As skills in key industries become scarcer, here are seven things companies need to do to ensure in order to maximise their efforts in recruiting and retaining their human capital:
Website: Have a detailed, easy on the eye, uncomplicated mobile friendly website.
Candidates: Improving the candidate experience by minimising the length of time it takes to screen and review applications, speedily interviewing candidates and processing offers and taking time to acknowledge candidates and providing appropriate and meaningful post interview feedback.
Compensation and benefits: Regularly reviewing the salary structure and benefits package by benchmarking with competitors in the same industry. Consider add – ons to offers such as issuing bonuses on early acceptance of offers, relocation allowances, support towards education.
Succession planning: The working population of the world is getting older which means that the talent pool needs to be replenished. Quality talent is spread thin, particularly in engineering so companies need to start hiring for cultural fit with a view to the long term. So when screening and interviewing, you need to be assessing whether or not the individual has growth potential.
Skills transfer: Quality candidates are finite (in engineering) so more emphasis needs to be given to considering people from other sectors where their skills can be transferable. Moreover, to hire quality people you should also consider toning down the experience requirements and consider training up those individuals to the required levels.
Employer branding: The global downturn has resulted in reduced budgets for HR and marketing in particular so that has meant less money being spent on promoting the company to the outside world. However, as economies recover and companies become cash rich again, they must invest in reinforcing the employer brand as failing to do so will have a negative impact on attracting talent. Resting on past laurels and reputation would be very naïve, and a sure fire recipe for failure.
Policies and procedures: Cut red tape, clearly define your policies and procedures and commit to following through on them if you want to hire quality hires. Anything less than this, then you will be spending a lot more time fighting fires.