Tag Archives | talent

Demand for Talented People: Addressing Employee Turnover

Working with clients over the years, it seems as though we’ve seen every employment trend come then go. Then they come back around again.  When the economy is bad, talented employees will stay in a less-than-desirable situation. Conversely, companies begin to tighten their belts and reduce headcount.  When the economy improves, these folks start looking for greener pastures and the demand for talented people increases. Especially as unemployment levels fall and economic forecasts become more optimistic, many of our clients are finding themselves in this situation.

The Demand for Talented People

A recent Robert Half & Associates report, The Demand for Skilled Talent, discusses what’s driving this demand for talented people.  Following are some of the contributing factors highlighted in the report…

Shortage of Candidates

An 18% increase in job openings from April 2013 to April 2014 has given talented people more opportunities to find the right fit.  Even better news for college-educated employees, job growth for degreed positions is projected to be significantly better than for non-degreed positions.  With the growth in positions requiring a college degree, it’s likely to become even more difficult for companies to fill highly-skilled positions.

Employee Confidence is Building

Voluntary separations are on the rise, up 19% over the last two years. This underscores the fact that employees are more willing to make a move.  With the increase in the demand for college-educated employees also comes higher salaries.  Average starting salaries for professionals are projected to rise 3.7% in 2014.  The promise of a bigger paycheck is motivating many talented professionals to explore their options.

Workers Are More Willing to Quit Their Jobs

As economic conditions improve, employees are more willing to take a risk on new opportunities.  The following chart from the report illustrates the growing number of workers who willingly left their jobs over the past two years.

 

Demand for talented people

 

Retaining Talent

Studies show that it can cost anywhere from 1-5 times the departing worker’s salary to find, hire and train their replacement.  This isn’t even considering the stress on an organization caused by the departure of key employees and the search for and assimilation of their successor. Given the current employment environment and the high cost and stress of replacing departed workers, it’s more important than ever to retain talented employees.

The Right Fit

One way to hang on to key people is to make sure they are the right fit when they are hired.  Too often, companies fill a position out of haste and fail to consider what the right person really looks like.  Click here for an article about hiring a star-quality team.

Temporary Employees

A trend that is becoming more prevalent in today’s companies is the use of temporary and contract labor.  This option is attractive to both employees and employers because both parties get an opportunity to “try before they buy”.  The risk of an employee being out of work when a contract ends is being mitigated. This reason for this is because of increased opportunities for contract assignments available to skilled individuals.

Offer Training or Coaching

Another approach to employee retention is to offer training and coaching for existing employees to help close the skill gap.  Today’s organizations are running leaner than in the past. So opportunities for mentorship within the company are often hard to come by.  Many employees possess the raw talent to be great team members. But they simply lack experience or soft skills that can get them to that next level.

Click here for the full text of the Robert Half & Associates report.

Download our free 5 Guiding Principles For Recruiting a Star-Quality Team to acquire the top talent.

Demand for talented people

Strategic CFO Lab Member Extra

Access your Recruiting Manual Execution Plan in SCFO Lab. The step-by-step plan recruit the best talent as well as avoid hiring duds.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs

Demand for talented people

See also:

Is Employee Turnover a Problem
Employee Turnover

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Recruiting a Winning Team

See Also:
How to Hire New Employees
Designing an Effective Internship Program

Recruiting a Winning Team

If an organization is to be successful, recruiting a winning team should be a top priority. An organization cannot function efficiently if its personnel are not chosen appropriately. Therefore, certain steps must be taken so that an organization can ensure the best employees are hired.

How to Recruit New Employees

Hire in Haste, Regret in Leisure!

Often companies panic when someone leaves. They feel that the position must be filled as soon as possible. Or, in the case of a new position, they wait until problems occur by not having that position filled. The cost of lost productivity by making a bad hire often outweighs the cost of taking your time to fill the position. Another consideration is: What are the odds that the ideal candidate is available or interested during the search process? Furthermore, the question still remains: What criteria determine how organizations recruit new employees? If you have a short window then the odds are low that your optimum team member is available. By extending your window, you increase your hiring success exponentially.

Hire for Talent, Train for Skills

Most companies identify the skills they need for a particular job and then hire a candidate that already possess the skills they need. They ignore the question of whether the candidate has the talent to grow with the organization. To build a winning team you should do the opposite: Hire for talent then train for skills! It is important for a company to know how to recruit talented employees as opposed to skilled ones.

Determine the Job, Then Find the Person!

In today’s job market companies are inundated with job candidates. Many are extremely talented and skilled. Unfortunately, they may be over-qualified when recruiting a winning team. Consequently, the company spends an enormous amount of time trying to find a position for the candidate. So how do organizations decide how to recruit the best employees for a certain job? Often they redefine the job position to fit the candidate’s skills not what the organization needs to be successful. To build a winning team, you should determine the role to be filled and focus on filling that role.

Don’t Hire Someone You Wouldn’t Eat Lunch With!

If a candidate doesn’t fit in well with the team members, then the team’s performance is in jeopardy. So what is the best way to recruit employees so that they can fit in with existing personnel? When interviewing a candidate you should have them meet one on one with four or five team members. They should meet with both supervisors and subordinates. Finally have someone go to lunch or breakfast with the candidate. If you can’t eat a meal with someone, then how are you going to work well under stress? When recruiting a winning team, it is important to understand that the team members must work well together!

If You Know the Last Chapter, Get There

Face it! We all make mistakes in hiring. The question is how to deal with it. If you know that someone is not a good hire then address the issue immediately. Work out a fair severance package and move on. The longer you delay, the more damage is being done to your team and the farther you are away from recruiting winners.

Determine which candidates are the right fit for your company. Download the free 5 Guiding Principles For Recruiting a Star-Quality Team.

recruiting a winning team

Strategic CFO Lab Member Extra

Access your Recruiting Manual Execution Plan in SCFO Lab. The step-by-step plan recruit the best talent as well as avoid hiring duds.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs

recruiting a winning team

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How To Train People For Success

See Also:
How to Run an Effective Meeting
How to Hire New Employees
Benefits of Advisory Boards
How to form an Advisory Board
Future of the Accounting Workforce

How to Train People for Success

How To Train People For Success: Training is about management preparing employees for success in their jobs and in their careers.

Employee Training For Success

Once a company has identified business strategies, jobs to be done, some measures of success, and the right people, make sure that employees have all the knowledge, skills, and abilities to succeed. Too many companies fail to make an investment in training and then wonder why employees under perform or even fail.

Some Important Best Practices For Training Employees

Make Sure It Is A Training Issue

Training is not always the best way to assure that your employees will succeed. If the job is designed poorly, or the manager has weak coaching skills, or the incumbent in the job has limited talent or work ethic, you usually don’t have a training problem. Make sure you have good people in well-designed jobs with solid, supportive managers before you invest in training.

Training As Strategy

Training is both expensive and time consuming. It is important to review training at the highest management levels. Then make sure that your investment is in the training with the highest chance for success and profit. Not all training needs are equal, and too often the “squeaky wheel” gets get training dollars that would be better spent elsewhere. A yearly training plan helps to solve this common problem.

Establish Training Objectives

When you identify an important training need, be sure to establish concrete, written goals. If you are providing training on new products, then determine exactly what information about each product that you want the employees to know. In addition, determine how they can use that information in their jobs. People can only learn so much in a limited time, so you need to plan carefully and develop the program to insure that the participants can use the right information.

Select The Best Trainer

There are many training providers out there, and it takes work to pick the right ones, those that can actually educate your employees to perform at a higher level. This is not the place to save a few dollars by selecting a cheaper, but less talented, trainer. Do research, talk to colleagues and competitors, go to trade organization events, and make it a management priority to find the best people. It won’t happen overnight, and it takes some effort, but you will be richly rewarded with training that makes your people better.

Reinforce The Training

Companies that do the best job of training people make sure that training is reinforced when the employee returns to the job. After all, you have invested hundreds or even thousands of dollars, so you thought it was important. Don’t let managers undermine your investment. This happens when you fail to discuss the training with the returning employee and not use/incorporate the new skills/knowledges into the job.

Integrate Training With Career Growth

We know that a primary reason good employees leave companies is that they believe that they are not growing in their career. One of the best ways to keep your best people is provide them with the chance to keep developing their skills. This does not mean training every year for every employee. Rather, it means using training in conjunction with recognition, rewards, and new opportunities to keep your best employees in your company.

And, A Few Tips About Training

1. Hire managers who are good at training their people.

2. Look for on-line training programs that employees can use by themselves.

3. Measure the results of training, every time.

In order to determine which candidates are the right fit for your company, download and access your free white paper, 5 Guiding Principles For Recruiting a Star-Quality Team.

How to train people for success

Strategic CFO Lab Member Extra

Access your Recruiting Manual Execution Plan in SCFO Lab. The step-by-step plan recruit the best talent as well as avoid hiring duds.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs

How to train people for success

External Resources

American Society for Training and Development (ASTD) Largest and most established source for information and materials about training.

Learnativity.com – website that contains articles and readings on adult learning, training, and evaluation. www.learnativity.com.

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3 Things – Selecting Advisory Board Members

Discover 3 things you should know about Selecting Advisory Board Members. In the video Jim Wilkinson, President and founder of The Strategic CFO discusses 3 useful tips you should know about selecting members for an Advisory Board.

Selecting Advisory Board Members

Watch the following video to learn about selecting advisory board members.

1. Do Not Add More Board Members You Are Willing To Impress

You must be able to share mistakes and shortcomings. Adding board members that you want to impress is counterintuitive. The purpose of the Advisory Board is to help and guide – not affirm and praise.

2. Pick Board Members With Unique Talents

Pick board members that have unique talents that are different from your own. For example, if you are strong in accounting and not in sales, consider selecting a member that is strong in sales. Also, consider picking board members that have been there, done that. Another option is having a former customer on your board to provide a different perspective.

3. Do Not Be Afraid To Swap Out Board Members

Unfortunately, not everyone is going to contribute equally. Some members are simply going to be “duds”. Do not be afraid to swap out that member for another that will be more valuable to you.

If you want to learn about financial leadership, then click below to learn about the SCFO Lab.

Selecting Advisory Board Members

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The Future of the Accounting Workforce

The Future of the Accounting Workforce

“Firms who are hiring new accountants or accounting majors have to understand where the newer generations are “coming from,” as a Boomer (born 1946-1964) might say, to target a style that will bring out the next generation’s (the Millennial Generation’s) strengths and maximize their effectiveness. This involves discarding biases and pre-conceived notions, and enjoying our generational differences—and similarities!

Millennial workers grew up in a technology-driven world. As a result, the way we do business has changed dramatically over the last 2-3 decades. As a result, they often operate under different perspectives than older workers do. Companies across North America that recognize that the differentiator is their people will emerge as winners in the battle for talent. They’ll design specific techniques for recruiting, managing, motivating, and retaining them.

A notable demographic shift will begin to occur in 2011 when the oldest Baby Boomers (b. 1946) hit the United States’ legal retirement age of 65. As Boomers begin retiring, members of Generation X will take roles in middle and upper management. Millennials will take positions in the workforce. This process has already begun since some members of Millennials in their late 20s.

Other scenarios that will become commonplace will include

  • Experienced Boomers reporting to Millennials
  • Members of all three generations working side-by-side on teams
  • Millennials calling on Gen X clients

And, all this is going to happen while three generations continue the process of finding a way to get along in an uncertain workplace.

This is made all the more interesting given the gap between these two generations: Gen Xers complain that the Millennials are indulged, self-absorbed and overly optimistic, while Millennials charge that Gen Xers are cynical, aloof and don’t appreciate fresh ideas and idealism….”

More at WikiCFO.com

future of accounting workforce

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Does Your Company Have an Advisory Board?

Does your company have an advisory board that meets with senior management on a periodic basis? If you don’t, then why not? This past week I spent 5 hours in a advisory board meeting that we scheduled to last 2.5 hours. We spent that time not because the management asked us to, but because we were accomplishing so much as a group that everyone didn’t want to quit. How did this company get so much out of a talented group of people for so little? Wouldn’t you like advice in taking your company through difficult or challenging times?

Does Your Company Have an Advisory Board?

About 3 years ago a client of mine approached me to be on an advisory board they were forming. It was to consist of six advisers in addition to senior management. We meet every quarter to discuss issues facing the president of the company and a recap of the accomplishments for the previous quarter.

After a year of getting as much out of the meetings to help our company as I was giving the client, I decided to form an advisory board for our company. We have been meeting for about two years. During this time, the advice given to me has paid dividends many times over.

I am surprised many companies and entrepreneurs don’t have their own advisory boards. There is a certain amount of vulnerability that comes with strangers looking at your financial results and criticizing you. However, the value that comes with the honesty is worth the pain. In 2009, you should consider forming an advisory board for your company. You will wonder why you didn’t do it sooner!

Does Your Company Have an Advisory Board

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