How to Attract and Retain the Best People

Hire the Best

 

During one of my interviews, someone asked me about my biggest career mistakes.

“That’s easy,” I said, “I have made the mistake of hiring the wrong person. It is an expensive error.”

Since that early career mistake, I have developed a number of strategies and techniques to reduce my hiring errors. And that’s why I loved The Right Hire: Attract and Retain the Best People because the book shares many techniques to get the right person for the job. The book explains that hiring should be both part of the organizational strategy and strategic. I had the opportunity to speak with Lisette Howlett who has fifteen years of global change leadership and business development experience.

 

Make Hiring Right A Part of Your Strategy

How do leaders ensure that hiring is part of the overall organizational strategy?

At its most simplistic, by simply putting it into the strategic plan and elevating it to be part of the leadership and strategic agenda.

The strategic plan outlines where the organization aims to be in the chosen timeframe, typically 5 years, and it should include a section on the organization implications and the hiring strategy required for success.  Adopting an effective hiring strategy is core to the achievement of this plan and will cover different aspects depending on the organization’s strategic intent.  If, for example, the organization is seeking to change direction, expand to new markets or even leave markets and sectors, the hiring plan needs to reflect this.  How will people be hired in anticipation of the future plans, how will they be developed and made ready?  Hiring in this context is not just hiring new talent into the organization from outside but also hiring (or promoting) people from within the organization to new roles and locations.  And similarly, if an organization is exiting a market or geography, thinking about how any key talent in this unit might be retained is critical as well and should be part of the exit plan.

In terms of elevating hiring to be an integral part of the leadership and strategic agenda, one of the best ways to do this is to adopt a balanced scorecard approach and ensure that time is spent on broader leadership topics as well as financial performance.

The less simple way is to invest in the development of what I have called a hiring culture.  This is a culture where the organization is always on the lookout for talent and takes action when it is spotted.  The search for talent, once again, can be internal as well as external.

Additionally, taking a more strategic approach to hiring will go a long way towards ensuring that hiring is part of the organizational strategy.  By this I mean that we need to move away from treating it as a transaction that is forced upon managers due to the need of someone to fill a vacant position in the organization.  We need to think of hiring in the medium term and even long term and start to develop hiring plans to support this.  At the organizational level, think of the competencies and attitudes that you will need for ongoing organizational success and start hiring for them now.  Plan the numbers and skills you will need for your future organization and work to that plan.  For jobs that you know you will always be recruiting, invest in strong talent sourcing systems and hire continually whenever you spot talent.  Hiring ahead of the curve will give you the time to wait for top talent rather than rush to bring someone in just to cover the mounting workload.

 

Don’t miss Skip’s appearance on Atlanta’s Small Business show talking about the 9 Mistakes of an Entrepreneur.

 

The Cost of a Wrong Hire

I’m always surprised at the high cost of a wrong hire. Would you share some of the statistics on making a bad choice? 

Help Them Grow or Watch Them Go

help grow

Help Them Grow

 

Julie Winkle Giulioni partners with organizations worldwide to improve performance through leadership and learning. Named one of Inc. Magazine‘s top 100 leadership speakers, Julie is the co-author of the international bestseller Help Them Grow or Watch Them Go: Career Conversations Organizations Need and Employees Want.

After reading the newly updated edition of her book, I reached out to Julie to hear her latest perspectives on leadership and career development.

 

Retain Top Talent

Why is career development more important today than it was when you wrote the first edition?

Career development has always been important. It traditionally has been (and continues to be) among the top reasons people give for joining or leaving an organization. But since writing the first edition of Help Them Grow or Watch Them Go: Career Conversations Organizations Need and Employees Want nearly seven years ago, career development has risen to become a top priority – for individuals and organizations.

Low unemployment rates have led to a highly competitive talent market. The Conference Board predicts talent shortages in key sectors over the next 15 years and in a recent survey identified that “…attracting and retaining talent ranks as the foremost concern not only among CEOs but also the rest of the C-Suite, including CHROs and CFOs.”

Organizations are coming to understand that career development is a powerful strategy for retaining top talent. They also recognize that recruiting is easier and more effective when they have a reputation for developing talent. And—for better or worse— given the visibility that social media facilitates, candidates are making choices based upon an organization’s reputation for staff growth and development.

 

“Career development is a powerful strategy for retaining top talent.”  -Julie Winkle Giulioni

 

The Biggest Mistake Leaders Make

How to Hire Top Talent in an Instant

How to Hire Right Now

Most of us know that success in business depends on people. From an entrepreneur-led startup to a large organization, we don’t go very far without relying on individuals and teams. Some go so far as to say that the only real competitive differentiation organizations have is people.

But hiring the right talent isn’t easy. We’re often worried we may pick the wrong person.

 

A hiring mistake can cost up to 5x the bad hire’s annual salary. -SHRM

 

As the CEO of a large company, I’m often pushing managers to fill open positions. To me, an opening that drags on too long causes all kinds of other problems. Customer needs not met, employees doing multiple jobs for too long, and milestones delayed.

Scott Wintrip takes on the topic of hiring talent in his new book, High Velocity Hiring: How to Hire Top Talent in an Instant. Through his global consultancy, Wintrip Consulting Group, Scott has worked with companies around the world to hire top talent in less than an hour. I recently talked with him about his research and his new book.

 

It’s Taking Too Long!

Why is it taking longer and longer to fill jobs?

Two factors have caused the time it takes to fill a job to reach all-time highs: the skills shortage and an inefficient hiring process.

There’s a persistent talent shortage that’s pervasive across all industries. For example, when you look at middle-skill roles (jobs that require education beyond high-school and below the level of a four-year degree), there’s a gap between the number of jobs and the number of people to fill them. According to the National Skills Coalition, middle-skill roles account for 53 percent of jobs in the United States. However, only 43 percent of U.S. worker have current skills at the middle-skill level.

Copyright Scott Wintrip. Used by Permission.

Qualified people also have more employment choices than ever, including the option of doing their own thing by joining the “gig economy” as freelancers. Because of this, an increasing number of people are leaving the traditional workforce. When you combine this with increased globalization, borders will matter less, creating a talent competition unlike anything we’ve seen before.

The old way of hiring—keeping a job open until the right person shows up—doesn’t work when there’s a people shortage. A reactive process keeps a job open for weeks or months. To have the people they need, organizations must permanently change their hiring strategy by engaging in the new way of hiring: actively cultivating top talent and then waiting for the right job to open.

 

“Dating and hiring have a lot in common.” -Scott Wintrip

 

Avoid these Hiring Errors

Do You Have A Leadership Lifeline?

Leadership Lifelines

It’s 10:25 a.m. on a Thursday.  Your calendar indicates that you have a meeting with your boss at 10:30 in her office to update her on an important company project.  You grab a pen, your notepad, and a printout outlining the status of each open item.

Walking into her office, you immediately realize that the meeting agenda will be different.  Sitting next to your boss is the Human Resources Director.  Your boss says, “Sit down. There’s no easy way to say this, but your position has been eliminated.”

You’re not sure whether they see you gasp for air.  The sharp breath you take is to try to slow yourself down.  You feel heat rushing up into your face like lava erupting from a volcano.  Your heartbeat feels like you are running as it begins to pound faster.

You don’t even hear the rest of the dialogue. You stare blankly as your boss exits the room, and you are left with HR and a stack of paper.

 

“Facing your fears robs them of their power.” -Mark Burnett

 

What are you going to do?

 

The Stress of Losing a Job

Losing your job rates as one of life’s biggest stressors.  That stress ratchets up dramatically if you have little or no savings.  But it’s not just about money.  For many, it’s also about identity.  Losing friends and colleagues, and feeling ostracized, are also contributing factors.

And in most cases it is a blow to self-esteem.  Often your higher-level thinking will lose out to emotions. Change is hard, especially when you don’t control it.

 

“You have power over your mind, not outside events. Realize this and you will find strength.” -Marcus Aurelius

 

After you lose your employment, experts quickly tell you that you need to network.  Because, they will say, the way to a new job is through your network.

  • “Who do you know?”
  • “Who is in a position to help you?”
  • “Who are the most influential people in your network?”
  • “Who will you ask to be references?”

I have been both the recipient and the originator of networking calls. If you are looking for a job, you are inevitably going to call everyone you can.

Because I have a large network, most months I receive several calls or emails from people looking for work.  I truly feel for these people. I understand the challenge.  It’s stressful. Earlier on, I tried to help everyone.  Now, though I try, I just don’t have the time or bandwidth to help most people. That’s difficult for me because I want to help every person that I possibly can in these difficult situations.

 

“It’s not stress that kills us, it’s our reaction to it.” -Hans Seyle

 

Common and Uncommon Advice

Advice you will often hear: Network. Build your connections. Meet people at industry events. Become an expert in your field.

Here’s the advice you don’t often hear:

Is a Talent Assessment Missing From Your Strategy?

This is a guest post by friend and mentor Bruce Rhoades, who retired after having run several companies. He often helps me with strategy. I am delighted that he is a regular contributor.

 

Does your organization possess the skills necessary to successfully implement your strategic plan?

 

Strategic Planning Is Not Enough

Organizations invest a lot of time, talent and money in a strategic planning process. They carefully consider market segments, opportunities, trends and competition. Then they develop strategic initiatives and projects. They examine assets, products, pricing, costs, headcount, revenue projections and develop detailed 3 -5 year projections. Sometimes shareholder value and market value models are created.

 

“One often-overlooked aspect of a talent assessment is leadership.” –Bruce Rhoades

 

I have spent considerable time with organizations on strategy, planning and process as strategy officer, as interim CEO for several companies and as a consultant. I am surprised how often the entire process misses a key element of strategy:  a strategic talent assessment.

If the organization does not actually possess the key skills to execute the strategy, what skills are needed and how can they be obtained? No matter what process is used for strategy development, a strategic talent assessment is needed before “dropping the flag” on execution.

 

“A strategic talent assessment examines the skills needed to execute.” –Bruce Rhoades

 

What is a Talent Assessment?

Simply stated, a strategic talent assessment examines the organizational skills needed to execute the strategy. It should include:

  • Necessary skills to assess the market needs, attractiveness, competition and size
  • The know-how to define, plan and price the product
  • Type of talent to actually develop the product
  • Competence needed to market, sell and deliver the product
  • Skills to provide customer readiness and adoption
  • Expertise needed to provide service to customers for products
  • Leadership talent to actually execute and deliver the strategic initiative
  • Certain cultural elements of the organization: decisiveness, accountability, delegation, results, etc.

 

“If the necessary talent is not present, the strategy is flawed.” –Bruce Rhoades

 

Performing a Talent Assessment

Ideally, the assessment should be performed when key strategic initiatives are identified. It is especially important to assure that the talent is available to assess the market and opportunity at the next level of detail before committing major resources.

The assessment should be performed at a sufficient level of detail to enable successful execution. Avoid a tendency to categorize talent at high, abstract levels. A good test for the level of detail is to imagine that you are trying to hire a person with these skills — how would you identify that the person possesses the skills? For example, do not just indicate “technology skills” but specify the exact technology skills. Likewise, do not indicate “sales” but what type of sales skills – consumer, consultative, B2B, etc.

One often-overlooked aspect of a talent assessment is leadership. Even if all the necessary talent resides in the organization, execution will fail if leadership is absent. We have all seen a sports team with an abundance of individual talent but with no leadership to get the talented individuals to perform and deliver as a team.

 

“Even if the necessary talent is present, execution fails without leadership.” –Bruce Rhoades

 

The result of the talent assessment should be a “skills gap” matrix that lists the skills currently resident in the organization and the skills needed to execute the strategy. They can even be ranked critical, important, necessary, etc. The “skills gap” matrix should be used as a guide to acquire the necessary talent.

One gap that often occurs in current strategies is when organizations want to utilize “big data analytics” in products, marketing or sales but actually have no resident skills in analytics, statistics, large database technology or modeling.

Another example is when organizations want to capitalize on “social media” but have scarce skills in the organization that actually understand how to best use social media to reach their goals.

 

“Execution before the proper skills are in place can waste resources and damage credibility.” –Bruce Rhoades 

 

How to Remedy the Strategic Talent Gap