Critical Components to Your Talent Attraction and Retention Strategy, Pt. 3
“The quality of an organization’s human resources is perhaps the leading indicator of its growth and sustainability. The attainment of a workplace with high-caliber employees starts with the selection of the right people for the right jobs.”
Talent management is a business strategy that is reflective of an organization’s commitment to attract and retain the best talent throughout all levels of the organization. The potential impact on an organization can be huge when quality talent is aligned vs. misaligned with organizational need.
A bad hire can cost a company as much as 5x’s that employee’s annual salary, depending on the type of job. “Zappos CEO, Tony Hsieh once estimated that his own bad hires have cost the company well over $100 million.”
Organizations with a high level of engagement report 21% higher profitability and 20% higher productivity (sales).
A highly engaged employee has 40% fewer defects, 70% fewer safety incidents, 28% less waste, 41% less absenteeism, and 24% lower turnover in high-turnover organizations (Gallup).
Gallup estimates 70 percent of employees are disengaged. A disengaged employee can cost an organization approximately $3.4K for every $10K in annual salary.3
Organizations with a culture of training and development show 13% stronger business results (ADP, LLC presentation, 2015).
Companies that have career development demonstrate 250% higher productivity than those that do not (Chronus, 2014)
High performing organizations have figured out how to effectively integrate talent management as an essential component of their business practices. These high performing organization (HPOs) have been successful with integrating the following practices to drive organizational performance.
How should you begin? Initiate the process by assessing your talent and succession readiness:
How can your organization benefit from integrated talent management and succession planning processes?
Do you have a strategic workforce plan that identifies the roles that are essential to your core business and execution of your business objectives?
Do you understand the knowledge, skills, abilities, and experiences that are needed for success in these roles? Do you know the critical skill gaps that need to be closed?
Do you have the right talent with the potential to move into critical roles that support your strategic objectives?
Who are your ‘A Players’ that you can least afford to lose? What’s your plan for retaining them?
What “are you doing” or “should you be doing” to develop and prepare your essential leadership and workforce talent to step into critical roles when needed?
What should you do next?
Identify a member of your executive team who will serve as the champion of your talent management program and succession planning process.
Assure alignment of your workforce strategy with the organization’s business strategy.
Conduct a gap analysis to assess talent gaps for jobs most critical to executing your business objectives (at the leadership as well as workforce levels).
Identify potential incumbent workers for jobs most critical to the success of your core business processes. Create a plan to acquire the talent that doesn’t already exist within your organization.
Align the potential successors’ interests and talents with the organization’s needs and prepare development plans (i.e. coaching, mentoring, targeted training/education, stretch assignments or special projects) to accelerate their readiness.
Continue to review and evaluate the effectiveness of your talent and succession planning processes and make the necessary adjustments.
One remarkable thing about the list is that it rarely changes. The order may change but the top cited standards typically don’t change. Top 10 Sited Safety and Health Violations: 501 - Fall Protection 1200 - Hazard Communication 451 - Scaffolding 134 - Respiratory Protection 147 - Lockout/Tagout 178 - Powered Industrial Trucks 1053 - Ladders 305 - Electrical, Wiring Methods 212 - Machine Guarding 303 - Electrical, General Requirements Three of the 10 sited standards are directed at the construction standard (1926) while other fall within the general industry (1910). It should be noted however that the general industry standard also has fall protection guidelines. Year after year, inspectors see the same on-the-job hazards, any one of which could result in a fatality or severe injury. More than 4,500 workers are killed on the job every year, and approximately 3 million are injured. By understanding these regulations you can improve your safety program and prevent injuries. Give me a call if you have any compliance doubts, or want to review OHSA regulations. Gwido Dlugopolsky at 216-391-7766 or firstname.lastname@example.org
Why does it take a NASCAR pit crew only 15 seconds to change four car tires when it takes people like you and me minutes? The answer is simple SMED. Single Minute Exchange of Dies, or SMED, is a process for reducing the time it takes to do equipment changeovers. Using the principles of SMED you should be able to perform any changeover in your facility in under 10 minutes! The SMED process is simple – convert as many changeover steps as possible to “external”, meaning they are done while your equipment is still RUNNING, while simplifying and streamlining the remaining steps. SMED is broken down into the following 3 Steps: Separate Convert Streamline We found this article to be very helping in explaining the SMED process in more detail: LEAN PRODUCTION - SMED A good first step to achieve this level of SMED efficiency would be to run a kaizen event at your facility to standardize (5S) your tools and supplies. Doing this alone will help you achieve 40% to 50% greater efficiency. Once the “low hanging fruit” is gone, you can still reduce setup times another 20% by practicing more advanced SMED principles.
The secret to closing any sale is to reduce uncertainty in the buyer and replace it with confidence in YOU, your PRODUCT/SERVICE, and your COMPANY. Step 1 – Confidence in YOU Someone buying from you wants to be able to fundamentally connect with you on a human level and feel confident that you’re an expert in what you’re selling If you’re selling paperclips, be an expert in paperclips If you’re selling design and engineering related services, be an expert in design and engineering related services Focus on addressing the problem, not the solution….MEANING you already know you have the solution, connect with the buyer by being an expert with the problem he/she is facing. Prove that you know the problem and all aspects of the problem like the back of your hand. Step 2- Confidence in the PRODUCT/SERVICE you are selling Someone buying from you needs to trust the product/service you are selling will solve their problem. It’s your responsibility to deliver a solution and the benefits associated with it. Basically you need to “Hit a Homerun” communicating this message. Tip – Use Success Stories: Share with the potential buyer examples of your product/service solving problems and delivering value for