Effective Recruiting Strategies in Today’s Market
“The old adage ‘people are your most important asset’ is wrong. People are not your most important asset. The right people are.” -Jim Collins, Good to Great
Do you know what it costs your organization to replace one employee? Direct and indirect costs, such as lost productivity, loss of customers, loss of brand equity, recruiting costs, training costs, etc., can add up quickly. Estimates range from 30-50% of the annual salary for entry-level employees, 150% for middle level employees, and up to 400% for specialized, high level employees! With numbers like these, it’s easy to see why increasing the quality of your hiring can be a great financial performance booster for your organization.
Attendees at MEA’s recent briefing on Effective Recruiting Strategies in Today’s Market are all feeling the effects of the talent war, and need techniques to attract and retain the best employees for their organizations. Co-facilitator Kathy Jones of CBI Group emphasized the need for proactive vs. reactive recruiting:
- Using Boolean strings on search engine sites to identify potential candidates
- Searching job board resume databases using keywords related to the position requirements
- Networking and utilizing referrals with individuals to uncover candidates, including the use of social media networking sites
- Cold calling into companies
- E-mail campaigns
- Career fairs (Virtual and Live) and Networking Events
- College Recruiting
- Internal Recruiting (Succession Plans)
In addition to employing on-going recruiting efforts, co-facilitator Kathy Muscarella of MEA addressed the critical role of hiring best practices:
a) Employment Applications – Have a policy in place as well as consistent practices regarding Equal Employment opportunities; require a signed acknowledgement of “employment at-will” status for all employees; require a signed acknowledgement that information provided by the candidate on their application is true, complete and without falsification, misrepresentation, or omission and that any misleading information will result in termination regardless of time discovered; ensure that the application does not contain unlawful/discriminatory questions regarding age, race, ethnicity, disability, religion or any other legally protected classes; ensure that accommodations are available; ensure that federal and state posters are in a visible location to applicants as well as employees
b) The Interview Process – be consistent with regard to number of interviews and identity of interviewers; train all interviewers with respect to preparation and parameters of interviews, and documentation guidelines
c) Background and Reference Checks – have a legally compliant internal policy, train all employees involved in the interview process, and consistently enforce your policy.
d) Preparing Written Offers of Employment – use unambiguous language that does not suggest any guarantee of employment; specify that this is not a contract; use “annualized salary” or “if annualized”, rather than “annual salary”
e) Employment Agreements (Non-Compete, Nondisclosure, etc.) – identify your protectable interests; establish a consistent practice/policy for when an Agreement is required; ensure your Agreement is reasonable
Today’s labor market is tougher than ever to navigate. MEA is ready to help. Call us if you need assistance.