Recruitment is based on finding the right person, the right fit, for each position within an organization. Some companies and HR specialists visualize this in a similar way to the classic conversion funnel or marketing funnel. In this model, the steps that an eventual candidate follows are knowledge, interest, active search, application, evaluation and hiring. Jose Duarte, an entrepreneur and business leader from Costa Rica, discusses each of the five stages.
Recruitment is based on finding the right person, the right fit, for each position within an organization. Some companies and HR specialists visualize this in a similar way to the classic conversion funnel or marketing funnel. Monitoring the health of the employer brand is also part of a successful recruitment strategy. The employer brand is nothing more than the reputation and value proposition of the company (for employees). In fact, some versions of the ELC model define this as the “Attraction” stage, prior to Recruitment.
The induction process means much more than giving the new employee the information and tools they need to get started. It is the key opportunity to involve the employee in the company culture and is crucial to ensure retention. It is estimated that close to 50% of senior employees leave the company in the first 18 months of hiring. “A well-executed induction process will help employees understand what is expected of them,” explains Duarte. “These expectations include both the performance in the tasks inherent to the job and the social aspects.”
The development stage begins as soon as the new hire starts working. Showing confidence in your potential will fuel your loyalty and integrity. Investing in learning opportunities and offering attractive challenges is the best way to nurture workers’ skills and knowledge. Career development should be a top priority for employers. However, about 70 percent of employees say they are dissatisfied with the growth opportunities in the companies where they work.
Design realistic and possible career paths, and make sure employees understand what they need to do to carry them out. It’s like teaching the rules of a game: the more information the player has – and the more he trains – the better he can play. Adds Duarte, “Thank employees who are striving to grow, especially if they invest their free time in it. Give them a loan if your budget allows. Otherwise, you can always reward employees with non-monetary incentives, such as by giving them days off.”
The retention stage is a critical time in the work life cycle. According to the U.S. Bureau of Labor Statistics, resignation can cost an organization 33% of the worker’s total salary, including benefits.
Start by hiring the right person for each position. It promotes open and fluid communication between employees and management. The first step in retaining talented employees is pretty straightforward: listen to them carefully. It’s about understanding what’s happening to them and how you can help them. Retaining talent has a direct impact on the overall performance of organizations. Constantly monitor the company’s job satisfaction levels; in the long run, you’ll save time and money.
On average, 40% of employees don’t feel appreciated by the companies where they work. Recognition tools will help you translate corporate values into concrete behaviors. In addition to motivating people, you will obtain analytical information to know in real-time what is happening with human talent. You will be able to recognize positive leaders, as well as anticipate the departure of disgruntled workers, thus achieving the retention of the key people of the company.
The last stage of the worker’s life cycle comes, logically, when he or she leaves the organization. The departure may be due to personal reasons because you retire or because you found an opportunity in another job; whatever the reason, the fundamental thing is to handle the situation accordingly. When an employee leaves a team, the rest of the people may feel sad, bewildered, or insecure. Get involved in the transition of tasks and make sure the separation is as stress-stressful as possible for everyone.