Is your talent acquisition function a revenue generator?

May 30, 2024

People are your No. 1 asset (yes, even if you’re a SaaS company). Without them, your business wouldn’t exist. We know this, and yet, one of talent acquisition’s (TA) biggest struggles remains effectively framing its revenue-generating capabilities.

TA is a direct investment in your people. With global skills shortages, building a business case around TA is the best approach to gaining a competitive advantage in the market, driving revenue growth and improving your employer brand.

Making investments in talent acquisition

So, what does “investing” in talent acquisition look like? For Cisco, the result is an impressive market cap of $215.5 billion and rankings on dozens of best workplace lists for years. In 2022, they were ranked as the No. 3 World’s Best Workplace, according to Glassdoor. So, what’s their secret?

Francine Katsoudas, Cisco’s executive vice president (EVP) and chief people, policy and purpose officer, speaks to the company’s “Conscious Culture” to take meaningful action through — you guessed it — its people. At its core, Cisco’s policies are human-centric, and it delivers on its promises of building an inclusive future.

Other companies reap rewards from investing in talent acquisition too. Research from Northpass indicates organizations with structured onboarding saw a 60% year-over-year improvement in revenue. TA is about much more than finding the right person for the job; it’s about the entire lifecycle of both candidates (even if they don’t get hired!) and employees.

The more we view talent acquisition as a method to improve all areas of people, processes and technology, the better businesses can use it to meet operational goals and hit revenue targets.

Talent acquisition partnerships generate revenue

Employees stay almost 2x longer if the employer is highly committed to internal hiring.
Source: LinkedIn’s Future of Recruiting 2023 report

Quality TA partnerships bring more to the table than attracting and hiring talent. Retention is a major focus in this labor market.

It’s no secret that high turnover rates are costly and impact the bottom line. Keeping top talent drives revenue by reducing employee turnover costs. Without a strong internal mobility or talent mobility program, you could very well lose out on your best people. In this market, many people are open to considering new roles and are willing to switch to a company more in line with their beliefs and desires (ranging from benefits, flexibility and social causes). If you have growth opportunities to offer employees, you lessen the risk of falling victim to this scenario. A TA partner can help you put structure around an internal mobility program and prioritize and facilitate hiring internally.

By leveraging experts to enhance your talent acquisition function, you’ll experience faster time-to-hire, which has a strong impact on the bottom line (especially for revenue-generating roles). This is one of the reasons it’s important to do your due diligence when it comes to finding a talent acquisition partner. If they have expertise in your industry or the business-impacting roles for which you’re hiring, they’ll be able to make a difference in your TA function (and organization) speedily. In the same vein, a higher quality-of-hire will result in increased productivity, quicker time-to-productivity and higher overall organizational impact.

Something that’s often forgotten is just how valuable it is for internal TA teams to focus on strategic organizational priorities while an external partner focuses on sourcing, screening and administrative tasks of the talent function. They will not only free up the team’s time but keep the operations of the hiring and pipelining going full speed ahead. Access to highly skilled (and often passive) talent can come from the networks talent partners build exclusively for their clients for use later on.

How effective is your TA function at generating revenue?

Understanding the effectiveness of your current TA function is key to making improvements and turning it into a revenue-generating operation.

Consider these questions to assess how well your TA function is generating revenue:

Do you regularly poll employees (quarterly or otherwise) on how happy they are at your company? After all, they are your biggest asset and revenue contributors.
Do you have a talent community to keep your potential talent pool informed of job openings and company happenings? Shortening the timeframe of vacant roles will reduce lost opportunities.
What’s the average tenure of your employees? Strong retention contributes to higher productivity and cost savings.
Do you have a comprehensive onboarding program? How do new hires rate it? Starting off on the right foot means contributing to the organization quicker upon starting.
Are employees able to opt for mentorship or one-on-one coaching at your organization? With someone to guide them, new hires can contribute more expeditiously and with confidence. Comradery also breeds loyalty.
How do you measure quality-of-hire? How does it rate? With a focus on hiring the right people for your organization, you’ll be able to make a bigger impact in your industry.
Do you use data to make informed decisions about talent? Making smart decisions – from hiring locations to consider and positions to pipeline for – will set your function up for success and save on lost time by going down misleading paths.
Do you have competitive recruitment ratios for your industry, such as interview-to-hire ratio, selection ratio and success ratio? (Average time-to-hire is 44 days in 2023 – up one day from the prior year according to research from a Global Talent Climate report.) Benchmarking against your hiring competition will lend insight into how you can make improvements.
Do you have policies in place around workplace flexibility and ensure work-life balance for employees? Employees will be able to best contribute to your bottom line when they are working in an environment they thrive in.
What percentage of candidates abandon a job application and leave it unfinished? You might be missing out on top talent that will have a grand impact on your organization if they’re getting frustrated with your lengthy or chaotic application or interview process.
Do you hire full time, part time and contract workers as part of a holistic TA strategy? You can expect different types of employees to contribute to your organization in different ways. Having access to each of these talent communities will benefit your bottom line.
Do you recruit through employees’ networks? According to Aptitude Research, 62% of organizations with employee referral programs have decreased their average time-to-fill for referred candidates who were hired. Also, those who are ingrained within their work networks are more loyal, collaborative and productive.
Do you have a strong employer value proposition (EVP) for ideal hiring profiles? Hiring people who align to your vision are faster to production.
Does your business invest in new recruiting technologies, such as labor market intelligence platforms, generative AI solutions and social listening tools? Being on the cutting edge of technology can increase efficiencies and save on costs.
Do you screen language in job descriptions for biases so it’s inclusive to all candidates? Diversity of employees is important for innovation and being a leader in your space.

This list is a great starting point to see the revenue-generating capabilities of your TA function. Between skills shortages and a candidate-driven market, employers are finding it challenging to attract and secure the talent they need to adapt to an ever-changing market. That’s where the benefit of a partnership comes in.

Talent acquisition partnerships benefit all businesses, even those that already have in-house functions. They provide in-house teams with the bandwidth to successfully execute their other TA strategies and priorities.

Don’t let your business fall behind. Making moves now will help ensure a strong workforce, both now and in the future.

Source: https://www.wilsonhcg.com/blog/is-your-talent-acquisition-function-a-revenue-generator

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10 self-reflection questions for career growth

June 13, 2024

As the year draws to a close, it is vital to pause and reflect on your journey and relationships in your personal lives and careers. Self-reflection is a powerful tool for introspection, helping us understand our core nature and facilitating personal growth as we work towards a better version of ourselves. Whether you’re evaluating your work-life balance , personal development , or career progression , self-reflection can be incredibly empowering and beneficial for your overall well-being. The value of reflection and introspection Harnessing the power of reflection As we approach the end of the year, taking the time to reflect on the past twelve months is not just a ritual but a powerful tool for personal and professional growth. Reflection allows us to pause in our fast-paced lives and examine our experiences, decisions, and actions. It allows us to celebrate our successes, learn from our mistakes, and acknowledge our growth areas. By looking back, we gain valuable insights that empower us to approach the future with a more informed and intentional mindset. Understanding ourselves better Introspection is a vital component of self-reflection. It involves diving deep into our thoughts, feelings, and motivations. This process helps us understand why we do what we do, what drives our decisions, and how our actions align with our core values and goals. Understanding ourselves better is crucial for personal development and helps us make more authentic and aligned choices in the future. Setting the stage for future success Reflecting on the past year sets the foundation for setting realistic and meaningful goals for the new year. It helps us identify what we truly want, what areas need more attention, and what strategies worked or didn’t work. This clarity is essential for setting goals that are both ambitious and achievable and aligned with our personal and professional aspirations. Promoting well-being and reducing stress The act of reflection can be therapeutic. It allows us to process our experiences, both positive and negative, and can lead to a greater sense of peace and closure. This is especially important in today’s world, where we often rush from one task to another without taking the time to process our experiences. Reflecting on the year helps us close chapters, reduce stress, and approach the new year with renewed energy and optimism. Fostering continuous learning and adaptability The world is constantly changing, and adaptability has become a crucial skill. Reflecting on how we’ve navigated changes in the past year, both expected and unexpected, prepares us for future uncertainties. It reinforces continuous learning and adapting, essential in personal and professional contexts. Year-end review: 10 questions for self-reflection Here are 10 thought-provoking questions to guide your year-end reflection. These questions cover various aspects of your life, including work experiences, personal growth, work-life balance, and future aspirations. As you answer them, be honest and consider writing down your responses for a more tangible record of your thoughts and goals. Sample answers help guide and inspire you as you reflect upon your year. These example answers provide a glimpse into the kind of introspection and planning that can result from such reflective questions, helping you assess your current state and set meaningful goals for the future. 1. Best and worst work experiences What were your best and worst work experiences in the last 12 months? Be specific about projects, teams, roles, and activities. Sample answers Best: Leading a successful project launch, mentoring a new team member, and receiving positive client feedback. Worst: Facing a project delay due to miscommunication, struggling with a software tool, and experiencing a stressful team conflict. 2. Job success and satisfaction elements Can you identify three elements of your job that contributed to your success and satisfaction? Conversely, what three elements hindered your success and fulfilment? Sample answers Positive: Collaborative team environment, challenging tasks that foster learning, and recognition from management. Negative: Limited resources, unclear company direction, and infrequent feedback. 3. Skills development What five skills, talents, or pursuits would you like to develop or attain in the next 12 months? Sample answers Improve public speaking, learn advanced data analysis, enhance leadership skills, develop a new programming language, and cultivate creative problem-solving techniques. 4. Passion in work What topics in your work can you talk about non-stop? Does this energise you consistently? Is this your passion or something else? Sample answers I am passionate about designing user interfaces. Discussing design trends and user experience energises me and is a significant part of my job satisfaction. 5. Unachieved goals What’s one significant goal you didn’t achieve in the last 12 months, and why? How would you change the outcome? Sample answers I aimed to get a professional certification but couldn’t due to time constraints. I plan to manage my time better and enrol in a course next year. 6. Fearless ambitions What would you aim to achieve in the coming year if you knew you couldn’t fail? Sample answers If I knew I couldn’t fail, I would aim to start my own tech startup focusing on innovative educational tools. 7. Role evaluation How would you rate your current role out of 100%? What factors prevent you from reaching 100%, and how can you overcome them? Sample answers I’d rate my role at 75%. To reach 100%, I need more creative freedom and opportunities for professional development. With these, I could be fully satisfied. 8. Future aspirations Without any limitations, what experiences, skills, activities, and responsibilities would you like to have in the future? List up to 12. Sample answers Lead larger projects, develop expertise in AI, participate in international conferences, mentor others, work abroad, achieve work-life balance, publish industry articles, learn a new language, adopt sustainable work practices, engage in CSR initiatives, explore different company roles, and start a professional blog. 9. Personal growth and development How have you grown personally over the past year? What personal qualities or habits have you developed, and what would you like to work on? Sample answers I’ve become more resilient and patient over the years. I want to work on my time management and stress management skills. 10. Challenges and overcoming obstacles Reflect on the biggest challenge you faced this year. How did you overcome it, and what did you learn? Sample answers My biggest challenge was adapting to remote work. I overcame it by creating a structured daily routine, investing in a better home office setup, and improving my digital communication skills. Reflect to grow Remember, the purpose of these questions is not just to reflect on what has been but also to pave a path for what lies ahead. By understanding where you currently stand and identifying your goals and aspirations, you can approach the new year with clarity, purpose, and a renewed sense of direction. Source: https://www.pagepersonnel.com.au/advice/career-and-management/success/self-reflection-questions-for-career-growth

Difference Between Job Enlargement And Job Enrichment

June 13, 2024

Both job enlargement and job enrichment are human resource strategies used to improve employees engagement and increase efficiency that helps to achieve organizational more effectively. Job enlargement refers to increase tasks and responsibilities to the existing role of the employees. On the other hand, job enrichment is a technique of motivating employees by adding extra responsibilities to make job more challenging and meaningful. Difference Between Job Enlargement And Job Enrichment The main dissimilarities between job enrichment and job enlargement are as follows: 1. Introduction Job Enlargement: It involves increasing the number of tasks and duties to be performed by workers to an existing role. Job Enrichment: It involves increasing responsibilities and content in the job to increase challenges and scope that provides opportunity for growth. 2. Nature Job Enlargement: It is purely quantitative in nature because number of tasks are increased for employees. Job Enrichment: It is qualitative in nature. It means this technique is used to increase the content and quality of the job. 3. Objective Job Enlargement: The main objective of job enlargement is to increase employee motivation and engagement by decreasing monotony and boredom. Job Enrichment: The main objective of job enrichment is to promote growth and development by making jobs more challenging and exciting. 4. Additional Skill Job Enlargement: It does not require additional skill because tasks are increased as per the qualification and ability of employees. Job Enrichment: It requires some additional skills because it involves new responsibilities that require creativity, decision making and problem solving. 5. Authority Job Enlargement: It does not increase the level of authority as it only increases the number of tasks. Job Enrichment: It increases the level of authority as per the creativity and ability of employees. 6. Supervision And Control Job Enlargement: It requires more supervision, direction and control because it increases the workload of employees that increases the chance of errors and mistakes. Job Enrichment: It requires less supervision and control than job enlargement because workers exercise self-control. 7. Training Need Job Enlargement: It does not require additional training because employees are familiar with the jobs and responsibilities. Job Enrichment: It may require additional training to empower workers to increase creativity, decision making and control over the job. 8. Result/Outcome Job Enlargement: Results may be positive or negative depending on the motivation level and workload of the employees. Job Enrichment: Generally, it gives positive result because of increased morale and self actualization. Basis Job Enlargement Job Enrichment Nature It is quantitative by nature It is qualitative by nature Objective To reduce boredom and monotony To promote growth and development Additional Skills Not Required Required Increase In Authority No Yes Outcome Positive Or Negative Positive Supervision And Control Requires more supervision Requires less supervision Distinction Between Job Enlargement And Job Enrichment In Brief * Job enlargement refers to quantitative expanding of jobs. But job enrichment is qualitative improvement of the job. * Job enlargement does not require special training, but job enrichment requires training and development program to improve the performance. * Job enlargement requires more supervision than job enrichment * Job enrichment increases the level of authority but job enlargement increases the number of tasks only. * Job enlargement is horizontal expansion of job and job enrichment is vertical expansion. * Job enlargement does not promote growth and development but job enrichment helps in personal growth and career development Source: https://marketinglord.blogspot.com/2024/05/difference-job-enlargement-job-enrichment.html