Recruiting and Retaining Talent Includes Former Employees
Recruiting and retaining talent in today’s sizzling tight labor market can be a challenge for employers. However, two potentially untapped talent pools may be being overlooking in your recruiting efforts when you are engaged in Recruiting and Retaining Talent. There could be good people you may be overlooking in your recruiting efforts. Consider your former employees and those returning to the workforce, according to a Boston Consulting Group (BCG) study cited in HR Dive. When it comes to recruiting and retaining top talent, looking to alumni and returnees can help enrich your workforce, provide a larger pool of candidates, and diversify your workforce.
According to Boston Consulting Group, in the quest for recruiting and retaining top talent, hiring company alumni is a no-brainer — they are a known entity. Hiring managers may already be familiar with their work and their track record at the company, and in turn, alumni already have a sense for the company’s culture and standards.
Returnees to the workforce are also a valuable commodity when it comes to recruiting and retaining talent. BCG says that 43% of highly qualified women who have children will leave their careers temporarily at some point. In addition, reflecting workers’ increasingly diverse interests and priorities throughout their careers, others may opt to steer off the career track for a time due to family obligations or other reasons, like extended travel. Tapping those returning to the workforce after an extended absence gives businesses access to a pool of trained and experienced candidates.
When recruiting and retaining top talent in today’s war for capable candidates, tapping alumni and returnees is a win for employers on many levels, not the least of which is cost. A company may spend six to nine months of a new hire’s annual salary to onboard them and bring them up to speed, according to the Society for Human Resource Management (SHRM). For highly trained roles, those costs can reach up to 200% of an employee’s salary, reports the Center for American Progress. As such, when recruiting and retaining talent, it pays — sometimes quite literally — for employers to consider using unconventional sources to search for candidates. Some employers are even implementing “returnships,” where they work with third-party “intern-type programmers” or host internal programs to re-acclimate employees to the workforce after a long absence or stint at another company.
Employee retention is another concern that’s top of mind for employers in the talent search. The average employee’s tenure at a company is less than five years, according to the U.S. Bureau of Labor Statistics. At three years, this figure is even shorter for millennials, who will soon make up the majority of the workforce. Employees often leave one company for another to gain valuable experience or a different perspective. By leaving the door open, employers should be able to maintain a roster of hard-working past employees.
Moreover, many organizations are re-thinking the classic exit interview, choosing instead to extend the relationship where possible. Some are conducting “stay interviews,” and even rethinking retirement, hoping to reduce turnover and retain highly qualified and valuable employees. At some organizations, recruiting and retaining talent takes the form of phased retirements, consulting or part-time employment arrangements with older employees to avoid a sudden exit and loss of talent and experience.
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