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How Annual Performance Reviews Can Help or Hurt Employee Retention Rates

image_06The findings of a survey from the Harvard Business Review show that 65 percent of employees feel more engaged with their company when their performance reviews are aligned with corporate goals [1]. Achieving employee engagement is key when it comes to employee retention, so unlocking the potential of the performance review is important. However, it turns out that an annual performance review can both hurt and help employee retention rates in a variety of ways.

Annual Reviews Might Not Be Enough

Annual reviews, in and of themselves, can be a positive thing and a great way to engage employees, offer credit where it is due and ensure that both employee and manager are on the same page. Margaret Jacoby, writing for the Huffington Post, believes that relevant feedback needs to be offered throughout the year [2]. More opportunities for open communication can ensure employees are satisfied and willing to stay on in the company.

Winging an Annual Performance Review

Whether an employee performance review is an annual event or something that takes place quarterly, it is perhaps the only chance for a mid- or entry-level employee to have a frank discussion about pay, job title and expected duties. When the reviewer goes into the meeting without adequate preparation, it can be a slap in the face to employees who have worked hard for recognition. Worst of all, according to Forbes, is simply offering the same advice or review as the year before [3].

Providing Detailed Feedback

When offered in a timely fashion and combined with quarterly appraisals to keep employees on the right track, an annual performance review can go a long way in promoting staff satisfaction, which in turn leads to higher retention rates for a business [4]. One way to provide a satisfactory annual performance review is to offer detailed feedback. The manager providing the review should do their homework, offer praise in the areas required and speak candidly with employees.

A thoughtful quarterly or annual review can be a tremendous tool for managers interested in increasing employee retention rates. However, reviews that are poorly done, delayed or not accompanied by year-round feedback could actually reduce employee engagement and satisfaction.

[1] https://hbr.org/resources/pdfs/comm/achievers/hbr_achievers_report_sep13.pdf
[2] http://www.huffingtonpost.com/margaret-jacoby/the-worst-advice-ever-hea_b_7444356.html
[3] http://www.forbes.com/sites/ericjackson/2012/01/09/ten-reasons-performance-reviews-are-done-terribly/
[4] http://www.businessweek.com/managing/content/jan2011/ca20110114_156455.htm

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The Importance of Entertaining New Recruits before Selling the Job Opportunity

image_24Every successful C-Level executive understands the importance of recruiting and maintaining the best possible talent. It is the continual influx of new and competent individuals that allows a company to grow and expand. However, the very best talent always has multiple opportunities, and you have to show why yours is the most desirable.

In fact, today’s prospective employees are more discriminating and demanding than any generation before them. Numerous personnel and hiring experts have written about the ever-expanding expectations of this generation of job-seekers. In the world of social media, every company’s culture is under the microscope and sites such as Glassdoor ensure there are very few secrets about what life in your company is like.

On top of this factor, media discussions of the work environments at such companies as Twitter, REI, and HubSpot raise the bar for acceptable cultures. In light of these realities, it is important to show your prospective hire that the job you are offering is not the time clock-oriented and boring situation they fear.

While not everyone is expecting a playroom at work, it is possible to address the basic concerns about your company. Among other things you should include in the interviewing process, adding a little entertainment can be a win-win situation for both parties.

When you schedule a time to relax in the hiring process, you get to see another side of your best recruits. Likewise, they have the opportunity to see that their prospective fellow workers are not the dreaded corporate drones. Of course, the form of entertainment is an open choice. Certainly, the traditional formal dinner at a restaurant is not the only or best way to entertain your recruits. That may be a part of the hiring cycle, but it is seldom regarded as a form of entertainment.

Consider taking a group of recruits to a ball game, or adding recruits to a company picnic. Some companies even have special boxes they periodically use for sports, theater, or other out-of-the-office recruiting. Ensure those who participate in this part of the hiring process understand their role is not only to entertain the recruits but also to observe and evaluate their interactions and reactions.

You’ll find that the right form of entertainment is an effective addition to attracting the right recruits in today’s increasingly tight market for top talent.

 

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Designing a Recruitment Page that Works Well on Mobile Devices

image_11Recruiting top talent can be difficult in a competitive market. A solid recruitment strategy is very important in attracting the right candidates to your company. As technology continues to evolve, you should keep up with current trends.

With that in mind, it’s important to understand that smartphones have surpassed desktops regarding the primary method individuals use to access the Internet. Mobile platforms – smartphones and tablets – combined to account for 60% of total digital media time spent in 2014 according to research by comScore [1]. In addition, 86% of active candidates surveyed by Kelton Research use their smartphone to begin a job search, and 70% of active candidates want to apply via a mobile device [2].

When designing a recruitment page, the functionality of the website is critical to reaching users who are not only working from a desktop but also from a mobile device.

Utilizing new Technology

Recently, Google has developed an algorithm tailored specifically to mobile devices, making it easier for the user to find websites that are mobile compatible. This new algorithm introduced by Google rewards mobile-friendly websites by providing a boost in rankings, taking precedence over non-mobile optimized websites. In this ripe field of cutting-edge technology, incorporating a mobile- friendly recruitment website gives your company an advantage.

Design Time

Your IT team is your best friend when it comes to designing a website that is functional across a variety of platforms and devices. What works with an iPhone will not always work the same with an Android. However, you do not necessarily have to make two different versions of a website to make it mobile friendly. Small adjustments, such as changing the view from portrait to landscape and decreasing text size, can help make your website accessible from virtually any device.

Reaching out to More Prospects

Millennials, especially, have embraced technology to its fullest. Downloadable apps are available for almost every major website. Imagine a mobile app for your company that would allow prospective recruits to search and apply for jobs, upload their resumes, receive job alerts, join talent groups, and hear firsthand what it’s like to work at your company. As job seekers are using their smartphones more and more in the job search, it is your responsibility as an employer to adapt to these changes in technology. The results will be beneficial to potential employees and your company.

[1] https://www.comscore.com/Insights/Blog/Major-Mobile-Milestones-in-May-Apps-Now-Drive-Half-of-All-Time-Spent-on-Digital

[2] http://thehiringsite.careerbuilder.com/2015/01/19/2015-is-year-of-mobile-recruiting/

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Hiring Techniques for Balancing Short and Long-Term Corporate Goals

image_21Finding, vetting and hiring a new employee is an expensive proposition. For example, it is estimated that the costs for even a high-turnover, low-paying job is at least 16 percent of the annual salary for the position [1]. For more significant positions, the total costs can easily exceed $40,000 to $50,000. Moreover, the costs of terminating an employee can be multiple times this number.

Hiring Processes that Fit the Task

Because of these realities, it is important to develop hiring processes that deal with both short and long-term needs for your organization. If a specific position is identified to fill a seasonal or limited time period, there are ways to save on the costs of adding that employee without compromising the process.

For example, many companies incorporate expensive tests in their hiring cycle to evaluate an individual’s long-term capabilities. This is especially the case where there is an expectation of growth and promotion. If that is not a practical consideration for a more temporary position, those types of investment are easily eliminated. On the other hand, certain proven techniques, such as drug testing, should not be taken out of the hiring equation for even short-term assignments.

Another effective way to deal with limited staffing needs is to consider the temporary employee market. An increasing number of qualified individuals now place themselves at the disposal of temporary agencies and corporations. There are many reasons highly qualified talent might pursue temporary opportunities, and you can find employees for everything from assembly work to C-Level executives who will work on short-term projects.

Protecting the Culture

Of course, looking at temporary employees does not mean accepting a compromise in quality or expectations. This is especially the case is the need extends beyond a few months. It is important to only bring in shorter-term hires that fit the corporate culture and are willing to show the same commitment and performance during their tenure as expected from established staff.

Taking the time to streamline hiring processes that fit the need will help you meet corporate goals while saving on the costs involved.

[1] http://www.cbsnews.com/news/how-much-does-it-cost-companies-to-lose-employees/