Developing the Employee R ecruiting and R etaining Process
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Transcript of Developing the Employee R ecruiting and R etaining Process
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Developing the
Employee Recruiting
and Retaining Process
Group 12
Alexander HuynhChul Cho
Japneet KohliJea Hyul Lee
Judy Tan
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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
Spectrum Has Trouble Recruiting and Retaining
Salespeople
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2011
2012
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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
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Employer Branding
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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)
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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)
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Employee Referral Program
(ERP)
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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)
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Referrals take the Least Time to Fill Vacancies
Referrals Job Boards Career Sites0
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20
30
40
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Number of Days taken to Fill a Vacancy
Days
(Sullivan, 2012)
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)
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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)
13Spectrum can Implement ERP in 3
Steps
Plan the ERP
Allocate funds & decide rewards
Set protocols
(Gaumond, 2006)
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Enhance Advertiseme
nts
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Spectrum should Market Externally
1. Enter career fairs
and career expos
2. Improve PR
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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/