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
How we work is changing. Technology is ushering in new possibilities. New generations enter the workforce with different expectations. With all the changes in play, there are some things that stay the same: the desire for fulfillment and purpose, the need to balance the professional with the personal.
Mason Donovan tackles these challenges in his new book, The Golden Apple: Redefining Work-Life Balance for a Diverse Workforce. Mason is managing partner at The Dagoba Group, a New England-based diversity and inclusion consultancy. I had the opportunity to ask him about the changing nature of work, including generational changes, balance, mindfulness, and inclusion efforts.
Success Tip: Balance improves your relationships, satisfaction and productivity.
Is work-life balance possible? Why is it so important?
Work-life balance is possible. There are a lot of gurus out there that say it is not in order to capture your attention in this crowded field. Emphasis is on the word balance. If you ever walked on a high beam or anything else in which you needed to physically balance yourself, you most likely fell off a few times. Your balance will fall off to one side or the other. It is important that you anticipate for these moments of imbalance, so you have a plan to get up.
Achieving balance will make you more productive in and out of the workplace. It will enrich your relationships and allow you to achieve greater satisfaction in life.
“Alignment of purpose allows for the elimination of distractions.” -Mason Donovan
In the book, I tell the story of executives on an interpersonal retreat climbing a mountain. Their primary purpose was to reach the summit without talking about business. The objective was for them to get to know each other better personally and share an accomplishment. Without spoiling the story, their original goal is interrupted because they lost their purpose.
In order to know where you are going in life, it is important to understand why you are going there. Work-life balance is no exception. Only a handful of people actually stop and reflect on why they get up every day to spend the majority of their waking life in an organization. When that somewhat simple-but-necessary reflection does not take place, you will default to acquiring things and making money, which almost inevitably leads to the golden handcuffs phenomenon. You work more because you have to make more money. You make more money so you can acquire things that require you to work more.
There has been a societal shift in why individuals engage in work. Part of that shift is due to generational changes, while for others it was their awakening due to the Great Recession. Aligning your personal purpose in life with your work and organizational purpose will help you eliminate all of the noise that does not fit that purpose. Balance comes from awareness. In The Golden Apple, I provide simple exercises to not only develop, but also align your purpose at each level.
What are you finding in terms of generational changes? What are the new generations demanding at work? What’s the best way for current leaders to respond?
It is important to note that we are all unique individuals but are influenced by our shared group memberships such as our generation. Clumping everyone together and solely defining them by generational attitudes can overgeneralize any particular person. It is helpful to understand the influence of generational membership, which will give you a starting point when discovering their individuality.
Each generational cohort has a defining moment in the shaping of their shared psyche. When it comes to employment, for Generation X it was the broken promise of the organizational loyalty which fostered the cradle to grave jobs their parents subscribed to. Millennials were highly influenced by the Great Recession which ushered in massive layoffs, foreclosures and lowered career expectations. These defining moments create a collective influence on how cohorts view the work-life equation.
PwC’s NextGen study uncovered a generational shift when it came to work and personal engagement for their Millennial population. Uncovering this shift was important to them since by the year 2020, they expect that fully 80% of their employees will be Millennials. In short they found this group was far less likely to give up their personal life today for the prospect of a partnership down the road. The value structure was shifting more towards experiences than acquiring things.
Interesting to note is how this new value structure is also being reflected in Baby Boomers. The Great Recession robbed them of the ability to retire early as they saw their investments fail. It required them to reassess what they valued in life: time or things. Most have decided to choose to have life experiences in the time they have remaining. Downsizing acquisitions and upsizing experiences has become the trend for this generation.
Leaders need to better understand the value they offer to their current and future employees. By integrating work-life balance into their overall package, they will increase engagement and retention. They should look at this challenge through a holistic lens so they do not perceive it simply as a specific generational or gender issue. Policies and practices should be geared towards an inclusive solution that impacts the overall workforce.
Study: long working hours made 58% more irritable and over 25% depressed.