Retention is the new recruitment!
When you invite the dynamic Jim Stroud on your show for his third appearance you know it’s going to be great value! – the fact that the last two times Jim joined the show there was a complete technical meltdown was only a minor concern…really…it was only minor…we weren’t worried at all…(#nopressure)
For those of you in the wider HR, talent acquisition and recruitment community that are not familiar with Jim, he started his career in recruitment 1997 when he answered an advert on an agency job board that said: “get paid to surf the internet”.
Fast-forward to 2019 and Jim has consulted for such companies as Microsoft, Google, Siemens and a host of startup companies owing to his expertise in sourcing and recruiting strategy. You can also find Jim on-stage at numerous industry events, you can read his blog and listen to his podcast and even read his books.
With all this in mind, he joined Katrina and me on the show to talk about the burning issue of employee retention.
It’s cheaper to keep them
Opening the show with the mantra “retention is the new recruitment”, Jim reminds us of the cost of losing employees and how this can often be twice the cost of that individual’s basic salary when you combine the IP they have about the company based on the time it’s taken to train them and advance their skills. He refers to it as “the cost of brain drain”.
Encouraging companies to move from a reactionary to a proactive stance on retention, Jim highlights tools and platforms that are being used to break down corporate silos and encourage greater collaboration; he specifically tells about tech that is being used to the identify potential and allow companies to train these identified employees in advance to meet future project needs.
- training Hiring Managers about better retention techniques
- technology that identifies employee ‘flight risks’
- engaging underserved employee demographics
- employee survey transparency
- valuing anonymous feedback
- implementing ‘returnships’ as a strategy