling

Offering continuous development and ongoing education to your veteran employees is a powerful retention tool.  

Not only are you illustrating your investment in their success by providing these programs but you are reaping the rewards. Aside from increased retention, benefits of upskilling include increased employee satisfaction, less need to hire train new employees, and becoming more competitive in your industry.

“Our experience shows that when veterans receive tailored preparation for future roles, it leads to a better fit, a better transition, and ultimately better retention,” explains Laura Schmiegel, SVP, Strategic Partnerships at Orion Talent. “This helps companies save time and money in employee turnover, and it means they get to keep some of their best talent.”

As Meghan discussed in her recent article on veteran hiring, workforce partnerships can play an important part in upskilling. Strategic workforce partnerships like the Department of Defense Skillbridge program allow you to recruit veterans and gain access to their existing expertise while upskilling and reskilling them at the same time. 

5. DEI Initiatives

The veteran population represents a 43% diverse workforce and should be an integral part of a company’s DEI initiative. As with any other group in your initiative, you will want to consider how to prevent bias towards your veteran employees. Unfortunately, some old biases may linger, and your DEI strategy is the place to nip that in the bud. 

This HR Exchange article by LaKisha Brooks explains, “These judgments are often harmful to diversity initiatives because they limit our ability to see people as individuals with unique talents to contribute. For example, bias against veterans includes assuming they have post-traumatic stress disorder (PTSD). Bias can also include mental health problems just because of their military background, assuming they have a particular personality type, such as being rigid or stern…It’s essential to put assumptions aside and ask meaningful questions to learn the truth instead.”

These five veteran retention strategies will help highlight to the veterans at your company that yours is a workplace that sees them for the unique individuals they are with valuable skills worthy of investment. But, you don’t have to take on all five at once. Choose one, and make it amazing! Then move on to the next retention strategy. Your veteran employees will be proud to call your company home.

 

Military Hiring

Utilizing Partnerships to Improve Military Hiring Practices

Sponsored: Orion Talent

As organizations – specifically hiring leaders – look to fill their talent pipeline, the US Military is an unrivaled source of talented, experienced people. Decades of research and hands-on experience underscore that military training results in well-rounded employees who serve as an asset to any workplace.

The military has a well-deserved reputation as an extremely effective employer, with its firm commitment to training; it teaches people about persistence, mentorship, innovation, leadership, and success. Let’s face it: the military leads the pack in cutting-edge training programs. This fact has long been embraced by organizations that are champions of military hiring, such as Booz Allen Hamilton and Lockheed Martin.

Follow the Leaders

A SHRM report indicates accelerated military hiring initiatives at major companies including Siemens, AT&T, and Allstate Insurance. Here are some excellent stories from Starbucks about the success of their military hiring program. These leading organizations offer a wide variety of resources to veterans and their families. 

There are also more than 230 firms involved in the Veteran Jobs Mission coalition, which plans to hire 1 million vets by 2025, having already hit its earlier target of 100,000. Many other organizations see the value in military hiring but aren’t sure where to begin.

Here’s a tip. The key to an effective military hiring program lies in the utilization of partnerships. Savvy organizations tap the expertise of those who know the intricacies of military candidates and their families. It’s nothing less than wise to have partners help navigate government programs. In addition, speak the military language, define effective communications channels, advise on the transition to civilian life, and more.

Provide a Positive Candidate Experience

It’s no secret that I love a great candidate experience. Members of the military and their families deserve a positive and promising journey. Veteran job programs are created, funded, and maintained for a reason – to help bridge the gap between the military and the workforce. From employer branding to onboarding, people desire and deserve a smooth process that makes them feel valued.

By coming together and utilizing partnerships with similar goals, it makes the process that much better. Let me refer to the 2021 North American Talent Board Candidate Experience (CandE) Benchmark Research Report, published by The Talent Board.  

When they ranked the Primary Areas Where Companies Plan to Contract with External (3rd-Party) Service Providers to Enhance Recruiting Efforts in 2022, veteran/disability services came in at number 3 with 26% of respondents wanting to invest there. 

Reaching Goals through Partnerships

Many businesses are new to the military hiring landscape, and others haven’t even scratched the surface. Regardless of what stage you’re in, capitalizing on partnerships in this area is critical to the success of military hiring.

The SHRM Foundation and USAA recently conducted research to better understand what employers should do to more effectively recruit and retain veterans, especially during challenging economic times. They found that over one-third of employers (36%) said that they do not think their organization has been effective in hiring veterans since the start of the pandemic.

Here’s some data from that research that I find telling: 

  • 43% of employers don’t know where to post jobs to target veterans
  • More than 1 in 3 employers say recruiting veterans is more difficult than civilians
  • 40% of employers don’t know where/how to sign up to exhibit at veteran job fairs

In a situation where employers feel ill-equipped to tap a talent pool, there is a natural call for help. This research indicates a gap in the process that can be filled with the right allies. It’s best to align with organizations that have already established a foundation of trust and employ communications techniques that work. 

The SHRM research referenced above states, “Many employers…struggle to understand the unique circumstances that impact workforce readiness beyond experience and skillsets when veterans transition to the civilian workforce.” 

This challenge underscores the need to utilize partnerships. Partners like SkillBridge, Onward to Opportunity, Hiring Our Heroes, and MilSpo Academy are great examples of partners who would be able to help employers understand these unique circumstances and adequately address them.

Tapping Expertise is Smart Business

Understanding the nuances of military hiring can make a tremendous difference in the approach. Fortunately, there are many organizations dedicated to helping military personnel find gainful employment after service. Tapping these organizations inevitably saves time, money, and resources. 

Recruiting and talent experts Orion Talent understand the importance of expertise in this space. The company has a rich military DNA and provides a full suite of technology-driven talent acquisition solutions. As part of their offerings, they have a partnership program built on more than three decades of experience. One of their many useful solutions helps organizations understand complex government programs, including the Department of Defense’s SkillBridge, as well as other veteran and military spouse training and upskilling programs. 

Here’s a fact that I would want to know if tasked with military hiring: The U.S. Department of Defense pays the service member’s salary and benefits. The service member participates in a SkillBridge program during their final 180 days of service. There is no cost for leveraging and upskilling this unique talent pool.

Build Support Internally and Build Partnerships Externally

In a recent podcast, I was able to speak with Sarah Peiker, CEO at Orion Talent. Sarah shared, “Get the buy-in you need from decision-makers, talent acquisition professionals, human resources, and operations managers. It’s also important to make sure everyone supports hiring military candidates. Track and measure results. This includes metrics on hiring performance data and retention rates. Do your homework before determining your hiring model. Build a hiring process that works towards a positive candidate experience.”

I highly recommend the eBook: Military Solutions for the Business of Work: Unexpected Lessons in Getting the Job Done & Getting Ahead for more on this topic. 

Military hiring provides an excellent opportunity to bring strategic assets into a company’s workforce. I recommend you open your arms to the vast opportunities for rewarding partnerships that focus specifically on veterans and their families. By doing so, you are exponentially broadening your reach, increasing the quality of your talent pool, and building a stronger workforce. 

Massive amounts of talent + partner organizations eager to help both organizations and job seekers = a win-win in the talent war.

Mid-Career

Mid-Career Employees and Their Impact on The Great Resignation

The Great Resignation has not hit the world of work. According to the U.S. Bureau of Labor Statistics, the rates of resignation are highest among mid-career employees. Many of these workers are leaving their jobs and fields to pursue a new career path offering better job security or greater flexibility.

Mid-career workers are attractive to companies because of their skills and life experience. Skills like leadership, problem-solving, and multitasking transfer well to new roles and often give seasoned hires an advantage over younger workers.

It’s almost as if the entry-level openings don’t exist anymore: Thirty-five percent of “entry-level” openings require years of job experience. That’s higher in skill-heavy industries like tech, with 43% of college graduates leaving school without a job lined up. This will affect us for years to come.

We must tackle the dual-pronged issue of investing in these entry-level employees while also retaining our mid-level workers. Younger, less experienced hires need a chance to enter the workforce and get learning, and mid-level employees need to feel valued and cared for within their current roles.

Growing Your Retention Rates

Company leaders need to recognize that both mid-career and entry-level employees have essential roles to play in the success of their business. If they can nurture both experience levels, they can retain and onboard successfully and simultaneously.

To start, leaders need to acknowledge the hurdles that mid-career employees face. Forty-five percent of caregivers said they had considered leaving the workforce because of personal demands on their time, while 34% said they had “lost critical skills” in the past year.

To combat this life stress, mid-career employees need flexibility and understanding. Companies must develop permanent, sustainable methods of retaining talent via flexibility, including remote work, in-office childcare, and flex time. These employees also need the opportunity to gain skills (or grow existing skills) in an accessible, low-cost way.

Helping Employees Grow Their Skills

 Eighty-nine percent of employees are willing to reskill, but too few get the chance. Providing opportunities to learn new skills and develop professionally shows the company is invested in growth. Give employees of all levels some opportunities to skill up, and they will show their worth.

Teaching your employees will lead to better engagement — 2.9 times higher engagement than employees who don’t see opportunities to learn and grow. Upskilling opportunities are also a win for your company. It allows you to move existing employees into roles that are often difficult and costly to fill.

Be a Mentor

Mentorship programs have positive effects on both mentor and mentee, so even mid-career employees who aren’t interested in upskilling can still benefit. Taking a junior employee under their wing creates a sense of loyalty among mentors, boosting retention rates. A program could increase mentees’ communication skills, community engagement, goal-setting, and a sense of purpose — even if the mentee isn’t an entry-level worker.

Furthermore, mentorship is currently underutilized. That means companies adopting mentorship programs will stand out among competitors. As a result, you’ll gain another layer of protection against poaching while also making your business stand out from the crowd.

Companies don’t need a gimmick to make it through the Great Resignation; they need to evolve alongside our changing world. Changes to how we work and train workers are necessary to make it through this event. Utilizing a mentorship program will gain more engaged employees and gain better career outcomes.

People Analytics

Talent Analytics, What is it and Why Does it Matter?

How often do you think talent analytics are used today? More than you may think. We know everyone talks about data. Whether you’re figuring out how to acquire new users or build an audience with content, you’re probably using analytics to set goals and measure what’s working. But a critical area where both qualitative and quantitative data continue to make a difference in the world of work is talent analytics.

At its most helpful, talent analytics takes the guesswork out of hiring the right talent. Talent analytics doesn’t just help you get a warm body in a seat, either. This data can help recruiters and companies ensure a talent match where only the most motivated and those inspired to do their best work sign the dotted line.

When it comes to world-class recruiting in an increasingly competitive landscape, talent analytics play a central role in making HR and recruiting work smarter. Think of it as a way out of the HR fog

That said, understanding the right metrics is key to narrowing down the focus. By applying talent analytics, you can better pinpoint and hire team members who will ultimately serve as positive assets to the organization

What ARE Talent Analytics?

Talent analytics is the term for a data-focused approach to decision-making regarding current and future employees. By analyzing past employee behavior to predict future performance, talent analytics is often used by HR, hiring managers, and recruiters to find the best type of candidate.

According to Deloitte, “Four percent of organizations surveyed believe they have predictive talent analytics capabilities today. Only 14% of companies have any form of talent analytics program in place. Yet, more than 60% want to build a plan this year. 

In a still-relevant Harvard Business Review article about competing on talent analytics, Tom Davenport, Jeanne Harris, and Jeremy Shapiro outlined six types of data used for managing a workforce.

6 types of Data Used for Managing a Workforce

  1. Human Capital Facts: The key indicators of the business’s health, such as headcount, turnover rate, and employee satisfaction.
  2. Analytical HR: Segmented data on the units, departments, and individuals that most need attention.
  3. Human-Capital Investment Analysis: Tracks the activities that have the largest impact on the business, such as how employee satisfaction results in higher revenue, lower costs, and greater employee retention.
  4. Workforce Forecasts: Identifies and predicts the best times to either ramp up or cut back on staff.
  5. Talent Value Model: Provides information on why employees want to stay in an organization or why they choose to leave.
  6. Talent Supply Chain: Predicts how to best staff a company according to changes in the business.

Levels of insight vary – from basic information to predictive modeling. As organizations integrate talent analytics into their practices, deeper insights allow for better planning.

 

Analytics, What is it and Why does it Matter? | TalentCulture

What Moneyball Taught Us About Analytics

Using data gathered from your current workforce can drastically improve your ability to make smarter decisions when recruiting talent. Relying solely on your gut to make a hiring decision is a mistake.

I like to compare talent analytics to the more commonly known practice of sports analytics. This was made famous by the book and film Moneyball. It transformed the way professional baseball teams recruit talent. Instead of relying on gut instincts and old-fashioned scouting, Billy Beane and Peter Brand transformed recruiting by using something now known as “sabermetrics.”

The Oakland Athletics used empirical analysis of baseball statistics to measure in-game activity and thereby predict future performance. Once laughed at by old-school baseball managers, sabermetrics is now used by every team in the Major Leagues.

Just like Beane and Brand, organizations can use talent analytics to hire the right people. Additionally, to better understand how to align company strategy and employee capabilities. Decisions on how and where human capital should be allocated across the organization are much more reliable. Therefore, effectively placing individual employees becomes easier. 

Talent Analytics: Art or Science?

As much as I strongly believe in the power of data, I would never advise someone to rely solely on data to quantify and qualify a human being. 

In my opinion, stellar recruiting is an art as much as it is a science. Using data and analytics as business intelligence is powerful, but your value judgment is fundamental. If talent is a natural ability, it is impossible to precisely quantify. Plus, talent doesn’t (usually) stagnate; it grows and changes, so you need to take that into consideration when assessing data.

Talent analytics has proven to be an ever-growing asset. It allows HR and recruiting teams to better connect with organizational goals. By knowing what you’re seeking, talent analytics can save time and resources. The ability to measure and leverage people data is not only exciting but smart business. 

Tips for Jumpstarting Your Talent Acquisition Strategy

Terms like recruitment and talent acquisition are used synonymously, but they aren’t the same. Recruitment is a short-term fix for most “big-picture” employers, whereas talent acquisition is a long-term solution. 

While you may need to fill a vacancy quickly, organizations should focus on long-term planning if they want to improve their culture and work towards a unified vision.

Talent Acquisition Vs Recruitment

Recruitment is about filling vacancies. Talent acquisition is an ongoing strategy that focuses on finding leaders, specialists, and future executives. For HR to run a successful talent acquisition strategy, they need to plan and find candidates well.

There are other subtle differences, Talent acquisition:

  1. Requires a lot of planning
  2. Uses metrics and data to improve the recruitment process
  3. Focuses more on skills and experiences. Recruitment concentrates on the position.

Although employers hope their employees will give 2-weeks notice before quitting, there are plenty of times where that isn’t possible. Of course, an employee suddenly leaving is why employers prefer the recruitment strategy, but planning can make talent acquisition possible.

Should I Be Recruiting or Acquiring?

Not every industry needs a recruitment strategy, but how do you know if your position requires the acquiring method? Generally, the more specialized and high-demand roles should take an acquiring approach, regardless of urgency.

Some would argue that all positions require talent acquisition, and employer review websites like JobSage prove this. For example, a fast-food cashier is still challenging to fill long-term because front-of-house workers handle angry customers. You’ll want to hire talent that fits your corporate culture to reduce turnover rates, even for easy-to-fill positions.

How to Create a Talent Acquisition Strategy

A poor talent acquisition strategy can impact your organization as a whole. To ensure the right talent fills your vacant positions, follow these steps to create your acquisition strategy.

Start With the Right Communication Strategy

High-quality talent wants to work for companies that offer great benefits, an incredible corporate culture, and growth opportunities. Therefore, it’s essential to communicate your total benefits package and differentiators when promoting career opportunities.

Don’t Forget About Competitive Pay

Inflation has hit hard. The recent 7.5% increase has made even the most well-paying jobs insufficient for people with families. That means salary and salary growth potential are more important than job seekers.

If you’re consistently losing out on talent at the last possible second, look at the salary your competitors offer. Be competitive.

Consider Contractors and Employee Referrals 

Employee referrals are one of the best ways to find new talent. Consider implementing an employee rewards program to make it attractive.

Alternatively, you could seek out independent contractors to fill positions. Not only are they less expensive to hire, but they can work remotely and jump into a job at a moment’s notice. 

Remove Bias From the Hiring Process

Diversity in the workplace leads to increased productivity, creativity, cultural awareness, and marketing opportunities. However, unconscious biases can cause us to choose candidates based on their sexual orientation, race, religion, age, religious affiliation, or gender. 

To make your recruitment process more diverse, use Applicant Tracking Systems, non-bias workplace tests, and a more structured interviewing process that focuses on skills.

Keep Past Applicants Engaged

Keeping a passive talent pool will allow you to pick from it when necessary, but you can’t just promise a job at a later date. Instead, you need to stay in contact with your applicants by telling them you’ll contact them should another position become available.

Create a separate email sequence that speaks to your potential hires to let them know what’s happening in your business. 

Offer a Remote or Hybrid Work Environment

A PwC survey found that 72% of workers prefer to work from home at least two days a week, while 32% want to work from home full-time. Since remote employees are more productive than their in-office counterparts, it makes more sense to offer remote employment options.

By removing geographic barriers, you open up your talent pool beyond your physical location. As more businesses switch to the hybrid office, you’ll need to do the same to be competitive.

Regularly Speak to Students

Your strategy’s unconventional talent acquisition step should include university and college students, especially in fast-moving industries. While students won’t have the experience you’re looking for, they will have new skills and a go-getter attitude.

You can start by sending recruiters to job fairs who can speak to students. Then, consider partnering with specific schools for internships or on-the-job career training to scope out top talent.

Ask for Candidate Feedback

Organizations rarely ask their candidates why they wanted to apply for a position or why they declined an offer. However, you must gather this data to know what kind of candidates you’re attracting and how you can be more competitive.

Make sure the survey is anonymous as not to discourage participation.  You’ll also make your candidates feel like their opinion matters, improving your brand by asking for feedback.

Promote From Within

The best thing about hiring from within is you already know your candidates. Additionally, they already fit in with your company culture and have the skills to move into their new positions. Finally, hiring from within is great for long-term talent retention.