How Are You Managing Your People From Hire To Retire?
Like most recruiting departments you’re running really lean. Despite the fact the company has been growing you have not received additional headcount. Instead you’re being asked to do more with less. Where you used to recruit 20 open positions for new projects - you’re now being asked to double that amount! And you need to do it faster and more efficiently than the competition. How can you keep track of 40 open positions that average 30 candidates per position with email and PDF?
Similar to the real estate market where there are buyer and seller markets, in the recruiting world there are employee and employer markets. With the upturn in the economy it is now an employee market in highly specialised fields of Professional Services where talent is limited. It’s often a race against the competition for you to get the offer through a chain of internal approvals and into the hands of the candidate.
Speed to hire and speed to ramp is particularly important for Professional Services organisations because it is a “people business”. Your greatest (and costliest) asset is billable people. When recruiting and screening processes are not automated and streamlined – it puts you at a competitive disadvantage when pursuing talent. Plus, when training is not automated and on-demand, it is not scalable. It puts pressure on existing people and lengthens the time it takes to get new staff ramped to billable status. Since it can seriously impact profitability, most PS organisations should be tracking the average time it takes to fill and ramp people to billable status - and do everything possible to reduce that time.
Once you have hired them, you need to make sure they stay. There is a misconception among employers that most employees leave to earn more money. In reality most employees leave because they feel they are in dead end positions, no longer growing and moving up to more challenging roles within the organisation. This leads to attrition which directly impacts company profitability, since it typically costs between 90% and 200% of an employee’s salary to replace them. What’s particularly worrisome for most organisations is the risk of losing senior consultants who are the face of the firm and have a loyal client following. You cannot afford to have these employees leave when it can be prevented.
Manage the Employee Lifecycle from Recruit to Retire
Project-based ERP with Talent Management provide tools to help people-driven organisations manage and streamline the entire employee lifecycle from recruit to retire. Talent management includes:
- Automated applicant tracking and workflow capabilities to help organisations source, screen and process applications faster.
- Online checklists that make it easy for recruiters to pre-screen candidates for specific skillsets, education and experience levels and conduct background checks before meeting with hiring managers. This keeps productivity high and helps recruiters get offers out to final candidates faster.
- On-demand learning capabilities to help organisations develop people and ramp new employees faster. By reducing the time it takes to train and make new employees billable, organisations increase revenue and profitability.
- Career development and succession planning capabilities that help organisations identify and develop top talent and remedy gaps in succession planning. When employees have a career plan, they are more motivated and satisfied in their roles, leading to lower attrition rates.
Investing in a Talent Management solution helps a professional services organisation establish an environment where people are front and centre, invested in and want to stay for long time. Organisations that succeed in building this reputation attract and retain very skilled, very experienced people which leads to higher billing rates, higher customer satisfaction and higher profitability for the firm.