Most professional struggles with time management, even the most successful organizations. There are an infinite amount of things to do in any given day, and some challenges are prioritized over another. However, when it comes to hiring, it’s hard to imagine a successful business without a successful workforce plan. If you’re having trouble finding or retaining good talent, start asking some tough questions to avoid wasting time, money, and great employees.
Do you really know what you’re looking for?
In this market where loyalty is low and demands are high, it’s easy to think a lot talent management is outside of your control. But hiring is all about aligning your expectations with the candidate’s outlook. Once completely honest with the current workforce dynamics, you can start to see certain red flags that are not helping the situation. For example, if you’re willing to ignore an IT candidate’s cultural challenged in favor of their talent, then you have to expect it might not work out for the team long-term.
Are you thinking long-term?
Hiring managers must take into account both the stress they place on staff when they’re in need of talent, and the potential problems that come from hiring someone who may not be the best candidate simply because the need is so great. Both factors are important, but contradict each other. If its beginning to take entirely too long to identify someone is that is a fit, it could be time to reassess how the hiring process is being executed.
Can you find the talent on your own?
Sometimes managers just don’t have the resources to identify talent, vet their resumes, sit down for multiple interviews and then deliberating over the final decisions. Generally speaking, fatigue will set in somewhere along the way, causing people to skip or half complete one of the steps. Partnering with recruitment firm can make all the difference, but it’s pivotal to find a partner who not only has connections, but can also really understand the role both skill set wise, and culturally. It’s possible to outsource every part of the process, or just bits and pieces, but a recruiting partner can provide great value, and a specialized expertise.
While there are numerous ways to measure employee performance from a human resources standpoint, there is one metric that is most valued by company executives, particularly CFOs. This metric provides data that generally translates into dollars. It is simple to calculate and can allows comparison to other publicly listed firms in the same industry. It is one of the most effective way to measure both innovation and productivity in employees.
What is it?
This highly valued metric is revenue per employee (RPE). To calculate your company’s RPE, simply divide the total revenue of the company by the total number of employees. This calculation focuses on the value of the output of the workforce. Its relevancy is due to one of the largest expenses for most companies; salary and benefits of their employees.
Why is it so effective?
It is an effective tool for measuring a workforce because companies are looking for the highest revenue per employee that they can get. Higher RPE translates to higher productivity levels and more effective use of the company’s available resources. By comparing RPE numbers over the years, businesses can also effectively evaluate their human resources team. Additionally, it can be a tool to assess how your company is doing compared to other similar companies. The top companies in any industry generally produce a higher revenue per employee number.
How can you increase your RPE?
Industry leaders tend to have the best RPEs. How do they do it? A lot depends on the industry, considering there is no one-size-fits-all solution to increasing RPE in the workforce. However, one rising trend throughout different industries is employee engagement. Employees that are engaged in their work are 38% more likely to have above average workplace productivity, per Workplace Research Foundation. This typically translates into higher service and customer satisfaction, increased sales and profit, and higher shareholder returns.
Another way to increase RPE is continued effort to hire highly skilled and qualified candidates. It has always been a challenge for HR departments to sort through piles of resumes and applications in search of the right candidate. However, many have found hiring solutions by utilizing a professional recruitment partner. Recruitment partners provide resources and training to help companies identify and hire highly skilled executives and employees that will help, not hinder, the company’s RPE.
Although there are numerous metrics that provide human resources departments with valuable information about workforce productivity, the one that could be considered most valued outside the HR department is revenue per employee. When it comes to workforce productivity, how well does your company measure up?
With thousands of baby boomers entering retirement each day, organizations are understandably looking for ways to retain and develop promising talent with future leadership potential. Along with the mass exodus of a vital part of the workforce, a potential wealth of knowledge is poised to leave along with them—and companies must find a way to transfer that knowledge to new and up-and-coming employees.
An effective talent strategy is necessary to keep an organization’s hiring processes running smoothly. Whether you are planning to replace an employee with a new hire or promote within the company, certain roles and responsibilities are better served when groomed from within the organization. This is especially true if the company can’t find qualified candidates to fill a vacancy or when the need for company-specific knowledge outweighs the value of bringing in a more qualified outside hire.
Internal development strategies that satisfy both the need to identify and notify applicable succession candidates can be challenging for even the most innovative talent acquisition teams. Talent pools can provide an effective solution when an organization isn’t in a position to single out any one employee as a future leader, or perhaps wants to build a talent pipeline outside of the business to be ready for future needs.
Talent pools can be comprised of high-potential employees who are being conditioned to take on more responsibilities and higher-level projects within the company, or talent identified from other companies who would be potential high value hires in the future. High-performing employees are fully engaged employees who embrace the corporate culture and constantly strive to perform their duties at a top-level. These employees might also be considered high-potential employees who have expressed an interest in advancing within the organization along with possessing certain competencies and values that the organization desires in their leaders.
Talent pools help organizations prepare for succession by allowing the organization to develop a talent group made up of multiple promising individuals. If an organization is unsure about where or when it will have the need for future leaders, a talent pool affords the option of keeping a group of high-performing, high-potential employees ready for deployment should the need arise, or reach out to identified talent to field future interest in your company.
From an employee’s perspective, being part of a talent pool can be a reassuring step toward career advancement. Employees at this level know they are valued, they feel confident that they have a future with the company, and they are rewarded with the knowledge that their employer is consciously investing in their future leadership potential.
If your organization isn’t ready to start pinning down succession prospects, implementing a talent pool can be a great way to develop multiple skills in diverse groups of promising employees. While some staffing vacancies can be effectively filled by recruiting new talent, identified outside of the company, the future of the company’s leadership can also be successful by investing in high-performing and high-potential internal talent for future promotion.
The gig economy has become one of the most persistent, diverse, and influential forces on our current marketplace. Its has spread far and wide and has transformed the market in a variety of ways that may surprise you.
The biggest way that the gig economy is transforming the workplace is the way it has rendered full-time jobs less prevalent. While there are still plenty of high-quality life-long jobs available to those who want them, the gig economy has broken apart the necessity for this kind of job and helped expand the employment possibilities for a large number of people.
For example, those who possess specialized skills are reaping huge benefits from the gig market. They are moving from job-to-job in a way that helps him or her define their own career, maximize their profits, and create a more independent lifestyle.
However, even low-skilled workers, such as those who lack higher education and no repair skills, have used the gig economy to change their lives for the better. For example, landscaping work has helped many create a sustainable and engaging career which would have been impossible in a full-time-job-oriented mind.
The Exponential Growth Of The Gig Economy
The U.S. Bureau of Labor Statistics has reported that the gig economy has continued to expand at an almost exponential level. For example, in 2005, about seven percent of all workers were independent contractors or those who embraced the gig economy. They expect these numbers show huge growth when they survey again in 2017: perhaps as high as 15-20%.
More data gathered between 2003 and 2013 found that all industrial sectors had non-employer business growth i.e. gig jobs. Nearly one million new gig businesses or jobs were formed in that 10-year period, by far the largest of any other sector. Areas that experienced high growth included art and design, computer repair, information technology, construction, media, and transportation.
Why has the gig economy grown at such a high rate? It allows consumers to more easily match up with workers they respect. It also provides workers with a sense of freedom and independence that a singular full-time job cannot offer. While there are disadvantages (such as the dangers of inconsistent work and no employer-provided benefit packages), for many people the advantages outweigh the inconsistencies.
Employment Options Have Exploded For Stay-At-Home Moms
One interesting component of the gig marketplace is that it has helped stay-at-home moms break into a busy marketplace. Among the 43 percent of highly qualified women with children are choosing to raise their children at home, a growing number are performing gig jobs, such as online writing, transcription, and even tutoring, as a way of contributing to the household income.
In one study, it was revealed that the jobs like this not only help a stay-at-home mom contribute to the home financially, but provides her with engaging and enjoyable projects to keep a healthy work-life balance. It’s hard not to see that the gig economy is slowly and subtly transforming the marketplace in a variety of ways. Don’t be surprised to see the gig marketplace continue to grow in 2017.
Undoubtedly, there is a high demand for IT talent in the technology job market. Companies, both large and small, are competing for this relatively small pool of skilled IT workers. Therefore, many companies are doing anything in their power to attract IT talent. While many companies are choosing to offer impressive starting salaries and benefits to hired IT workers, other companies are deciding to take things a step further.
To be more competitive in attracting IT talent, companies are beginning to move their HQ or offices to the city.
Location has long been one of the most important factors when it comes to real estate. However, location has now become a point of concern for businesses hiring IT workers. Young IT candidates who have extensive knowledge in the latest technologies prefer to live and work in urban settings. These workers prefer to take public transportation to work rather than drive to office locations in the suburbs. Accordingly, employers who desire workers versed in the newest skills are making changes to appeal to those who prefer to dwell in the city. Some companies have opted to transition from suburban to urban offices while other companies have private shuttles between headquarters and major cities.
A great example is the major city of Boston. According to the Bureau of Labor Statistics, employment in Boston rose by 54,000 employees over the past 11 months. Just this year, General Electric moved its headquarters to Boston after being in Fairfield, CT since 1974.
While more condensed and expensive spaces downtown may lead to some challenges for a business. Younger generation IT candidates are flocking to the city and aren’t motivated to make the move out to the suburbs. Urban cities offer short commutes, public transportation, and a significant opportunity for a ‘work/play’ lifestyle.
Companies trying to attract the cream of the crop in the technology job market are taking advantage of urban office locations, following the talent pool to the sharp contrast of urban city skylines.
Do you know help hiring IT talent? Give us a call at (877) 746-8450.
Each company has individual challenges and needs when it comes to meeting its talent recruitment objectives. When you hire a professional recruitment partner, these experts can take a close look at your the recruitment goals and work to build a customized talent sourcing plan and strategy. So how exactly can a recruiting partner help to close out 2016?
Talent Acquisition partner will know the candidate market just like a broker knows the stock market. This includes having a solid grasp of who the best talent is, knowing what their salary expectations will be, and understanding career expectations for a specific niche skill set. A candidate with a fantastic background doesn’t not sit around applying to job postings. These candidates are highly sought after, and usually well-known to a recruiting firm. Some might reach out to the best recruiters and get their name out there. This results in talent acquisition professionals having a consistent pulse on pools of talent that may be a fit for your openings.
Increase the Talent Pool
When businesses decide to try recruiting on their own, usually, they will only be able to reach a small portion of the talent pool. When companies put out ads, they will typically be receiving responses from people currently in the job market, receiving plenty of unqualified resumes. However a good recruiter, knows the best talent out there and will proactively reach out to passive candidates to to see if they have any interest. Don’t limit your talent reach by simply posting the job for active candidates to apply.
Screening candidates is a learned skill. Recruitment partners will take the vetting process a step further, and speak the multiple people who have not only supervised them but worked side by side with the potential candidate. Thorough screening and vetting is imperative to make sure the candidate is a good fit for the organization and reduces the likelihood of quick turnover.
When managers and team leaders are tasked to lead the hiring process, it takes away from time spent on tasks that will grow the business. If you’re without a Talent Acquisition team, a manager who is responsible for a key part of the organization. is spending their time looking through resumes and coordinating interviews. Recruiters are experts at weeding through applicants and making sure that only the best talent is put before the hiring manager. Not only will the recruiter screen the candidates for a skill set, they are also making sure they will be a good fit for your culture and goals for organizational growth.
Do you need help hiring, screening, sourcing, or just some recruitment strategy consulting? Give us a call at (877) 746-8450
Many companies experience difficulty attracting qualified information technology candidates. Specifically, smaller businesses face even more of a challenge. A rapid growth in the technology space has led to incredible value for even the smallest of businesses to invest in IT software and processes. In turn, IT talent has become increasingly in demand. From offering sky-high salaries and generous benefits, businesses are pulling out all of the stops to try to attract technology talent.
So what can small businesses do to beat their bigger competition for this niche pool?
Look internally and locally. While not all businesses have a robust IT department, it may be worth identifying any talent already in the company who would be able to step up. In addition, hiring from within cuts down on expenses related to training a new employee on business processes. Try partnering with local schools or programs to attract computer science majors, offering an exciting opportunity before the future candidate hits the open job market.
If your recruitment team has identified external candidates, its important to make quick decisions. Do not leave candidates dangling, he or she knows the demand for their skill set. IT candidates likely already have other offers and any delays give other companies an opportunity make the first move. High level professionals wont often sit around waiting for a decision.
Also, think outside of the box when attempting to attract IT candidates. While salary is important, smaller businesses can compete by marketing the opportunity for development and training. Tech talent values a work/life balance, and the flexibility to work remotely if needed. Perhaps offer to pay for a certification of interest to the candidate, as IT professionals also value the opportunity to work on exciting projects and have meanin
gful and purposeful work. Its crucial to focus on where the company is headed, and what future investments in technology are coming. What’s the 3 year plan?
Small businesses must play to their strengths to attract and retain Information Technology candidates. What can you offer that is more valuable than the soaring salaries offered by large organizations? A work/life balance, ongoing training, and true feeling of value to the company may set you apart when recruiting IT talent.
Social media use has jumped dramatically in the past decade; almost two-thirds of Americans were active on social media networks in 2015, up from only seven percent a decade earlier. This substantial increase in social media usage presents a significant opportunity for Recruiters to reach more potential candidates, and customers, if used and promoted the correct way.
A 2015 Pew Research Center study on the role of the Internet in job searches found that almost two-thirds of Americans who use social media have used social networks in some part of their job search process. Specifically, 35 percent of social media users turn to the various social networks as they research and search for potential jobs, and 34 percent of users share information on available jobs with friends and family. This trend is particularly pronounced for Millennials, an important demographic for employers seeking candidates to grow within the business. Forty-three percent of social media users between the ages of 18 and 29 have used social media in the process of searching for and researching open positions, and 40 percent of users in this age group have informed others of job opportunities through social networks.
Recruiters and Sourcers can focus their entire social media presence on their expertise, providing oneself with much greater visibility to the potential workforce and customers who are looking to fill a number of roles. Due to the nature of the business, and the difficulty connecting with passive candidates specifically, building a large professional network outside of LinkedIn can set you apart from the competition.
Talent acquisition professionals are also able to build robust networks on social media by cultivating connections with individuals who have been placed in the past, or even just spoken to about a particular role. These former placements, who are often potential candidates for future roles themselves, bring with them their networks of friends and family. Referrals and recommendations are a fantastic source for recruiters to not only build their network, but also develop new talent pools to target during a search.
As social media use rises and gains importance in the job search process and recruiting in general, the ability to reach the broadest range of candidates on social media will be key in identifying the best talent. Of equal importance is how social media is used by recruiters; with job promotion and marketing being key. Utilizing social media to market jobs, while also sourcing and identifying candidates with profiles or social media activity – who might not be found elsewhere – a focus on your social profile can create huge benefits in the long run.
As the US Economy continues to recover slowly from the economic downturn of 2008, certain industries are booming, and a few you may not think of right away. Consequently, there are industries that can’t find talent fast enough. According to Economic Modeling Specialist International, CareerBuilder’s labor market analysis branch, these industries will be adding thousands of jobs, but are challenged in recruiting the talent to grow at such a pace. What are a few industries that will grow the fastest?
1. Online and Electronic Shopping
It’s no secret that online shopping has changed the way people purchase goods. For those looking for a job, this is the fastest growing industry out there. Companies such as Amazon and eBay have become huge hits with the general public. In such case, expertise in high volume hiring and recruiting is key. Do you have your own talent that specializes in sourcing and recruiting huge numbers of candidates for the retail field? In the next five years, the industry is projected to add close to 80,000 jobs, a 32% increase.
2. Translator and Interpreter Services
As the workforce continues to diversify, people who speak a second language are at a premium. From businesses to hospitals and everywhere in between, translators are in high demand. This industry will witness job growth close to 30%. At the same time, talent acquisition professionals who speak more than one language can really carve out a niche to partner with businesses to help hire and recruit bi-lingual candidates.
3. Physical, Occupational, and Speech Therapists
Modern medicine continues to advance and is truly a miracle of science. People are getting back to work more quickly, but patients require a large amount of therapy to return to the workforce or even get out of bed. This means plenty of available jobs for those who are licensed in various fields of therapy. This industry will add close to 100,000 jobs in the next five years, representing a 25% increase. The challenge is identifying and retaining these therapists as the industry booms and candidates are more sought after.
Job growth can almost always translate into talent acquisition growth. Businesses and industries with excelling job creation need help recruiting talent. Positioning yourself as an Talent Acquisition expert in a certain industry can put you at an advantage over competition. Do you need need help identifying talent in high-growth industries? Give us a call at (877) 746-8450.