The 3 Rs in HR: ECRUIT ETAIN EWARD It should come
as no surprise that many of the Best Companies, read that as most profitable, also frequently appear at the top of lists of the Best Companies to Work For. Even in today’s job starved market with unemployment hovering at 7.8% and job cut announcements a fairly common phenomena, the companies with outstanding performance are constantly engaged in a search for highvalue employees. Truisms like “Hire the best” and “Human capital is the only capital that appreciates rather than depreciates in value” are not just feel good statements, but rather the mottos of top performing Human Resources Departments.
Recruit – The First R in HR To the uninitiated recruitment simply means: an advertisement in the newspaper, lots of applicants appear for interviews, chose the best candidate, problem solved – job filled. However those employers seeking high-value employees, whether technically proficient, management proficient or both have long understood that this approach is more often the exception than the rule. In reality, advertisements are placed in publications and journals 8 Brilliant Results
• February 2013
across the country – search firm services are retained – candidates (and perhaps their families) are flown-in for interviews – initial interviews are followed by more interviews with managers/corporate executives with whom the potential employee will be working – then the employment decision is made and relocation costs are added to the price tag. A lot of dollars rolling out the door before the new employee walks in to start work. After all this effort, there is no guarantee that the new employee will live up to expectations and contribute positively to the corporate bottom-line. One approach to reducing the recruiting cost-per-hire rate being tried by large and small companies alike is utilization of existing employees. General experience from the use of this type of program has been positive across the spectrum of positions filled. While survey data indicates that costeffectiveness was the primary benefit, quality candidates have been an added bonus. Not surprisingly, the most common incentive for employees who refer hired candidates is cash. Cash is often the obvious incentive for an employee referral program, but other recognition-oriented products should be considered. There are a number of reasons for expanding www.brilliantpublishing.com
Published on Feb 21, 2013