developing the employee r ecruiting and r etaining process
DESCRIPTION
Developing the Employee R ecruiting and R etaining Process. Group 12 Alexander Huynh Chul Cho Japneet Kohli Jea Hyul Lee Judy Tan. Spectrum Financial Group. Founded in 1901 P rovides individuals and businesses with financial products and services - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/1.jpg)
1
Developing the
Employee Recruiting
and Retaining Process
Group 12
Alexander HuynhChul Cho
Japneet KohliJea Hyul Lee
Judy Tan
![Page 2: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/2.jpg)
2
Spectrum Financial Group Founded in 1901 Provides individuals and businesses with financial
products and services Registered Representatives of MassMutual Investors
Services, Inc., one of the leading mutual life insurance companies in the world
![Page 3: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/3.jpg)
Spectrum Has Trouble Recruiting and Retaining
Salespeople
0
50
100
150
200
250
300
350
2011
2012
3
Nu
mb
er o
f P
eop
le
![Page 4: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/4.jpg)
4We Recommend a Three-Part Plan for Improving the
Recruitment and Retention of Sales Employees at Spectrum
1. Employer branding
2. ERP (Employee Referral Program)
3. Enhance Advertisements
![Page 5: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/5.jpg)
5
Employer Branding
![Page 6: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/6.jpg)
6
What is Employer Branding? Builds a unique employer identity, differentiating itself from the
competitors
Specific to employment, characterizing the firm’s identity as an
employer
Directed at both internal and external audiences
Projects employer’s image and brand to existing and prospective
staff as a desirable place to work
(Backhaus and Tikoo, 2004)
![Page 7: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/7.jpg)
7
Employer Branding is a Three-Step Process
1. Develop the value
proposition
2. Market the value proposition
3. Market the internal employer
brand(Backhaus and Tikoo, 2004)
![Page 8: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/8.jpg)
8
Employee Referral Program
(ERP)
![Page 9: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/9.jpg)
9
What is ERP?
Employees recommend qualified friends, relatives or colleagues for job openings.
If the lead is hired,
then the recommender
is rewarded.(Gaumond, 2006)
![Page 10: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/10.jpg)
10
Referrals take the Least Time to Fill Vacancies
Referrals Job Boards Career Sites0
10
20
30
40
50
Number of Days taken to Fill a Vacancy
Days
(Sullivan, 2012)
![Page 11: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/11.jpg)
11Retention Rates from Referrals are Highest in the Industry
Referrals Career Sites Job Boards05
101520253035404550
Year 1Year 2
Percentage of Employees Retained
(Sullivan, 2012) (The Recruiters Lounge, 2012)
![Page 12: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/12.jpg)
12
ERP will Benefit Spectrum in Many Ways
Higher candidate quality with lower cost
1. 82% of employers rated ERP above all other sources for generating the best return on investment.
(Brown and Cober, 2006)
2. 88% of employers rated ERP above all other sources for generating quality of new hires. (Brown and Cober, 2006)
Low termination rates Faster time to initial productivity
(Sullivan, 2012)
![Page 13: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/13.jpg)
13Spectrum can Implement ERP in 3
Steps
Plan the ERP
Allocate funds & decide rewards
Set protocols
(Gaumond, 2006)
![Page 14: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/14.jpg)
14
Enhance Advertiseme
nts
![Page 15: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/15.jpg)
15
Spectrum should Market Externally
1. Enter career fairs
and career expos
2. Improve PR
![Page 16: Developing the Employee R ecruiting and R etaining Process](https://reader035.vdocuments.mx/reader035/viewer/2022062800/56814096550346895dac2c0e/html5/thumbnails/16.jpg)
16
Sources1. Backhaus, Kristin & Tikoo, Surinder. "Conceptualizing and
researching employer branding", Emerald 9, (2004) http://www.emeraldinsight.com/case_studies.htm/journals.htm?articleid=1509267&show=html&WT.mc_id=alsoread
2. Brown, Doug & Cober, Rich. “2006 DirectEmployers Association Recruiting Trends Survey”, 2006. http://www.jobcentral.com/desurvey.
3. Gaumond, Jacques. “How To Implement An Employee Referral Program”, 2006. http://www.go2hr.ca/articles/how-implement-employee-referral-program
4. Sullivan, John. “10 Compelling Numbers That Reveal the Power of Employee Referrals”, Ere.net, (2012)
5. Sullivan, John. “Employee Referral Program Killers”, ere.net. (2008) http://www.ere.net/2008/05/05/employee-referral-program-killers/
6. The Recruiters Lounge. “Implementing An Employee Referral Program In Your Organization” (2012) http://www.therecruiterslounge.com/2013/02/12/implementing-an-employee-referral-program-in-your-organization-infographic/