posttrib
FLAWLESS 
Weather Updates

Good talent is hard to find

Leanne Hoagland-Smith. | Provided photo~Sun-Times Media

Leanne Hoagland-Smith. | Provided photo~Sun-Times Media

storyidforme: 63349468
tmspicid: 6294841
fileheaderid: 2920042

Updated: March 15, 2014 1:20PM



The business landscape has changed especially when it comes to the workforce. Beyond having three to four generations in the workplace, the ongoing Silver Tsunami along with a shrinking qualified talent pool has many employers scrambling to find good employees.

Add the Manpower findings last year thaat showed 83 percent of the workforce will be looking for new jobs in 2014, maybe now is the time to establish key metrics for finding good talent.

When key metrics are in alignment with the overall strategic plan, this alignment helps to close the gaps between strategy, structure, process, rewards and people. (Source: 5 Star Model for Organizational Development)

The ongoing reluctance to establish key metrics for finding good talent continues to perplex me. Business owners to those in management roles will scrutinize over the specifications on computers, software such as ERP or CRM, even to mileage and warranty on cars. However, when it comes to adopting a similar attitude about talent management nothing could be further from their business operations mindset.

When I inquire about the investment to hire new employees, many executives either look at me with the deer in the headlight gaze or mumble off a few cursory costs such as recruitment or even training. However they fail to recognize the hidden investments especially if this new hire is replacing an employee who just quit or retired and more importantly if the new employee is a bad hire.

Here are some other metrics that need to be known to ascertain the overall investment

• Recruitment fees (cost)

• HR or Manager’s time specific to interviewing and hiring

• Onboarding costs including training

• Manager’s time in working with newly hired employee

• Productivity loss (comparing new employee against fired, retired or existing employees)

• Quality of work

• Impact on productivity of others within the department

• Customer loyalty impact

Also, a change of mindset must also take place specific to the metrics of hiring a new employee. That employee is an investment you, as the business leader, are making for the current and future of your business or department. Employees are not a cost nor are the solutions to develop them to be better in their current roles.

Depending upon the source, the current drain on the bottom line of when an employee leaves either voluntarily or involuntarily is 1 to 3 times his or her annual salary without any benefits. Now with the ever shrinking qualified labor pool, talent management should be a priority for any business and should go to the head of the priorities even before technology or any other capital investments.

Remember, business success requires more than the lucky four leaf clover. All employees need ongoing development (learning how to do what they currently do better). Through the establishment of key metrics, your business can jump ahead of the flow and even better yet know where the flow is going.

P.S. Shout Out: In honor of St. Patrick’s Day, enjoy the Irish cuisine at T.J. Maloney’s Authentic Irish Pub in Merrillville or Clancy’s Irish Pub in Portage.



© 2014 Sun-Times Media, LLC. All rights reserved. This material may not be copied or distributed without permission. For more information about reprints and permissions, visit www.suntimesreprints.com. To order a reprint of this article, click here.