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In the book Leading Organizations , 1 1. McKinsey senior partners Scott Keller and Mary Meaney address the ten most basic issues facing leaders: attracting and retaining talent, developing the talent you have, managing performance, creating leadership teams, making decisions, reorganizing to capture value quickly, reducing overhead costs for the long term, making culture a competitive advantage, leading transformational change, and transitioning to new leadership roles.
Future articles will deal with reorganizing to capture maximum value quickly and with successfully transitioning to new leadership roles. A recent study of more than , researchers, entertainers, politicians, and athletes found that high performers are percent more productive than average ones. In highly complex occupations—the information- and interaction-intensive work of managers, software developers, and the like—high performers are an astounding percent more productive Exhibit 1.
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Suppose your business strategy involves cross-functional initiatives that would take three years to complete. If you took 20 percent of the average talent working on the project and replaced it with great talent, how soon would you achieve the desired impact? If these people were percent more productive, it would take less than two years; if they were percent more productive, it would take less than one.
If a competitor used 20 percent more great talent in similar efforts, it would beat you to market even if it started a year or two later.
My recruitment strategy was built on an effort to
You get even more remarkable results comparing the productivity of the top and bottom 1 percent. For unskilled and semiskilled jobs, the top 1 percent are three times more productive; for jobs of middling complexity say, technicians and supervisors , 12 times more. One person in the top 1 percent is worth 12 in the bottom 1 percent. John E. Hunter, Michael K. It refers to the increasingly fierce competition to attract and retain employees at a time when too few workers are available to replace the baby boomers now departing the workforce in advanced economies.
Fast forward to the wake of the Great Recession, and the war for talent turned into the war for jobs.
In economies gripped by financial crises, unemployment hit levels not seen since the early s, so there was no shortage of applicants for many openings. When Walmart launched a new Washington, DC, store in , for example, it received 23, applications for positions. It was harder to get entry-level work there than to be accepted by Harvard: 2. In medium- and higher-complexity positions, where stronger performers have an increasingly disproportionate bottom-line impact, the opposite was true. In those uncertain times, gainfully employed talent became less likely to change employers, so people who had an advantage going into the crisis had an even bigger one.
The Best Practices of the Most Aggressive Recruiting Department
Further, pressure to reduce HR costs made it harder to identify and attract the most talented people. Everything suggests that the war for talent will rage on. In more complex jobs, this will continue to be true as baby boomers and their long experience exit the workforce and technology demands more sophisticated skills. A McKinsey Global Institute study 8 8. Companies may not be able to fill one in ten roles they need, much less fill them with top talent. Yet in advanced economies, up to 95 million workers could lack the skills required for employment.
Developing economies will face a shortfall of 45 million workers with secondary-school educations and vocational training. Since business leaders know that talent is valuable and scarce, you might assume that they would know how to find it. Not so Exhibit 3.
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For companies that do, only 7 percent think they can keep it. More alarmingly, only 23 percent of managers and senior executives active on talent-related topics believe their current acquisition and retention strategies will work. In future, this will be even more likely, since millennials are far less loyal to their employers than their parents were.
The Bureau of Labor Statistics says that workers now stay at each job, on average, for 4. People often underestimate the cost of turnover: the more information- and interaction-intensive the job, the greater the threat to productivity when good people leave it, and the more time and money must be invested in searching and onboarding.
Talent matters, because its high value and scarcity—and the difficulty of replacing it—create huge opportunities when companies get things right. Companies go through cycles of initiatives to improve their talent processes. You need insight into what is essential and inspiring to the talent you target, and to bring these qualities to life in your employer brand. Even if you are new to market or expanding into new geographies, your brand must be built consciously to create visibility and have a strong pull effect to engage both active and passive talent in the local environment. Our team of employer branding experts specializes in building and developing employer brand strategies that make an impact in your target markets.
We work together with you to determine your brand perception and assets, and pinpoint the top factors needed to attract the right talent as a brand of choice. The impact of building a strong employer brand is immediate and tremendous: faster hiring times, stronger employee engagement, increased retention and lower recruitment costs. These immediate gains will turn into longer-term measurable business impact through stronger employee engagement and increased productivity of your workforce. In a competitive talent landscape, your brand must create relevant differentiation to stand out.
You need to self-reflect and get honest answers to develop your brand from a talent perspective: How is your organization perceived today? What do your ideal candidates desire?cars.cleantechnica.com/map233.php
What is the Difference Between Recruitment and Talent Acquisition? - Jobvite
What can you do, or do differently, to attract the ideal talent? We apply best-practice methodologies to discover and document these elements. Our approach encompasses an assessment of your current brand from an outside-in perspective, competitor research, success metrics and best practice benchmarks. Our employer branding approach includes market research, employee value proposition EVP development, articulation of the candidate experience, internal roll out and hiring manager education, messaging, communications and social media outreach.
By covering all elements of employer brand development and implementation, and working from solid, quantifiable information, we help you position your company as a highly desired employer of choice. Your talent attraction strategy puts your employer brand to work by promoting key messages across critical communication venues. After a six-month study, I have found it to be the best and most aggressive recruiting function anywhere in the world.
Having advised more than companies in over 23 countries, this is not a statement I make lightly. In addition to my assessment, their efforts were also recognized by a panel of recruiting industry thought leaders when they received the prestigious ERE Excellence Award for the Most Innovative and Effective Recruiting Process. The differences between the FirstMerit approach and that of most organizations comes down to the complete integration of two key recruiting concepts into every thing they do.
The two key concepts that guide recruiting at FirstMerit:. It is important to note that one of the things that make their benchmark practices even more spectacular is the fact that these practices were developed and implemented in banking, one of the most conservative industries. The courage and foresight of senior management to undertake such a leading-edge approach should make shareholders, stock analysts and employees proud.
The Recruiting Strategy The FirstMerit recruiting strategy is the most business-like and aggressive strategy I have ever encountered.