How to Hire and Hold Talent
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How to Hire and Hold Talent – delivered by Peter Cosgrove at the Institute of Directors event – 23rd October 2012
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How to Hire and Hold Talent
- 1. How to Hire and Hold Top Talent Peter Cosgrove October 25th 2012
- 2. Agenda • Why we do not focus on our people • Current marketplace for talent • How we hire • How we hold/ retain • What are the future trends in talent • Summary actions
- 3. Why Talent is Not a Priority I hate networking!!
- 4. Why is Talent Not Our Top Priority • All CEOs say it’s a top priority but….. • Director salary levels CEOs say talent is a top priority – but what • Selling - vs - Hiring measures are in place to bonus/ reward Directors • Human behaviour based on this?
- 5. Ultimatum Game • Here is €20 you can keep it under one condition, you have to share some of it with a friend, it is up to you how much and your friend has no say in it. • If your friend rejects your offer you both get nothing, if he accepts you both keep your share. • How much will you offer your friend? People are not rational – this is one of the reasons we don’t like hiring!
- 6. The Cost of Turnover Cost of a poor hire = 3 to 5 times employee’s annualised compensation. Specialist functions = 10 x annual salary. For an employee earning €30,000, a hiring mistake can cost up to €150,000. Harvard Business School
- 7. Increased Productivity 225 185 150 100 100 100 Average Top Average Top Average Top Performer Performer Performer Performer Performer Performer Low Complexity Jobs Medium Complexity Jobs High Complexity Jobs Journal of Applied Psychology
- 8. Why the Disconnect? • Ownership / accountability of the cost of hiring • Hiring Top talent does not necessarily work when filling a job Just because you want to hire someone today does not mean that “someone” wants a job today
- 9. The Irish Marketplace I hate networking!!
- 11. Ireland Marketplace • 2 speed economy • Demand: IT, Finance, Healthcare, Science and Engineering • Other areas have a huge over supply • The social welfare “challenge”
- 12. Hiring Talent
- 13. We want the needle in the haystack
- 14. When we advertise we often get this!
- 15. Hiring mistakes made by Employers 1. Responsibility is left with HR/ Recruitment and not with the business Don’t use a three year old job spec, you need to think about who you want to hire
- 16. Hiring mistakes made by Employers 2. The Recruitment Process If you screen out those without degrees – you would never have hired these guys. Remember to take really thorough references Screening The Interview Urgency References
- 17. Hiring mistakes made by Employers 3. Involve the existing team and use your own people to hire Get a second opinion – involve the team in the hire -just because they seem great does not mean they fit with the team
- 18. Hiring mistakes made by Employers 4. Your employee value proposition - your brand is not what you think it is.
- 19. The moment of Truth… “Every time a customer interfaces with SAS Airlines we give them a little vignette of film, and over a period of time we will give them enough evidence to decide if they are watching an Oscar winning epic, or a horror story” (Jan Carlzon- CEO- he turned it from B listing to Airline of the Year)
- 20. Touch Points • What are the touch points to a great hire? Understand the key touch points of every hire – first impressions are crucial
- 21. “Learn” how to Hire • Understand competencies • Understand the power of networking for recruitment • Ensure you are always looking to spot talent
- 22. Holding/ Retaining Talent I hate networking!!
- 24. Worker Satisfaction PWC Research - May 2011 Employee turnover is likely to rise. Employee free agency to accelerate. No one expects to work long-term for one company anymore. Generation X vs Y vs Z
- 25. Engagement • An engaged employee is one who is willing to put in discretionary effort • “An exceptional employee is not just a little better than someone who is pretty good they are 100 times better” Mark Zuckerberg “
- 26. Your Top Talent Wants… • Challenge • Opportunity • Lack of bureaucracy • Accountability • Other top talent • Mentors High Potential employees want mentors – and to provide them costs nothing!
- 27. Performance Range On a scale of 1 – 10 rate your lowest and highest performer 1 2 3 4 5 6 7 8 9 10 Low High If you have a big gap between the best and the worst – the best will Ref: Brian Kotinos worsen
- 28. Performance Range On a scale of 1 – 10 rate your lowest and highest performer 1 2 3 4 5 6 7 8 9 10 Low High If you focus on top talent – everyone improves Ref: Brian Kotinos
- 29. Talent Trends I hate networking!!
- 30. SOCIAL MEDIA
- 31. Deloitte New Zealand - Graduate Programme I hate networking!!
- 32. PwC Video Its what the public want to see not what you want to put out there Over 127,000 hits Its about what people want to watch not what you want to create – know your audience
- 34. Trends - Tomorrow’s Candidate I hate networking!! James is 12 …his last Christmas list was online using price comparison site data! …his favourite film Ironman, he downloaded from iTunes. ...he put together his holiday videos into a movie using the iMovie app. … after scanning a QR code on his mum’s iPhone, he won a trip to Disneyland. … he taught his dad to stream football online. => Do you think he’ll ever send you his CV or reply to a job ad?
- 35. 5 Takeaways
- 36. Takeaways 1. When is the last time you devoted a meeting to talent only 2. Does your selection process make it easy for people to want to join your organisation. 3. Do you know what your brand says to your potential hires. 4. Are you a good place to work, don’t just say you are. 5. Hiring and holding talent starts with the CEO.
- 37. QUESTIONS Name: Peter Cosgrove Title: Director – Cpl Phone: 01 614 6160 / 087 6200836 Email: peter.cosgrove@cpl.ie Twitter: @petercosgrove Website: www.cpl.ie
Notas del editor
- I will promise is that everyone will learn something and that you will be able to take away actions from this.All slides will be online so no need to take notes.I am trying to cover the MNC and the start up of 8 staff so perhaps not everything will be specifically relevant to you perhaps
- CEOs say it is (our survey says its not) Less than 10% of organisations have a talent metric for the top teamEveryone agrees it is important and the data backs it upWhat makes it so difficult to implement …because of human behaviour and the inability to be totally scientificHR Directors are paid significantly lower than Heads of IT and FinancePwc hiringvs client salesHuman behaviour is a challenge Who wants to be a millionaire in RussiaUltimatum game -
- People are not rational
- Ownership of the cost of hiring and it is spread across the businessEveryone can easily blame someone else – it was the manager, the process was too slow, what chance do we have against googleetc,Wghhere is the talent metric that makes the senior team responsible for peopleJust when you are ready to hire is not very linked to when someone may want to workfor youHow often do you fob someone off when they may be the next excellent employeeHiring Top talent does not necessarily work when filling a job, a job is about skills not success factors, measure performance not personality
- Temporary high unemployment is generating an overwhelming pool of the wrong applicants when companies need to tightly match the right skills with the candidates they need to recruit.Conclusion – hiring is very difficultFirst you need to find the right people and either you find none or you are swamped with applicationsThen you need to be clear who is right for youThen they need to want you…not as straightforward as it seems given people are not rational
- How do we find that diamond candidate that no one else knows about…
- We have a run of the mill job that many people could doThe internet makes it easy to send lots of job applications to the wrong jobs – same for everyone
- You do not rewrite a 3 year old job spec – think “what do they need to achieve to have done a good job”You want the guy who has just left even though you should really be looking for the guy who joined youYou don’t work with the HR team to identify who and where the best people for the position areTherefore you get a shortlist of candidates you don’t want because no one knew what you were thinking and you never wrote it downIf it was easy to find these people you would not be struggling to hire – great people are not easy to find you need to look for them!Who owns the problem
- You do everything by interview – therefore you are using a very poor assessment tool, and you do it 5 times as opposed to giving some sort of a test – you would not hire a secretary without checking typing speed, there are plenty of tests to give IT, marketing, finance professionals but we do not use them Its about de-selection not selection however de-selecting based on degree would exclude such visionaries such as:Steve jobs, Mark Zuckerberg, Michael dell etcIf you found the perfect candidate would you hire them – no I need to see a few more candidates!You take forever to make a decision because rightfully you worry about hiring but you end up losing candidates who love companies that can move the process alongYou do not put out your best people to hire Reference – nothing highlights better how good they are – work harder to get reliable references, there are ways around companies saying they don’t give out references – we are a small village really – someone will always know someoneAlways be ready to hire – many great people apply to companies they love not positions and companies cannot handle this – you need to!
- You do not look at the network and knowledge within the teamWho has ever recalled in their time in business when someone is hired and everyone goes “how did that person get hired” Most people have come across this. The team know who fit – this does not mean they get total control but they should be listened to and it absolutely engages the teamThey are also your best sort of referrals – the best way to hire a person for which many people can do the job is not advertising at all but just to see who internally knows someone and more importantly can vouch for themHiring managers prioritse speed over quality
- You think you are a great company to work for =- that’s why you are hring – maybe everyone else does not think the sameBig brands can scream opportunity but also bureacuracyStart ups can scream opportunity or riskySMEs can scream – quick decisions vs lack of brand presence..What you can control is how your people interact, as interviewees make a lot of decisions based on the interactions with the company …first impressions lastYou don’t need to be Google to compete!!
- What are the candidate touchpoints like for your hires?How easy is it too apply to you?How easy is it for a talented employee to tell you they are interested in working for you
- People believe hiring is easy and they know it all but they rarely do…
- Only 45% of employees polled said they were satisfied with their jobs — the lowest level in two decades.Employee engagement levels among top performers fell more sharply last year than they did for workers overall WorldatWorkThis means that when there is an upturn or when employees eventually feel they would rather risk a new co that stay where they are -you will have people waking out the door…Focus on being a good place to work for as opposed to being worried about your employees being headhunted – in an ideal worlkd you want talent that is headhunted
- Most people approach their work in one of three ways: as a job, a career, or a callingInfo on junior achievementNetflix – how ever many holidays you want but linked to a very strong performance management modelSo who are your best employees and are you just letting them get on with it?
- Think of how good your best people are and how easy it is to work with them – now look at it from their side.Good to great – bureaucracy only exists because of the 10% who would not do it unless you checked up on themNetflix in the US gives out unlimited holidays BUT it also has a very strong performance management culture – they can work together. Info on companies not using email after hours – VolkswagenHere is the other point – if you asked your teams who were the worst performers, most likely not to last – they will tell you –everyone knows – we just don’t do anything about itThis is the advantage of many growing companies!!
- With such a gap performance of the good staff dis-improves
- With a narrow range in performance – everyone tries harder
- McKinsey study says senior managers over 60% do not invest the requisite time – until you discuss it you don’t know what you need to doPeople express tray tables…Dell HellBoards.ie will tell me if you are a good company = not your websiteMichael O’Leary story about 4 pints 21 euro – handing a 20 and saying keep the change