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September 14, 2006
Dear
Holly,
As the job market heats up, we've been
thinking of how to help you find and keep your best people. Here are some
stats and tips that we found that may be of interest:
- 75% of employees say that
they will leave their current companies once the job market heats up;
44% of employees are actively searching. (SHRM Study, 2005) Periodically
conduct “spot checks” of your employee's attitude. You may
want to casually ask your best employees to rate their level of
enthusiasm for their current job from 1-10 every so often. Explore the
reasons behind any ambivalence.
- 90% of technology and life
sciences companies have a referral bonus program with an average award
of $1,000 to $2,500. (Culpepper Trends Survey on Referral Bonuses,
2006). Have you considered entering all awardees from your referral
bonus program into a lottery for an additional annual "grand
prize"? Given the need for constant reminders to employees of
openings and their role in filling them, it may be another way to get
the word out.
- "Gen X" and
"Gen Y" employees don't necessarily share the values of
"baby boomer" bosses. During interviews and when posting a
job, avoid value statements that refer to "corporate loyalty and
commitment", the need to "pay dues" or "climb the
corporate ladder." Productivity and life balance is more important
to many new employees than long hours or "proving themselves".
- Hard assets represented 62%
of a company's market value in 1982; 38% in 1992, 20- 30% now. This
means that 70-80% of your company's value lies in "intangible"
assets - your employees. How to conserve and protect these assets?
According to a recent Portland State University Study, employees'
turnover intentions at 3 months predict their turnover rates at 3.5
years. Don't forget to check in with new employees. After three months
on the job, conduct a "stay interview" to ask them: Is this
job what they expected? If there are any skills that they end up not
using in their job, what aren't they using that they would like to use?
HMK Associates, Inc. specializes in helping
you recruit and retain your employees. Please call us to find out about our
new "RecruitSelect" product.
Sincerely,
Holly, Aimee, Tu, Karen M., Karen W. and Annette
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