Finding & Retaining Top Talent
Transcript of Finding & Retaining Top Talent
Finding & Retaining Top Talent
Peeps for Keeps
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Panelists
Ron SolimonMember of the
Board of DirectorsNCAIED
Chris Welch
Supervisor of Employee
Relations & DevelopmentCherokee Nation
Karla Bylund
OwnerSoaring Bird Solutions
Niki Ramirez
Founder & Principal
Consultant HRAnswers.org
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1. Precipitating Factors
2. Why Recruitment & Retention Programs are Important
3. Recruitment & Retention Program Ideas & Samples
Our Agenda – What we’ll cover today:
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• Member/Citizen of the Pueblo of Laguna• Owner, Solimon Business Development & Strategy LLC• Member and Vice-Chair — Laguna Development
Corporation, Inc, Board of Directors • Member and Chair — Laguna Community Foundation,
Inc., Board of Directors• Member, New Mexico State Ethics Commission Board of
Directors• Member and Incoming Chair, Laguna Colony of
Albuquerque • Member and Past Chair, National Center for American
Indian Enterprise Development (“NCAIED”), Inc., Board of Directors
Ron Solimon, Panel Moderator
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Precipitating Factors
COVID-19 PandemicInitial Shutdowns/Furloughs/Layoffs/Disruptions In EmploymentIncrease in Vacancies/Decrease in Applicants
Companies Paying a Premium to Attract Talent
Sign-on Bonuses Offered ranging from $200 - $5000Creative incentives: referral bonuses, vacation packages, etc.
Payment IncreasesMany Are Choosing To Not Work And Collect Payments
Stimulus Payments & Unemployment Benefit
Non-competitive WagesLocal State Agencies, Municipalities and Businesses are raising minimum wage
Work Site LocationRemote work alternativesWork/Life Balance
Fear of Returning to Work Lingering Fear Of Infection When Working In Frontline Positions
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Sign-on Bonuses – As many companies move to sign-on bonuses, they find the benefits offset the cost. • 76% of employers utilize some sort of sign on bonus to recruit top talent1. • Sign on bonuses create a competitive advantage for organizations, allowing them to stand out from
their competitors in labor markets. • If there are perceived challenges including a long commute, less competitive pay, or competing
offers, a sign-on bonus often will swing the candidate's choice in favor of the company.
Positioning as a Employer of Choice - Current job market conditions require that employers "sell themselves" to prospective talent using an attractive compensation package of pay, bonus, incentive, benefits, and workplace culture.1
1 Data from World At Work 2020 survey
Why Recruitment & Retention Programs are Important
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High Cost of Employee Turnover – vary by wage and role of employee. For example, a study found average costs to replace an employee are2:
16 percent of annual salary for high-turnover, low-paying jobs (earning under $30,000 a year). For example, the cost to replace a $10/hour retail employee would be $3,328.20 percent of annual salary for midrange positions (earning $30,000 to $50,000 a year). For example, the cost to replace a $40k manager would be $8,000.Up to 213 percent of annual salary for highly-educated executive positions. For example, the cost to replace a $100k CEO is $213,000.
1 https://www.peoplekeep.com/blog/employee-retention-the-real-cost-of-losing-an-employee
Why Recruitment & Retention Programs are Important
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•Referral Bonuses Promote Satisfaction from Current & New Employees - Fosters a sense of trust with existing employees and rewards existing employees and attracts new talent. This places a focus more on interpersonal relationships rather than dollar amounts.3
•Referral Bonus Data Demonstrates Employees Stay Longer - 45% of employees sourced from employee referrals stay for longer than 4 years, and only 25% of employees sourced through job boards stay for over 2 years. Employee Referrals are 4x more likely to be hired.82% of Employees rated Employee Referral above all other sourcing options to yield the best ROI. $7,500 per hired employee referral is the amount save in productivity and sourcing costs.4
3 HR Now 20204 “Employee Referral Statistics You Need to know for 2020” – LinkedIn
Why Recruitment & Retention Programs are Important
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Recruitment
• Sign-on Bonuses• Referral Bonus for New Hire
• Other Incentives (i.e. vacation packages)
• Alternative Pay Options (Direct Deposit, Pay cards, Daily/Weekly Pay)
Retention
• Perfect Attendance Incentive
• Anniversary Bonus• Referral Bonus for Referring Employee
• Alternative Pay Options (Direct Deposit, Pay cards, Daily/Weekly Pay)
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• Founder of Soaring Bird Solutions LLC• Member of Citizen Potawatomi Nation• Twenty plus years working in Indian Country• Masters of Science in Industrial and Organizational Psychology – Kansas State University
• Certificate in Diversity & Inclusion – Cornell University• Member of SHRM• Member of NNAHRA• Published member of Forbes HR Council
Soaring Bird Solutions LLC• Native American Woman Owned• Compensation & Organizational Analysis• Human Resource Assistance• Training
Karla S Bylund, MS-IO, SHRM-CP
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Post-Pandemic Challenges
Post-pandemic Challenges
Return to work strategies
Re-engaging staff
Attracting new talent
Compensation strategies
Remote work policies
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New NormalNew Normal
Employees are looking for more than just pay: • Mental well being• Flexibility• Purpose• Safety
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Why are organizations struggling to bring employees back?
Fear
Child Care
Unemployment
Lack of skill sets
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Strategies for hiring and retaining
employees post-pandemic:
Assess the foundations• Organizational structure
• Assess value of each position to the organization
• Create a cross-training environment• Job descriptions
• Current• Relevant• Realistic• Career Paths
• Pay• Internal and external equity
• Beyond Pay• Benefits• Leave policies
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Strategies for hiring and retaining
employees post-
pandemic:
•Remote Work•Hybrid Work• Flexible Hours
Provide flexible work
Shift the focus to performance
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• Offer Training• Enhance soft skills• Enhance job-specific skills
• Offer Promotional Opportunities • Mentorships • Internships• Career development
Strategies for hiring and retaining
employees post-
pandemic:
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Strategies for hiring and retaining
employees post-
pandemic:
Evaluate employee engagement• Surveys• One on one meetings• Focus groups
Act on the data
• Implement changes• Communicate changes
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• Provide a safe environment• Physically• Psychologically
Strategies for hiring and retaining
employees post-
pandemic:
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• 20+ years of human resources, compliance and training experience
• 15+ years supporting human resources across Native American enterprises and governments
• Founder, HRAnswers.org • Trained workplace investigator • Certified Tribal HR Professional • Certified, Workplace Diversity, Equity & Inclusion • Bi-lingual (Spanish/English) • Daughter 45 years; Sister 40 years • Wife 21 years • Mom 18 years• Horseback rider • Gardner
Niki Ramirez, MBA, SHRM-CP/PHR & Tribal HR Professional
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Recruitment – Inspect your systems and processes to ensure that your organization is able to attract and retain a diverse candidate pool. - Where (are you searching)?- When (are you communicating with candidates
and employees)?- How (what different ways do you communicate
with candidates and employees)?
Diversity, Equity & Inclusion: A Key to SUCCESS in Recruiting/Retention
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Respecting and inviting differences; allowing and inviting those from differing backgrounds and perspectives to join the group. - How do you invite people of differing ages,
backgrounds, abilities, experience, interests etc. to join your organization?
- How do you highlight diversity in your organization (related to your current team)?
1) Diversity
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Original Image by Craig Froehle, Phd. “Equal treatment doesn’t yield
equal outcomes” A focus on EQUITY may serve
us well:§ How do you ensure that your
candidates and employee get what they need to be successful?
§ Every candidate and employee does not need the same thing; and deserves the right support and resources.
2) Equity
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Develop programs and practices that have the effect of giving power and voice to typically oppressed groups.- How do you monitor for participation and
facilitate opportunities for those who are typically marginalized in your organization?
- What are you doing to make sure that everyone feels included; like they belong?
- What more can you do to build connection across your organization?
3) Inclusion
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