Recruitment, development and retention. These are three most
important aspects in how business is shaped, developed and executed and it
starts with your supply and demand of your most precious business resource,
talent and your employee.
Companies often refer to your
employee population as human capital. According to Deliotte, the concept of
human capital recognizes that not all labor is equal and that the quality of
employees can be improved by investing in them. The education, experience and
abilities of an employee have an economic value for employers and for the
economy as a whole.
I’ve said before that they (human capital) are your most important and largest business expense. Like any asset in business, investments must be made
in order to retain the value and top productivity. If you don’t continually promote
and engage with your investment they basically be come devalued (i.e.
unengaged) over time becoming more harm then good to your company.
Recruitment, development, and retention are essential for
you to grow or at minimum maintain your business. Competition for your human
capital is growing at a staggering rate because the labor pool is shrinking
while the demand is growing.
Recruitment. The
initial touch point that a recruiter has with a potential candidate is in the
recruitment phase. With recruitment a candidate is instantly able to gauge how
a company conducts themselves and what type of work environment they can expect
if they apply and get the job. A recruiter’s job is important because they set
the tone for the entire process.
Development. Once
a candidate has become an employee it’s important that the company keeps
investing and building up their employee. A company is only as successful as
their most important investments, which in this case (and most cases) is the
workforce that they employ. Setting up boundaries and mentor programs are easy
and cost-effective ways to make sure your employees are constantly being
developed and pushed to their full potential. It also helps in the areas of
employee engagement and retention.
Retention. One of
the greatest challenges a company faces is employee retention. Retention is
directly tied to how an employee is developed. If your employees don’t feel
like they’re growing within your company it’s likely they’ll move onto another
company who takes employee development more seriously. Retention plays into
several factors that ultimately come down to your company culture and how much
your willing to invest in your company.
Having a strong recruitment strategy is the first step in
the mix. Once you’re able to brand yourself accordingly a dominoes effect is
set in motion. You hire the best, develop them to be better and invest in their
future, which turns into higher retention rates. When companies invest in their
employees their business is more successful.
Jessica Miller-Merrell, SPHR is a workplace and technology strategist
specializing in social media. She’s is the Chief Blogger & Founder of
Blogging4Jobs. You can follow her on Twitter @jmillermerrell.
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