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talentmanagement RSS feed Tag: talentmanagement

Retention — The Top 10 Ways a Manager Can Identify Who Is About to Quit

by Jul 28, 2014, 12:49 am ET

There are few things that are more shocking to a manager then to have one of their top-performing employees suddenly quit on them. Some managers have described it as the equivalent to a “kick in the gut.” It is a shock not only because losing a key employee will damage your business results, but also because managers hate surprises, and as a result, they frequently wonder how they missed the signals that this person was going to leave.

Employee turnover is always an important issue, but most managers are unaware of the fact that overall, turnover rates went up 45 percent last year. And because I am predicting that they will go up at least 50 percent this year, individual managers should be aware of the precursors or warning signs that can indicate that an employee is considering looking for a job, so they can act before it’s too late.

After 20+ years of research on predicting turnover, I have found that if you approach the problem systematically, you can successfully identify which individual employees are likely to quit with an accuracy rate of over 80 percent. Firms like Google, Xerox, and Sprint, as well as several vendors, have developed processes for identifying who might quit. But for most managers, you must realize that you will simply have to develop your own identification process. So if you know of a manager who is worried about turnover, pass this list of turnover predictors to them so they won’t be surprised when their next employee announces that they are quitting.

The Top 10 Ways a Manager Can Determine if an Employee Is Considering a Search for a New Job keep reading…

Closing the Engagement Gap

by Jul 9, 2014, 12:25 am ET

Screen Shot 2014-06-22 at 8.19.53 PMEmployees can be a very big recruiting resource

A recent report by PR firm Weber Shandwick — Employees Rising: Seizing the Opportunity in Employee Activism – has a lot to say about the potential for tapping employees as a recruitment resource.

The report is based on a global survey done by the firm. The survey found that engaged employees can become activists for their employers. They can be an employer’s best advocates, promoting the company as a great place to work. Many employees actively defend the reputations of their employers. More than half of all employees surveyed reported defending their employer to family or friends or in a public form like a website or a blog.

But they can also be its worst opponents. Just read the reviews on Glassdoor for proof of both.

None of this should be a surprise, but what’s most interesting in the report is that employee advocacy is a largely untapped resource. keep reading…

What to Do If You Rely on Trained Employees

by Jul 2, 2014, 12:06 am ET

fed reserve chicagoRecently I got to be a fly-on-the-wall at the quarterly Industrial Roundtable luncheon at the Federal Reserve Bank of Chicago. Yes, it was a fancy lunch in a fancy boardroom, and I was very impressed — but that’s not the point. In the room, there were about 20 leading Midwestern industrial manufacturers and distributors updating the Fed’s staff economists on the state of their businesses and industries.

I’m neither an economist nor an expert in manufacturing, so many of the details of their reports were a bit over my head. I can say that no one in the room was particularly excited or worried by the economic situation. The general consensus was that modest growth was expected to continue for the near future.

I did hear some disturbing concerns, though. keep reading…

Company Culture: Your New Secret Recruiting Weapon

by Jun 26, 2014, 12:08 am ET

Screen Shot 2014-06-24 at 2.57.24 PMRecruiting is an arms war, with rapidly advancing technology and complexity. At stake is the future of your company. Social media has changed the game, raising expectations of the applicant experience and making everything faster and more connected. Employees and prospects have the upper hand and our tactics have to keep up.

But we can all name companies that are snagging (and keeping) top talent. So beyond the most recent recruiting weapons, what one thing is helping them win that race?

Company culture.

What’s Culture?

keep reading…

This Employee Handbook Is So Good, It’s a Recruiting Tool

by Jun 19, 2014, 1:21 pm ET

Screen Shot 2014-06-19 at 10.05.17 AMInspired by Valv, The Motley Fool has released an online employee handbook, one of the most memorable you’ve ever seen, so much so that it’s as much a recruiting tool as it is a set of rules. keep reading…

Do a Snapshot Assessment of Your Talent Function With These Powerful Business Impact Metrics

by Jun 9, 2014, 12:02 am ET

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In a world where it’s easy to get a “snapshot assessment” of your personal physical health or your organization’s financial or IT security effectiveness, what could be more valuable than an easy-to-conduct executive level “snapshot assessment” of talent management and HR?

Unfortunately I have found that most in HR are satisfied with a subjective or low-level tactical assessment, which instead of business impacts, covers spending efficiency, lean staffing, and whether managers and employees are satisfied with us.

In order to be considered as credible, instead this snapshot must be strategic, and it should mirror the executive snapshots that are available in finance, customer service, and IT. In order to assess how well you’re doing, a benchmark number must also be provided so that you can compare your results to your direct competitor firms. I have included six simple measures that by themselves are enough to give you a snapshot but accurate view of talent’s business impact. keep reading…

Take a Fascinating Fresh Look at Human Behavior in the Workplace

by May 23, 2014, 12:06 am ET

sensationLike many people in the business of  “human” resources, I’ve always been fascinated by what makes people tick — especially in the workplace. That’s why the book, Sensation: The New Science of Physical Intelligence by Professor Thalma Lobel was a fascinating read. The author explores how our personal and professional behavior and decision-making are influenced by the physical stimuli that we’re exposed to everyday.

From taste to smell to touch and beyond, this book’s sweeping exploration makes sense of the senses. Through various research projects we learn thought-provoking new insight that has many implications for HR professionals.

If you have intellectual curiosity about psychology, physiology, and how it all affects work behavior, try putting the book’s findings into these real-world work scenarios! keep reading…

Proprietary Metrics — the Next Big Thing in Talent Management

by Apr 14, 2014, 5:39 am ET

The idea that you can create a template that will work forever doesn’t happen in any business … There’s some really, really bright people in this business. You can’t do the same thing the same way and be successful for a long period of time. — Billy Beane

Screen Shot 2014-04-10 at 8.57.20 AMI am a strong advocate of what I call “parallel benchmarking,” which is borrowing the proven best practices from completely different industries and functions. This article advocates the borrowing and the adaptation to talent management of what are known as “proprietary metrics” from the baseball industry. Proprietary metrics get their name because they cover metrics that are so powerful that they are “owned” and their components are therefore not shared. In baseball, there are dozens of proprietary metrics, while in the corporate world of talent management, they are surprisingly rare. Corporate examples of these proprietary metrics include Google’s “retention metric” for predicting which employees are about to quit and its “hiring success algorithm” for predicting the characteristics that lead to new hire success on the job.

Baseball Has the Most Advanced Metric Model to Learn From keep reading…

The Who-What-Where-Why-How of Vying for Talent

by Apr 10, 2014, 5:33 am ET

Every few years or so, it happens. Someone declares a “War for Talent,” battle lines are drawn, and then candidate poaching begins. While some of this is a little sensationalist, it’s also very true. Any company who wants to attract the best and brightest, and also the best personality and culture fit, must set themselves apart. Since there are many companies all vying for the same types of candidates, the landscape can get cluttered.

So let’s talk about who, what, where, why and how: keep reading…

If You Want Empathy, Talk to Your Dog, Not Your Manager

by Apr 4, 2014, 5:19 am ET

giraffe empathyEmpathy is not a skill recruiters and hiring managers include on job descriptions, which explains why it’s in short supply among American managers.

How do we know this? Because the leadership coaching and outplacement firm Lee Hecht Harrison did a survey asking workers about their manager’s empathy. “How would you rate your manager’s ability to demonstrate empathy for employee situations?” was the question. Virtually non-existent, was the answer of 52 percent of the respondents.

“Empathy isn’t a weakness, but fundamental to good management,” says Kristen Leverone, senior vice president for LHH’s Global Talent Development Practice. keep reading…

Hire for Bench Strength or Brace for Failure

by Mar 25, 2014, 5:29 am ET

Screen Shot 2014-03-17 at 8.25.05 PMBaseball spring training is here, so it’s a perfect time for us to talk about the importance of an organization’s bench strength. When you think about all-time greatest baseball players, near the top of the list are legends Ted Williams, Ty Cobb, Ernie Banks, Rod Carew, Tony Gwynn, and Harmon Killebrew.

Guess how many World Series championships those Hall of Famers won combined? As many as you and me: Zero. Those players all set individual major league records, but their teams never won the ultimate prize.

Tying that point to our organizations, we can’t be satisfied having just a couple superstars on our team and no bench strength to support them. Ultimately, we won’t win. Our organizations won’t achieve key goals in a timely manner, and we run the risk of sliding backwards if we lose one of our superstars.

Too often, we hire people whose full potential and ambition are invested in performing the jobs they’re hired for. Then, when we need more from them, they’re not able or willing to go the extra mile.

Your goal should be to have at all times (or be working toward) at least one employee with the skills, personality, character, ambition, and technical competence to take over each key position in your organization right away. Without this, your company will be unable to attain its growth goals quickly, reducing future profits and opportunities for your co-workers to achieve their career goals.

Also, if a key player is incapacitated for a couple months or longer, your organization could be damaged. I learned that lesson the hard way when I was diagnosed with cancer. But I was fortunate that we had hired several high-potential people who filled in for me when I was sidelined by my surgery and chemo treatments.

Here are four important actions I suggest you take to improve your bench strength:  keep reading…

The Top 1% Recruiting Gap — Why Most Firms Have Surrendered to Google

by Mar 17, 2014, 5:09 am ET

A think piece designed to stimulate your thinking on competing against the top 1 percent firms for top talent

If you’re an executive interested in recruiting, here is a scary thought to consider. For the first time in your lifetime: As a result of their compelling approach to managing talent, the elite 1 percent of firms now have a powerful recruiting brand advantage. The resulting “recruiting brand gap” between the top 1 percent and the remaining 99 percent of firms is now so wide … that most firms have given up trying to match the talent approach of the 1 percent.

The Top 1 Percent of Firms Have Unique Talent Differentiators keep reading…

Who’s to Blame for the Perfect Fit Syndrome ?

by Mar 6, 2014, 5:09 am ET

An employer trying to hire the perfect candidate is in many ways a good thing. It’s a significant improvement from the days of hiring anyone who could fog a mirror. But has the pendulum gone too far?

The answer is a resounding yes. A perfect candidate does not exist. He never has, he never will. The best any manager could hope for is the candidate who has many of the essential skills and experiences, lots of potential, a willingness to learn and develop continuously, and is engaged with and by the culture. That’s a tall order — a very tall order and one that many managers take to extremes.

The result of falling victim to The Perfect Fit Syndrome is that sometimes these positions are never filled. I’ll admit that might be the extreme case but it’s also not so uncommon.  Many managers place the sole blame on the poor quality of job applicants.

But that’s a cop-out and one excuse that senior management has bought hook, line, and sinker.  keep reading…

Talent Management Lessons From the Super Bowl for Corporate Leaders

by Feb 3, 2014, 6:36 am ET

Screen Shot 2014-01-30 at 10.43.50 AMA couple years back I was asked to outline “the future of talent management” in a talk at Google headquarters. Then as now, I predicted the future of talent management will follow the “professional sports model,” which many of you undoubtedly witnessed during yesterday’s Super Bowl.

Some in HR carelessly make the mistake of instantly dismissing sports analogies as irrelevant, but those individuals fail to understand that the NFL and its teams are multibillion-dollar businesses with the same economic bottom line and the need to dominate competitors as any other corporate businesses. So if you want some talent creds, tell your boss that you watched the Super Bowl not just for enjoyment, but also in order to learn some valuable talent management lessons. My top eight talent management takeaways from the Super Bowl are listed below. keep reading…

How Prepared Are You For This Year’s Flu Season?

by Jan 16, 2014, 1:42 am ET

flu map 1.2014With this year’s flu season already widespread and, in some areas, turning increasingly deadly, employers are being urged by OSHA to encourage their sick workers to stay home.

Now deemed widespread in 35 states, and regionally extensive in several more, this season’s influenza outbreak has not yet reached the pandemic stage, but, says the Occupational Safety and Health Administration, if the flu outbreak of 2009 is any guide, most workplaces will not be ready if it does. keep reading…

Recruiting Great Talent Is the Core of the Netflix HR Revolution

by Jan 15, 2014, 5:59 am ET

NetflixHow did Netflix reinvent HR? In one word, “Recruiting.”

“Hire, reward, and tolerate only fully formed adults,” writes Patty McCord in the Harvard Business Review. “The best thing you can do for employees — a perk better than foosball or free sushi — is hire only “A” players to work alongside them. Excellent colleagues trump everything else.”

If you hire the right people, so much of what companies do in the name of human resources becomes, if not superfluous, at least of much less importance. keep reading…

This Tool Will Help You Rethink Talent Acquisition

by Jan 15, 2014, 12:49 am ET

Screen Shot 2014-01-06 at 1.43.52 PMRegardless of mission or vision statements, the ultimate goal of any high-performing HR function — and or its “talent fulfillment” group — is to provide the support, resources, and expertise to help their organization acquire, develop, and retain top talent — a responsibility that starts with strategy, focuses on acquisition, and never ends.

Talent fulfillment — the act of identifying, acquiring, and retaining top talent – can mean different things to different organizations and HR professionals. It could be hiring external recruitment agencies, temporary employees, contractors, or some combination thereof. That said, those organizations operating with that mindset, unless in the midst of a significant growth phase, aren’t likely to meet anyone’s definition of high performing. High performance means finding talent, growing talent, securing talent, and keeping talent — your organization’s own talent.

This is sort of like a short-order cook and a baker.  keep reading…

Calculating the Dollar Costs of a Bad or Weak-performing Employee

by Jan 6, 2014, 5:43 am ET

Almost every manager, when asked, readily agrees that weak employees underperform average employees by a significant amount. We certainly know from sports teams, where performance is easily measured, that there is a huge performance differential (often double or triple) between the below average, average, and top performers in the same position.

From a talent management perspective, if the “performance differential” between the average employee and the worst employee is small (less than 5 percent), it doesn’t make much sense to spend a lot of money on performance management programs. However, when weak performers produce more than 33 percent below the average, it makes clear business sense to invest in great performance management and recruiting in order to fix or replace weak performers.

And when your calculations reveal that employee actions can have a multimillion-dollar impact (in the negative direction, with the Edward Snowden NSA document leaking case, or in the positive direction, with the US Airways Sully Sullenberger safe landing on the Hudson River), you quickly realize the need to quantify the dollar impact of these bottom- and top-performing employees.

Begin Working With the King of Metrics keep reading…

2014: The Year of the Employee

by Jan 3, 2014, 2:58 am ET

We just completed our ten big predictions for HR, talent, and learning in 2014 and the theme is “The Year of the Employee.” Global economic growth will cause the balance of power to shift, allowing top talent to exert more control. Top people with key skills (engineering, math, life sciences, energy) will be in short supply due to global economic growth. Thanks to new U.S. healthcare laws, people also will feel more free to change jobs.

For the first time in more than five years organizations are competing for talent — and the formula for success this time is different. To compete for key talent, organizations will need to adapt and innovate.

With that, the challenges and opportunities will employers face in 2014: keep reading…

How an Improved 2014 Economy Affects Recruiting

by Dec 18, 2013, 6:00 am ET

According to the U.S. Bureau of Labor Statistics, unemployment in the United States has continually dropped over the past year. As of November the number dropped to 7 percent, down from 7.3 percent.  We must ask ourselves how the improved economy affects employer recruiting initiatives.

While organizations should maintain the same overall headhunting strategies as in any other economy, some adjustments are necessary.

Take a look at the challenges hiring managers ought to expect when bringing on employees. Only when we define these hurdles is it possible to formulate and implement strategic solutions to over-leap them.

Three Challenges keep reading…