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June 19, 2011

The Talent Crunch : Recruiting Best Practices

Recruiting Talent Statistics

1. 40% of US workforce will be of retirement age by year 2010 (Conference Board)

2. 1/5 of US large established companies will lose 40%+ of top level talent as their executives reach retirement age. (Developmental Dimensions International DDI, 'Winning the War for Talent' white paper by Authoria).

3. Shortfall of 10 million workers by 2010 in the age range of 25-44 (US Bureau of Labor
Statistics, "winning the war for talent" white paper by Authoria)

4. 77 million baby boomers (1946-1965)

5. By 2010 mature workers (55+) will make up 25% of the work force (13% in 2000) (AARP)

6. 43% of companies cite skills shortage as top business concern (behind competitive pressure & growth) (Ken Blanchard Companies Survey).

7. 46% of companies had few or no applicants in May 2006 (National Federation of Independent Business Study).

8. Bad Hires & Promotions lead to lower morale (68%), lower productivity (66%), lost customers (54%), higher training costs (51%), higher recruiting costs (44%) (Right Management Survey 2006)

9. Cost of turnover is approximate 2 times employee salary (recruiting, training, severance costs).

10. 76% of baby boomers have no intention of a traditional retirement. 71% plan to work. (Survey for Merrill Lynch by Harris Interactive).

11. 25% of companies are ready for "mass exodus"  of their best employees.

 Why Employees leave a Company

1.Primary reasons employees stay at companies and are engaged include: 1) manager understands what motivates them 2) challenging work 3) career advancement 4) visibility, honesty & consistency of their manager 5) interest in employee (Towers Perrin Global Workforce Study, Executive Report 2005)

2. Compensation & benefits are often less of a reason why people leave. Typically due to management, work environment, direct supervisor (RHI employee data).

Recruiting Best Practices

1. Recruiting must be an "all the time" thing.
2. Keep the pipeline full whether there are openings or not.
3. Dedicated recruiters (inside or outside the organization).
4. Managers trained to recruit, interview, check references, hire.
5. Succession Planning Process.
6. Identify best sources (internal referrals, networking groups, alumni associations).

source :  Expertbase

"Poaching on new talent is nothing new," according to the introduction of this infographic exploring the competitive hiring practices of today's top tech companies. "But the hiring games have recently become more intense as tech giants hungrily compete over a limited pool of skilled industry professionals."

Companies are offering, in some cases, huge salaries and bonuses we haven't seen in years, if ever. And that's just one of the tricks they have for convincing talented engineers to join their ranks. This infographic, created by Column Five Media for Udemy, looks at some of the talent wars.