Developing People...
Inspiring Success


"Success in business requires training and discipline and hard work. But if you're not frightened by these things, the opportunities are just as great today as they ever were."
-- David Rockefeller

Volume 3, Issue 2 -- February 2006
ISSN 1556-3820

In This Issue

Note From Regina | Feature Article  |  Resources 
  What's New  |  About Regina | Blog

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Note From Regina

I've been going gang-busters with my blog. My goal is for these short, weekly posts is to spark your creativity if not some great creative conversations. For example, where else can you read about some whimsical challenges we face as women such as Gender Parity and Crash Test Dummies or very practical ways to Think on Your Feet? Go to http://redladder.blogs.com/
for these topics and more.

I know you are all very busy but if you haven't already responded to the Old Boys Club Poll please do so! You can read a short article about the Old Boys Club on Trial in New York on my blog. Embedded in the article is a short poll, Do you believe the Old Boy's Club excludes you from lucrative accounts, promotions or comparable pay? You can share your opinion right now. And, please pass this short poll along to other women you know!

Yours in success,
Regina

Feature Article: 5 Tips to Weather Employment Trends in 2006

I recently attended Upsize Magazine's Lifeline Awards program to celebrate with award recipient, Jean Hanson, who also happens to be my Virtual Assistant. To learn more about the Lifeline Awards program, go here. To read about Jean's award go here. For a photo including one of yours truly, go here.

During the event, there was a dynamic panel program featuring Kirk Hoagland (technology expert), Elin Raymond (marketing & communication expert), Richard Hoyt (economics expert), and Loren Viere (accounting, tax & operations expert). While they talked about numerous trends, the one that I keyed in on was regarding the current hiring pool.

If you are trying to sell a home, then you probably already know that regarding the housing market, it is a buyer's market. The same holds true for companies that have positions available -- dare I say for sale? -- because with regards to the employment market, it is an employee's market. Why? Because there are fewer experienced employees than are looking for the positions available. It's all about supply and demand.

What does that mean for your company? You will be spending more time and money for recruiting for open positions, particularly those requiring more experience. And, this phenomenon will probably continue well into the next decade as more experienced Baby Boomers begin to retire. Keep in mind, as you bring on newer, less experienced employees, this will most likely translate into additional training expenditures too.

But don't get too caught up on focusing only on the external employees that you will be targeting for hire. There are cost implications for your company from an internal perspective as well. Forward thinking companies will recognize that they will need to spend additional monies on employee retention.

Can't afford to? Better think again. According to the Society of Human Resource Managers (SHRM), it costs a company on average 3 to 5 times an employee's salary to replace them. Do the math. If you can retain two employees with an average salary of $50,000 each, that would result in a cost savings to your company of between $300,000 to $500,000. My suggestion is to carve out some of those savings and put them towards employee retention programs.

Let's get back to our Panel Experts. In addition to trends, they also identified five key focus areas to target with regards to marketing to attract customers. I believe that you can use these same strategies and employ different tactics to solve your employee retention and hiring challenges.

Five Key Focus Areas

  1. More One-On-One Marketing and Less Mass Market Strategies. This includes email, newsletter, and event promotion. Ask yourself, what are we doing today in this area to either attract or retain employees? What other things could we be doing? What can we do less of or get rid of altogether?

  2. More Public Relations versus Advertising. PR is one of the most cost-effective ways to attract and retain employees. Evaluate your PR strategies. Don't have one? Then consider hiring an expert consultant to assist you.

  3. Interactive Website versus Passive Website. Most companies have focused on creating interactive tools for customers. Consider creating interactive tools for current and prospective employees to engage with your company. Remember, the more engaged they feel the less likely they are to leave.

  4. Increased Online Marketing. This includes advertisements, blogs, podcasts, webinars/ webcasts and other online marketing tools. Just as you use these to target customers, you should be exploring ways to use these same mediums to attract and retain employees.

  5. Analysis and Measurement. New tools require new measures to determine success. Examples include Google analytics and web metrics. Want to know how successful your retention and hiring initiatives are? Then you will need to develop new measures.

Most of my clients continue to tell me that they are required to do more with less, and that includes fewer employees. This comes at a time when 46% of workers say they feel they're putting too much energy into work and too little time into "other things in life that really matter" and at a time when 28% of workers say they'd agree to take a pay cut to get more time off. (Source: Yankelovich.)

The challenges you and your company face are real and they are not likely to go away anytime soon. You have a choice. Do nothing or select one (or several) of the strategies above and develop tactics to target new hires and retain employees.

In reality, I think we all know that doing nothing is not an option. So, what are you waiting for?

Regina Barr is a management consultant and speaker with a special passion for helping women achieve leadership success. Regina helps companies develop strategies to attract, develop and retain women leaders. Her consulting firm, Red Ladder, Inc., also helps organizations and their leaders develop their full potential through strategic project management and coaching. For more information visit www.RedLadder.com or www.RedLadder.blogs.com.

Copyright 2006 Regina Barr, Red Ladder, Inc.

Resources

http://www.bls.gov/oco/oco20024.htm - Each State has detailed information on occupations and labor markets within their respective jursidictions. Find information for your state here. In addition, State occupational projections are available at: http://www.projectionscentral.com

US News: Top career trends in 2006 - Read U.S. News Contributing Editor Marty Nemko's top 10 predictions for 2006 with advice on how to safeguard and enhance your career.

The Riley Guide: Employment & Industry Trends - Check this site to see where your job is headed. Checking employment and industry trends can help you plan a move to a secure occupation or industry.

What's New

Interested in hearing Regina speak? Here are some of Regina's upcoming programs:

February 24, 2006, Financial Women International Golden West District Conference, Her Place at the Table, Laguna Beach, CA.

April 6, 2006, Financial Women International Iowa District Conference, Her Place at the Table, Ames, IA.

Contact us at info@redladder.com for information on how to register.

NEW Red Ladder Programs:
Parachute Over Your Obstacles: How to Build and Leverage Relationships at Work
Expect the Unexpected: How to Think on Your Feet Without Getting Knocked Over

About Regina
Regina Barr, President of Red Ladder, Inc., holds a BBA, an MBA and an MA in human development. With over seventeen years in the financial services industry, Regina has a broad range of leadership experience in product, sales, and marketing. Red Ladder provides people development services for individuals and organizations with a goal of developing people and inspiring success. In addition, Regina has a special passion for helping companies attract, develop and retain women leaders.

http://www.redladder.com
Email Regina

What our clients are saying...
"I had trust and confidence in Regina through every step of the Red Ladder consulting process. Her flexible, professional and collaborative approach were exactly what we needed. I look forward to working with Regina on our next project." -- Troy Beaver, Sr. Vice President / Chief Product & Marketing Officer, Bremer Financial Services

Copyright (C) 2006 Red Ladder, Inc.  ~  info@redladder.com  
 651-453-1007  ~  Inver Grove Heights, MN  55076