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Developing the Employee Recruiting and Retaining Process Group 12 Alexander Huynh Chul Cho Japneet Kohli Jea Hyul Lee Judy Tan 1

Developing the Employee R ecruiting and R etaining Process

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Developing the Employee R ecruiting and R etaining Process. Group 12 Alexander Huynh Chul Cho Japneet Kohli Jea Hyul Lee Judy Tan. Spectrum Financial Group. Founded in 1901 P rovides individuals and businesses with financial products and services - PowerPoint PPT Presentation

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Page 1: Developing the Employee  R ecruiting and  R etaining Process

1

Developing the

Employee Recruiting

and Retaining Process

Group 12

Alexander HuynhChul Cho

Japneet KohliJea Hyul Lee

Judy Tan

Page 2: Developing the Employee  R ecruiting and  R etaining Process

2

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

Page 3: Developing the Employee  R ecruiting and  R etaining Process

Spectrum Has Trouble Recruiting and Retaining

Salespeople

0

50

100

150

200

250

300

350

2011

2012

3

Nu

mb

er o

f P

eop

le

Page 4: Developing the Employee  R ecruiting and  R etaining Process

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

Page 5: Developing the Employee  R ecruiting and  R etaining Process

5

Employer Branding

Page 6: Developing the Employee  R ecruiting and  R etaining Process

6

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)

Page 7: Developing the Employee  R ecruiting and  R etaining Process

7

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)

Page 8: Developing the Employee  R ecruiting and  R etaining Process

8

Employee Referral Program

(ERP)

Page 9: Developing the Employee  R ecruiting and  R etaining Process

9

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)

Page 10: Developing the Employee  R ecruiting and  R etaining Process

10

Referrals take the Least Time to Fill Vacancies

Referrals Job Boards Career Sites0

10

20

30

40

50

Number of Days taken to Fill a Vacancy

Days

(Sullivan, 2012)

Page 11: Developing the Employee  R ecruiting and  R etaining Process

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)

Page 12: Developing the Employee  R ecruiting and  R etaining Process

12

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)

Page 13: Developing the Employee  R ecruiting and  R etaining Process

13Spectrum can Implement ERP in 3

Steps

Plan the ERP

Allocate funds & decide rewards

Set protocols

(Gaumond, 2006)

Page 14: Developing the Employee  R ecruiting and  R etaining Process

14

Enhance Advertiseme

nts

Page 15: Developing the Employee  R ecruiting and  R etaining Process

15

Spectrum should Market Externally

1. Enter career fairs

and career expos

2. Improve PR

Page 16: Developing the Employee  R ecruiting and  R etaining Process

16

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/