Critical Components to Your Talent Attraction and Retention Strategy
Finding quality talent is challenging…retaining quality talent is equally challenging
It goes without saying, that many manufacturers are challenged with attracting and retaining the ‘quality’ talent needed to execute its strategic objectives. Is this the case for your organization?
Significant workforce factors that may be affecting organizations like yours include:
Shifting workforce demographics (multiple generations in the workplace)
Pending retirement of your highly skilled workforce (i.e. baby boomers)
Shortfall of skilled leaders and workers needed to execute your organizations’ business goals
Significant gaps in skill sets that are core to your business’ success
MAGNET’s 2017 Northeast Ohio Manufacturing Survey, conducted in partnership with The Corporate University at Kent State University – Stark Campus cites additional concerns from our local manufacturers:
80% of the respondents find hiring qualified workers difficult to very difficult. A lack of required skills or educations was mentioned as one of the primary reasons by 39.5% of the respondents.
58% of respondents find attracting and retaining qualified workers to be a major issue.
Manufacturers are also struggling with a rate of employee turnover ranging from 5% to 10% annually.
Each of these factors have direct implications for how well your organization is position to execute its strategic goals near-term and long-term.
In 2013, the Institute for Corporate Productivity’s (i4cp) identified the top five talent KPIs from their People-Profit Chain™ study. They found that, in high performing organizations (HPO), there is a direct correlation to high market performance when organizations focus on the following KPIs:
Maximizing employee productivity
Retention of talented employees
Cross organizational/group effectiveness
‘Quality of talent’ KPIs that drive talent attraction and retention include:Quality of candidates sourced and the satisfaction rate of your hiring managers
Quality of the candidate’s experience linked to their satisfaction with your recruitment and onboarding processes
Quality of talent movement throughout your organization
Quality of talent retention and its impact on your company’s culture
A well-thought out talent management and succession plan with clearly defined metrics can ensure a prepared talent pipeline that can be leveraged for continuity in key leadership and workforce roles, a plan and approach for continued growth and development of your most talented people, improved performance that leads to increased market performance, and consistent achievement of your organization’s strategic business objectives.
In Part 2 of this article, we will explore further how a well-thought out talent and succession plan can help you achieve the talent KPIs referenced above.
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 email@example.com
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