Organizations face many challenges, and leaders make difficult decisions on a daily basis. Few decisions have as much impact as those about people. Click To Tweet As part of our Future State Talent Solutions talent strategy model, we recommend leaders develop a talent philosophy to express the value they place on their people, and guide them on people decisions. For example, an organization might determine that when it comes to their people they want to: Choose wisely, lead with care and reward generously.
Choosing wisely means acquiring people who fit culturally and have competencies to succeed individually while helping the organization succeed. How important is choosing wisely? According to a Cornerstone on Demand report, the monetary cost of a poor hire can be up to $200K. The flip side is that functioning without employees in key roles can cost up to $7000 a day – $210,000 every month a key role is unfilled. So choosing wisely is more than just making a good hire, it’s also about being prepared to do so quickly.
As you can see, choosing wisely can have tremendously positive benefits for an organization. In our model choosing wisely, or talent acquisition, is made up of three elements:
Identifying talent – knowing the key skills and competencies you need to drive strategic results for your organization, and where to find people who have them.
Attracting talent – creating an employer brand and value proposition that draws desired talent.
Hiring talent – executing a process that secures talent efficiently and effectively.Best in class organizations are proactive in their approach to talent acquisition. Click To Tweet
– They have a pipeline of candidates for strategic roles who have been nurtured and educated about opportunities with the organization.
– They have a process for quickly interviewing a handful of candidates (at most) and selecting the best.
– They are prepared to make a great offer that clearly represents a major improvement over the individual’s current role.
– They have an onboarding process that starts with offer acceptance and continues well into the first year of employment.
Nothing about their process is reactive, and they always have great people interested in joining.
Choosing wisely also includes doing so from the candidate perspective. Not only should the opportunity represent a major win for the candidate, it should make them feel like they are becoming an integral part of the organization’s future. Everyone involved should believe that they chose wisely.
Is your talent acquisition process best in class? If not, let us help you get there. Then you will be on your way to creating a strategic business advantage with your people.