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.
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
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.
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
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.
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.
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.
Key Focus Areas
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?
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.
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.
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.
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.
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:
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.
reality, I think we all know that doing nothing is not an option.
So, what are you waiting for?
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
Copyright 2006 Regina
Barr, Red Ladder, Inc.