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|A Kennedy Information Publication||April 3, 2008|
Welcome to Recruiting Trends Bulletin, a bi-weekly email for recruiting professionals, from the editors of RecruitingTrends.com.
Are you LinkedIn®? Do you Spoke®, Ryze®, Jigsaw® or
ZoomInfo®? In 2008, will you get a Second Life®?
If these social networking concepts are not in your radar, you are ignoring a dynamic trend that could have a profound impact on key areas of your business such as profitable revenue growth, talent acquisition and development, and operational efficiency and effectiveness.
Wikipedia defines a social network service as one that focuses on the building and verifying of online social networks for communities of people who share interests and activities. The concept of Social Network Analysis (SNA) the intersection of several key disciplines including sociology, anthropology, psychology, organizational design and graph theory has existed in academic circles since the 1930s and 1940s. Although interesting, the study of patterns in human interaction has unfortunately been confined to academia with little visibility or application to corporate leaders and their efforts in not only strategy formulation, but strategy execution as well.
The breakdown strategic relationship outcomes
In many leadership circles and boardrooms, there is seldom a shortage of organizational mission, vision, strategy, values or beliefs. (What I often refer to as wall art.) But where it consistently breaks down is when dealing with concepts such as the strategic relationship dashboard, strategic relationship initiatives, and personal relationship development action plans all of which lead to strategic relationship outcomes.
Strategic Relationship Planning is driven by a core set of questions around critical company business goals including the identification of the most relevant and strategic relationships we need, critical relationships we already posses within and external to our corporation today, and a plan as to how to systematically, intentionally, and strategically add value to the social network we currently have to create leverage with the relationships we need.
This dynamic Favor Economy is the core motivator of the 17 million users in over 150 industries that have converged on a single online platform that didnt exist until only a few years ago.
Although many leaders have heard of LinkedIn, there are still many who are either under the impression that it is a fad that will simply go away or that it has little bearing on them personally or professionally. What they neglect to realize is that 499 of the Fortune 500 companies have director-level profiles and higher on LinkedIn. Even Barack Obama recently teamed up with LinkedIn to reach entrepreneurs, small business owners and executives, asking them very pointed questions regarding their needs from the next U.S. president... More...
Why does HR need to think like a marketer? Easy. Marketers see the
value chain from start to finish. Think about sales flyers or
coupons you receive in the mail, or that free download via
the Internet. They will most often have an event or incentive code that
you need to enter in order to receive your free gift or discount. This
is the tracking system marketing professionals use to identify the
exposure, acceptance, and ROI of the marketing campaign.
My own personal experience of late is the newest fad in DVD rentals out of the Big Red Box at the supermarket. I received a free trial for one movie with my grocery receipt. Being a value shopper, I decided to give it a try. First, I had to find where the Big Red Box was. Once I saw it, it struck me as funny that I had never noticed it before, since I walked by it every time I headed out of the store.
So, I go to the Big Red Box, follow the very simple touch screen directions, enter my incentive code and voila! I have a brand new, free DVD rental for the night. That to me qualifies as value. The moral of this little story is I am now renting DVDs from the Big Red Box every week or so. I canceled my Netflix subscription, because while its conveniently dropped in my mail box, my travel schedule doesnt allow me to watch as much as I thought. So the box, conveniently located at the grocery store ends up being much more convenient.
Somewhere, some marketing genius can now track my first free purchase (since I had to input that code) along with my steady four $1.49 purchases a month. You may say that $72 a year from good ol Lizz is not a lot of money. I say, how many people did the exact same thing I did? The Big Red Box made $70.51 off a $1.49 investment from them. Did I also mention that they took business away from their competitor? Thats pretty good ROI.
Creating an employee value proposition
So, what does this have to do with HR, employment branding and creating an employee value proposition? If we, as recruiters, think and act like marketers, then we are constantly tracking, measuring, and assessing our ROI. Candidates may see our logo, our brand, our ads, but they may not be motivated to really look at us. There is nothing driving them to open their eyes or possibilities with a company they pass by potentially every day...More...
The battle for top talent is being waged, and the ones who are
innovative, tenacious, and realistic about how best to fight it will
emerge victorious. Recruiting has been forced back into the forefront in
recent years, as the economy, job market, and company revenues have
bounced back in a big way. During the early part of this decade with the
dot-com bust, jobs were being lost at a record pace while companies
looked to slim down just to stay alive. That is no longer the case, as
companies looking to ramp up quickly to meet increasing demand are under
more pressure than ever to hire quality candidates. As the economy
continues to grow, so does the demand for qualified hires.
So how can a small company looking to recruit that top talent to help them beat the competition get the job done, and done effectively in the face of major players? There isnt one simple answer - companies now must stay flexible, be innovative, and use as many resources as possible to accomplish its recruiting goals. By using a few simple methods and keeping a few key points in mind, its possible to mine those hidden gems of potential talent into productive, long term employees.
One trend that emerged from the dot-com bubble burst was the mass exodus of quality recruiters from the profession completely. What once was a lucrative business when the economy was booming suddenly became less and less attractive, leaving the number of good recruiters at a minimum. Many simply went into different careers, never to return.
Now with a new emphasis on attaining top talent, good recruiting personnel is not a luxury, its a necessity. Getting top recruiters can sometimes be as important as getting the talent to fill that high level marketing, IT, or software engineering position. When you find good recruiters to work internally, hanging onto them should be paramount. Encompassing them into any hiring program should also not be overlooked. To get talent you need talent.
As an extension of this, companies should try to be as innovative as possible when implementing ideas about recruitment, and how best to get that right person in the building. This can range from an internal employee referral program to a company contest focusing on promoting its value proposition and benefits. Too often companies dont lean on their own employees to help in the effort, when its one of the easiest ways to recruit. Get everyone involved, and do it in a different way when possible. Who better to sing the praises of the company and get people interested with an honest assessment of the culture and opportunities than the employees that are currently enjoying them? Make use of your employees, and they can become a powerful recruiting tool... More...
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