Thursday, December 30, 2004
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Make some New Year's resolutions for building talent
BY WILLIAM WERKSMAN
With the New Year, many of us will make our annual resolutions hoping to lose weight, shape up, and spend more quality time with loved ones. At CareerInsider.com, we are forecasting 2005 to be the year of the "talent war." Employers should be drawing up their own set of New Year's resolutions aimed at transforming their workforce from mere employees to "partners in success." 1. Manage and avoid employee turnover at all costs. Replacing a key employee is an expensive proposition. When good people depart, they take more than their physical presence from the company. They take their intellectual capital as well. Industry knowledge, client contacts and customer relationships that took years to build up are suddenly gone from your arsenal.
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Review compensation and benefits offered to employees at all levels to ensure they are competitive with, if not better than, industry norms. Set a company goal of reducing turnover to less than 5 percent annually and take steps to create a company-wide recognition program spotlighting key performers from all departments. Web Directory Yellow Pages White Pages Meet Someone My Page City Guide Lottery Results Weather Movie Listings Maps/Directions
2. Recognize that demographics are changing nationally that will impact your workforce today and tomorrow. Statistically, as Baby Boomers prepare for retirement, many companies will be faced with a shortage of leadership and experience. Human Resource departments, in conjunction with senior managers, must identify and cultivate relationships with prospective leaders inside their own organizations or inside competitors' companies. Once identified internally or recruited to the company through external sources, companies must foster the development of these "up and coming" managers through executive training and mentorship programs. Building leaders for tomorrow will pay off.
3. Create a company-wide recruitment strategy. As the pace of hiring speeds up, the depth of the qualified talent pool will become shallower. It is critical for Human Resources to partner with all departments and create a comprehensive recruitment strategy. Core to this strategy is understanding what a "recruited candidate" is. A recruited candidate is someone who possesses a skill set or knowledge base that the company covets for a specific and immediate need or future business development. A recruited candidate should be made to feel welcomed and wanted. Technology and personal contacts can assist in the identification and attraction of recruited candidates, but only a cohesive company-wide strategy will help secure top candidates for your company. Take the time to share your company resolutions with your employees. It will help them see that they truly are your "Partners in Success." William (Bill) A. Werksman is the managing partner and principal shareholder in Resource Partners (www.careerinsider.com) and the owner of 65 proprietary career-related Internet sites. He may be reached at 702-248-1028.