In the early 2000’s unemployment was shockingly low and companies struggled not only to find the right talent, but to find talent at all. Companies during this time would attempt to win over applicants with benefits such as a casual dress code, free food at the office, ping pong tables and a number of others. Due to the scarcity of available talent, these strategies to attract and retain talent may not work in today’s ever-evolving talent market.
A McKinsey Global Institute study warns us that employers in North America will require 16 to 18 million more educated workers in 2020 than are projected to be available. Multiple trends are contributing to this dilemma such as; the high percentage of baby-boomers retiring, the increasing number of individuals choosing not to pursue higher-education, and a projected annual growth rate of 4-6.5% in the health technology industry. At the top of all issues CEOs face, the failure to attract and retain top talent ranked number 1 – higher than both economic growth and competitive intensity. Following are 3 effective strategies to attract and retain talent.
Focus on Workplace Culture
A recent study by O.C. Tanner Institute of 10,000 employees around the world on workplace culture; “Talent Magnets: 6 Essential Aspects Engagement Chart of Workplace Culture” illustrated that companies that focused and achieved even marginal improvements in the 6 most important aspects of culture; purpose, opportunity, success, appreciation, wellbeing and leadership; saw some staggering improvements. Reference the graph to the right for results.
Consider Contract Talent
As noted in our recent blog titled, “Looking At Talent From the Inside Out” your team doesn’t have to be large to be effective. Contract talent is highly skilled in their area of profession, and market themselves accordingly. Consider hiring contract talent to meet your business objectives.
Develop the Talent You Already Have
After the recruiting process, training, and the time in between, the average cost-per-hire can add up to at least 30 percent and can reach up to several hundred percent of that employee’s first-year earnings. Reflecting back to the 6 most important aspects of culture, developing the talent you already have is a strategy that covers all 6 of them. Invest in your employees, keep them engaged longer and at the same time, reduce your hiring costs and risks. Reference one of our recent blogs, “What is 8X More Productive than Typical Talent?” for more insight on this trend.
Focus on these three strategies in today’s tight talent market and go beyond ping pong and free food.
For more information regarding this trend, download our complimentary research report in one click, 2018 Health Technology Market Projections.
Written by: Isaac Pirk, Talencio intern and student at North Central University, Minneapolis, MN.
About Talencio: We help the Health Technology community make progress by putting the right people in the right place to solve problems and identify opportunities to move healthcare forward. To learn more about career opportunities in health technology, or to hear how other companies have partnered with Talencio to tap into our skilled professional talent pool, contact us at 612.703.4236 or email. Talencio has been the preferred provider of vetted, accomplished professionals to the Health Technology Community for over 10 years.
Sources:
Attracting & Retaining the Right Talent
SHRM
The Cost of a Bad Hire