Recruiting and Retaining the Best Employees

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Recruiting and Retaining the Best Employees
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Recruiting and Retaining the Best Employees

• Paul McDonald
• Executive Director
• RHI Management Resources

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Recruiting Techniques

• Know your market
• Stay informed about local hiring trends
• Refer to the business section in your newspaper
• Glance through classifieds
• Network with others in your field
• Participate in business organizations and
  professional associations
• Ask others about their recruiting experiences

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Recruiting Techniques

• Sell your company
• When giving a tour of your firm, highlight
  attractive features
• Awards your company has received
• Benefits of joining your team
• Have top candidates meet with prospective peers

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Compensation and Benefits

• Research salary trends
• Bureau of Labor Statistics (www.bls.gov)
• Internet and other resources (http//salarycenter.
  monster.com) (www.salary.com)
• Salary guides (www.rhi.com)

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Compensation and Benefits

• Review salaries regularly
• Set clear guidelines for raises
• Tie wage increases to targets or goals that you
  can quantify
• Reward performance
• Dont set unrealistic qualifications/goals
• Dont make promises you cant keep

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Compensation and Benefits

• Consider bonus options
• Signing bonuses
• Performance-based bonuses
• Spot bonuses
• Cash
• Alternatives
• Year-end/mid-year bonuses

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Compensation and Benefits

• Consider equity incentives
• Stock options
• Allow employees to purchase shares in the company
  at a set price
• Make options one component of a balanced
  compensation and benefits package

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Compensation and Benefits

• Consider equity incentives
• Employee Stock Ownership Plans (ESOPs)
• Provided as deferred compensation
• Profit-sharing plans
• Cash plans
• Payments distributed quarterly or annually
• Deferred plans
• Payments made after employees retire or leave the
  company

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Corporate Culture
Other than base salary and bonuses, which one of
the following do most applicants ask about during
job interviews today?
Source Robert Half International survey of
1,400 CFOs
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Corporate Culture
Executives were asked Which one of the
following factors do you think is most important
in keeping an employee satisfied?
Source Robert Half International survey of
1,400 CFOs
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Corporate Culture

• What is corporate culture?
• The business environment in which employees spend
  their time
• Defined by your companys values

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Corporate Culture

• Recognize employee achievements
• Formal programs
• Consider your target audience
• Include everyone
• Reward teamwork
• Set attainable goals
• Be consistent
• Give meaningful rewards

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Corporate Culture

• Recognize employee achievements
• Informal programs
• Give day-to-day praise and recognition
• Dont forget the little courtesies

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Corporate Culture

• Make time for fun
• Hold a monthly TGIF celebration
• Bring refreshments into the office
• Consider different meeting locations
• Celebrate success
• Get to know your employees

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Corporate Culture

• Promote work/life balance
• Telecommuting
• Flextime
• Concierge services
• Child- and elder-care assistance
• Resource and referral services
• Relocation assistance

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Management Practices

• Use a team approach
• Be receptive to suggestions
• Keep the lines of communication open
• Reward risk as well as results

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Management Practices

• Provide challenge
• Dont hesitate to promote your firms successes
• Be an enthusiastic coach

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Management Practices

• Promote from within
• Help employees achieve their career goals
• Create a career plan
• Prepare a list of action items
• Emphasize skills enhancement

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Professional Development

• Develop employee training programs
• Support employee interest in opportunities to
  learn and grow
• Help maintain a competitive edge by having
  skilled staff
• Seek the right program for your company
• In-house classroom training
• Off-the-shelf non-classroom training such as
  videos
• Self-paced online programs

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Professional Development

• Support external education
• Encourage employees to attend professional
  seminars, courses, workshops
• Offer tuition reimbursement

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Professional Development

• Develop mentoring programs
• Benefits to
• Less experienced employees
• Learn office protocol and build skills
• Reduce learning curve
• Mentors
• Receive recognition for their expertise
• Enhance leadership skills
• Organization
• Build employee knowledge
• Increase loyalty

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Professional Development

• Develop mentoring programs
• Goals
• Assess your firms specific needs
• Structure
• Formal
• Can be more efficient, enhance relationship-buildi
  ng
• Informal
• Can provide more flexibility to participants
• Measuring results
• Conduct a mid-point survey

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Retention Issues

• Recognize when employees are unhappy
• Look for a noticeable change in attitude
• Less communication with management
• Longer lunch hours
• Frequent absences
• Sharp increase in personal phone calls

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Retention Issues

• Recognize signs an employee plans to quit
• Noticeable improvement in attire
• Altered appearance of workspace
• Changed vacation pattern
• No longer takes work home

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Retention Issues

• Saying goodbye to top performers
• Conduct an exit interview
• Uncover real reason for employees departure
• Act on information gathered
• Leave the door open
• Use as a learning experience
• Analyze firms policies and procedures
• Evaluate management style

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Recruiting and Retaining the Best Employees