In a recent CEO Institute Syndicate meeting, a guest speaker shared her review on talent acquisition and retention. She said that today many business leaders are flat out with the daily demands of running an organisation that they're forgetting about a crucial resource. Not impressive data or cutting edge technology, but the core people who make up a business. Good staff are a valuable asset and key to a company for growth and development.
The way managers attract and retain talented people has been one of the key priorities for years. As competition for the best talent grows, businesses must reduce the disconnection between their talent requirements and the strategies and processes which underpin them. With Australia's population size, the talent pools are much smaller than the rest of the world. Hence the imperative for business to attract and retain people that are the right fit.
The power has moved from employer to candidate. Meaning that attracting the best talent isn't just about profiling a role and organisational fit, it's finding out what likely candidates want from an employer. Your new talent strategy should include:
- Strategy that helps focus on accurate timing and speed to exclude unnecessary surplus and also able to react quickly to get the needed talent.
- Research and know where potential candidates are looking for their next role. Not only engaging with those actively looking, but finding out where highly talented people are who may not be in the job market.
- Know what competitors are offering. Where necessary extend the value proposition if competitors are offering both financial and non-financial reward.
- Commit to unbridled transparency; be upfront externally as well as internally about what you have to offer.
- Gather feedback on your attraction strategy to discover what works and what doesn't. Assess the successful recruitment strategies and match cost against actual performance at stages in the employment lifecycle to measure ROI.
- Have a well thought out employee value proposition. Flexibility, that isn’t geographical hamstrung, that enhances work / life balance are usually on highly talented folk’s want lists. Your infrastructure should be robust enough to satisfy such expectations.
- Create a potentials network via social media and technology; plus physical networking events to create a potentials network.
- Have a simple application process. It's an obstacle for the recruitment process to not allow highly talented candidates to apply from the comfort of their preferred device. The application process must be slick, accessible, speedy and easy to complete on all devices.
Develop a number of joined up strategies to get the best results. Make sure they minimise risk of highly talented people leaving for new pastures. Undertake:
- Enhance employee engagement; harness new ways to give and receive employee feedback.
- Have a mission and vision giving an employee meaning and purpose. It's never been more important to make an employee feel like they belong, they contribute and are valued. Coupled with some usual suspects like a healthy work/life balance, autonomy to deliver and defined ownership etc.
- Build a loyalty inducing culture that supports, develops and appropriately challenges your highly talented people, allowing their innovation and growth.
- Create an internal 'fast route' - an ability to spot and act on emerging talent quickly and efficiently at a pace which matches the aspirations of high flyers.
- Create mutually beneficial contracts, after all, if you’re prepared to invest in your highly talented people, they should be delivering great products and outcomes.
The CEO Institute was founded in 1992. It is now Australia's leading membership organisation for CEOs and senior executives. It provides a forum for over 1,000 Chief Executive members to connect and share their learning with each other. In 2011, The CEO Institute became the world’s first global certification body for CEOs, and in 2013, partnered with UNESCO in support of the "Malala Fund for Girls' Right to Education". In 2014, they began offering their programs globally.
The CEO Syndicate is an exclusive peer support network for CEOs. The first meeting of The CEO Syndicate program was held in Melbourne in June 1992. Offices were opened in Adelaide in 1996 and Sydney and Brisbane in 1997, with Perth launching in 2007. In 2015, the New Zealand office opened.
The Future CEO program is a certification course designed by the business leaders of today for the business leaders of tomorrow. The first Future CEO meeting was held in Melbourne in May 2012. In 2014, the "Future CEO Scholarship Fund for Women" was established, and continues to be offered today.
Membership of The CEO Institute is by invitation only. To register your interest click enquire.