 |
Companies that hire "average" performers run the risk of driving their businesses into the ground. This special report examines the risk of underspending in today's market -- and how the right hiring strategy can be cost-effective AND produce great results.
In this report, you'll learn:
- Why spending more to recruit great talent is smart business.
- How to grab A-level players' attention -- and why it pays off.
- Tips and tools for landing better hires in less time.
Spending More on Recruiting is Smart Business
People-focused companies perform better -- and the statistics prove it. A recent analysis of Fortune's "100 Best Companies to Work For" discovered that:
- These companies outperformed the S&P 500 in eight out of ten years between 2002 and 2012, and
- In that decade, they cumulatively beat the S&P 500 by 99 percentage points.
Meanwhile, a recent LinkedIn talent blog post did the math:
- Top performers who do just 25 percent better than their ordinary peers produce a first-year ROI of more than 750 percent.
- In subsequent years, this percentage doubles or triples.
What are the Advantages of A-Level Talent?
They cost more to hire up front -- but, as the numbers show, the return on investment is worth it. So are these benefits:
- Top performers demonstrate lower turnover. A-level talent reaches the top by being more dedicated, passionate, and engaged -- making them less likely to jump ship from boredom.
- They exceed expectations by definition. Your "A-level" players are those who do more than their job description requires, do it faster, and produce better results.
- They prefer career growth to compensation increases. Competitive salaries matter. But give an A-level player the tools to grow professionally and they'll not only jump at the chance -- they'll do more than you dreamed possible.
Don't Be a Recruiting Cheapskate
Which side of the recruiting fence do you want to be on: The employers who invest sufficiently to recruit A-level talent, or the employers who watch their competitors hire the best?
The answer may be obvious, but in today's operating environment, knowing how to allocate recruiting resources intelligently is often not as clear.
Keep reading to find out how to stay off of "thin ice" -- by investing your time, effort and money wisely to land top candidates.
Create Better Job Descriptions
To draw in top talent, charge HR with writing job descriptions that detail exceptional performance, not the exceptional candidate. A-level candidates want to see that you know what outstanding work is and that you're committed to supporting it.
A current, accurate job description helps top performers self-select into your candidate pool -- and poorly fit candidates to self-select out.
Invest the time to create job descriptions that:
- Accurately describe the jobs' duties.
- Specify what "outstanding" work looks like.
- Identify the skills required to produce outstanding results.
- Mention specific opportunities and routes for advancement.
Need Help?
CornerStone Staffing can help you create job descriptions that will grab the attention of top talent.
Plan and Prepare
Getting everyone on board during the hiring process matters. In one study, Boston Consulting Group found that preparation paid off in a number of areas:
- Thoughtful, planned recruiting produced 3.5 times the revenue growth and 2.0 times the profit margin over competitors.
- Improving employer branding: 2.4 times the revenue growth and 1.8 times the profit margin.
- Mastering HR processes: 1.8 times the revenue growth and 1.8 times the profit margin.
- Attention to onboarding and retention: 2.5 times the revenue growth and 1.9 times the profit margin.
Ensure everyone involved in hiring aligns their efforts to maximize impact by:
- Finding out why the previous staff member left
- Identifying ways to avoid the problem in this hiring cycle
- Checking screening interview feedback
- Preparing interview questions for each candidate
- Talking to your staffing partner to identify the most expedient ways for connecting with top candidates
Compensate Competitively
Top talent may cost more -- at first. But A-level candidates are rarely driven by salary alone. Build a compensation program that competes in the industry and offers the perks top performers really want:
- Know what's out there. What are your competitors offering? What's the going base salary and benefits package for this position in your industry, your geographic location, and among other companies your size? Your recruiter can supply these numbers.
- Structure incentive compensation. A program that offers incentives for performance should pay off big for the highest-performing employees. Structure accordingly.
- Think outside the box. Flex time and telecommuting are huge incentives for top performers, who often do their best work when they can structure their own time. Help with daycare, dry cleaning, gym memberships, and other tasks also free up A-level talent to perform -- without costing your company a fortune.
Make Access Easy
Your application process is a candidate's first clue about what it's like to work for your company. Ensure yours is easy, intuitive and efficient to keep top candidates interested:
- Examine every step of the process. Is it simple? Is it welcoming?
- Make mobile access easy. Candidates are increasingly seeking work from their smartphones or tablets. Your mobile-optimized application should load within three seconds, offer large buttons that are easy to use on a touchscreen, and require minimal zooming.
- Shorten the application. If the application takes more than 20 minutes to complete, many top candidates will abandon the process. Case in point? A survey by
Staffing.org showed that nearly half (47%) of job candidates said they'd not applied for a job because the employer's process was "too lengthy or complicated." Work with your staffing partner to streamline your application process and gather the info you need in other ways.
Close the Deal Quickly
When it's time to make a job offer, procrastination can be fatal. Here's why:
- A too-long application process loses as many as 80 percent of its applicants -- even after the "sunk costs" of interviewing are factored in!
- Top candidates in competitive fields nearly always juggle multiple job offers. Lingering over yours may mean your competition snatches a top candidate out from under your grasp -- leaving you to start the hiring process again.
Make the offer promptly in order to demonstrate your company's respect for the candidate's expertise and time, while maximizing your chances of grabbing the best talent before the competition does.
Your Best Recruiting Investment? Partner with a Staffing Firm
Need help hiring top talent? Staffing firms specialize in matching the best talent available to the companies whose cultures help these A-level players thrive. Here's how:
- Staffing firms build relationships. The more your staffing partner knows about your business, the better equipped they are to find outstanding candidates who offer a great cultural "fit" -- reducing the chances of turnover.
- Staffing firms know candidates. They specialize in connecting not only with active job seekers, but also "passive candidates" who will take the right offer with a company that offers great opportunities.
- Staffing firms streamline hiring. From effectively attracting top candidates to handling the time-consuming details of screening and accelerating the recruitment process, staffing partners specialize in helping you hire in less time.
Staffing agencies specialize in finding better people in less time -- and with direct hire services, you only pay a fee when you hire one of their candidates.
Ready to hire smarter and more cost-effectively? Call us at 888.419.4119 today!
|
