Talent Management - September 2008 - (Page 54)

• Training: Many employers estimate their new college hires receive more than 100 hours of training in the ﬁrst year, according to the NACE 2007 survey. This indicates a higher cost for training entrylevel hires compared to average employees. • Learning: The time it takes for new hires to be fully productive in their new roles can range from three to six months, depending on the scope and complexity of the position. While the cost varies by job and skill set, assume the average new college hire needs three months for on-boarding. He or she also is operating at 50 percent productivity in the ﬁrst month, 70 percent in the second month and 90 percent by Tips for Recruiting Generation Y Having clariﬁed the cost beneﬁts of recruiting rightﬁt candidates, it’s necessary to ﬁnd ways to reﬁne recruiting programs to successfully execute this critical task. • Target students’ top resources. Employers should communicate with candidates using resources students ﬁnd most effective. Results from the Experience Inc. 2008 job survey identiﬁed the following as the top four: in-person networking, university career centers, internships and online job boards. • Provide students with information they want. Choosing a job is no longer solely a ﬁnancial decision. Recruiters should understand what motivates students to select certain jobs and make sure these messages address candidates’ top considerations. Survey results show college students are looking for careers that match these top criteria: location, ﬁt with their skills, career advancement opportunities and company reputation and ethics. • Align jobs with students’ ﬁelds of interest. For example, technology companies listing ﬁnance positions may create more interest by highlighting responsibilities associated with ﬁnancial services. In the survey, students showed the highest interest in the following ﬁelds: ﬁnance and banking, communications/media, nonproﬁt, social/human services and government. Utilize students’ top resources and the company Web site to communicate these key messages. Get creative in matching employment offerings to student preferences and the organization will stand out among the competition. Figure 1: The Cost of Turnover Cost of Turnover $24,000 $6,000 Cost to Hire The beneﬁts obtained from hiring a person who stays with the organization far outweigh the costs associated with a targeted recruiting program designed to ﬁnd the right hire. the third. If the new hire’s starting salary is $40,000, the learning cost would be equal to the loss of productivity in those ﬁrst three months — in this case, less than $3,000. According to the numbers, if an organization loses an employee within the ﬁrst year, it has lost a considerable investment in time and money. When taken together, it costs approximately $24,000 or more to replace a Gen Y employee. Therefore, the cost associated with turnover easily exceeds the cost to recruit — in fact, it’s more than four times the price. (See Figure 1.) Finding the right person to ﬁll open positions by matching skill sets, personality and cultural ﬁt is essential not just to build a productive workforce but to impact an organization’s bottom line. Tips for Retaining Generation Y Employers need to understand the incredible impact Generation Y is making in today’s workforce. Gen Y has created a need for a cultural overhaul that has not been this dramatic since women entered the workforce. Employers who manage Gen Y according to their preferences will retain them longer. • Offer more than compensation. The focus for these individuals is about advancement, improved capabilities and recognition of achievement marked by a new position. Offering Gen Y employees a raise while keeping all other factors the same will not have the same impact as giving them new challenges. 54 September 2008 talent management magazine www.talentmgt.com http://www.talentmgt.com

Table of Contents Feed for the Digital Edition of Talent Management - September 2008

Talent Management - September 2008 Editor's Letter Contents Human Performance: Stop Wasting Money on Training Leading Edge: No Whining, No Excuses Learning Connections: Do You Get It? The Untapped Resource Reinventing HR Doing Compensation Right: The Winning Spread Managing Performance in the Knowledge and Innovation Worker Age Stop-The-Clock Time Management Preparing for the Future in the Public Sector SAS: Connecting People, Process and Products Talent Transformation at Textron The Price of Finding the Right Gen Y Candidate Advertiser's Index Editorial Resources Full Potential: Do What You Love, Love What You Do

Talent Management - September 2008

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