How to Acquire and Retain Top Talent

BySean Patel, Rebecca Melley, Chrstine Piera, & Rowan Holness

Problem : Trouble Retaining Talent

Because of this shortage in talent, 50% of recruiters expect tech “talent poaching” to get more cutthroat in 2015

In 2013 In 2014

30% 40%Of companies lost tech staff

Why Do These Companies Pose A Problem For InsurAll?

Fortune top 500 companies are recruiting the best talent from the up and coming generation (consisting of recent college graduates) and stealing talent from the generation already in the work force (those who have already proven their worth)

This means that Insurall has less talent to work with, causing production and profit to decrease.

Talent Level

ROI of the Employee

Who are the top 5 companies to work for?

InsurAll vs. Google

Google is number one on Fortunes top 500 list of best companies to work for. Last year, Google hired 6200 new employees. Since the average amount spent on recruiting per hire is $3300 according to Forbes, this means that Google spent in total $20,450,000 on just recruiting individuals that they hired

If InsurAll were to hire the same amount of employees, it would only cost them $38.39 in recruiting per hire ($238,000 cost of application/6200 hires)

This means that compared to Google, InsurAll saved $3261.61 in recruiting per hire. The money that is saved could then be used to offer more benefits to potential candidates, or help retain the talent that they already have!

Why are these companies so desirable?The Non-Negotiables

What is Most Important To Millennials

What do milenials want from their job?

How can InsurAll attract and retain top talent then?

Introduce person

1st step

Create an account through our app Persuader and sign in

If you are already a member, please sign in:

Username: Password:

New to Persuader? Click here to register

2nd stepJohn creates a user profile.

Enter credentials below

Highest level of education: Bachelor’s DegreeSchool graduated: University of ConnecticutAccumulated GPA: 3.8Previous employers: Travelers InsuranceYears in the work force: 4Year in the industry: 4Rewards and acknowledgment earned: Employee of the yearVolunteer Work: Food Share

Your Interests

Jobs

4th StepThe app will determine if the candidate seems like a top talent prospect based on the

credentials they entered. It will then show them the benefits and accommodations offered to individuals who are in the work force that have similar credentials as them

Based on the credentials that you entered, listed below are the average benefits for individuals similar to you that are in the

Work force

Average wage: $95,000-$105,000*Average Vacation days per year: 12-14*Average Increase in salary per year: 3%- 6%*Average amount of days spent traveling per year: 15- 20 days*Average amount of days working at the office per year: 235-250*Average amount of sick days per year: 8-10*

*All averages are based on the compensation information of our current employees and are not guaranteed. All averages are based on InsureAll is not responsible for

4th StepThe individual then enters a list of demands. The purpose of step three was to make

the person aware of how others similar to them were compensated, so that their demands in Step four would be reasonable and could be realistically met

If hired, what would you like the company to provide for you? Please insert your list of

Demands followed by the level of importance below

I would like…

Starting salary: 100,000 5Vacation days per year: 17 5Increase in salary per year: 8% 5Amount of days spent traveling per year: 15 5 Amount of days working from office per year: 225 5Sick days per year: 11 5

Level of importance

5th stepThe app will then generate a list of how InsurAll can meet the individuals list of demandsby comparing themselves to the top three rival companies competing to hire this person.

The App will also take into consideration the level of importance selected for each demand

List of demands

Starting salary:Vacation days per year:Increase in salary per year:Days spent traveling per year:Days working from office per year:Sick days per year:

Insurall Google SAS BCG

company

105,000 104,000 17 18 7.5% 7.3% 15 10 19 16217 218 222 21212 9 14 10

*Since the individual placed a 5 out of 10 for the level of Importance for each demand, Insurall’s numbers are calculated

By generating the average values from the top three rival companies

6th stepIn the second to last step, the app will then generate a potential work schedule for the

individual based on how InsurAll can meet their list of demands. This shows how their life would be like if they were hired

likeIf they were hired

Sample work schedule for the month of NovemberList of demands Insurall

Starting salary: $105,000Vacation days per year: 17Increase in salary per year: 7.5%Days spent traveling per year: 15Days working from office per year: 217Sick days per year: 12

In accordance to what Insurall has offered…

• you will make $287.67 per day.• You have to be in the office for meetings the first week of every month. You

will also be traveling the last Thursday of every month to NYC to meet a client. The rest of the days of the month you can work from outside of the office and choose the hours you want to work as long as you work 40 hours a

week and finish your reports by the end of each month .

7th step In the final step, the app will offer the candidate an interview if their resume proves that they are high

quality talent. If the individual likes the benefits offered and the future schedule created by InsurAll, they can accept the offer and the app will generate a date and time that works best for the individual

Based on what InsurAll has to offer you, Are you interested in coming in for an interview?

Yes No

If you click yes, please insert the time and datethat works best for you

Date:Time:

Feasibility Of The ApplicationBudgeted total cost to implement the application

Feature PriceEmail Login $ 5,000

Social Login $ 5,000

User Profiles $ 25,000

Custom User Interface $ 45,000

Feedback System $ 45,000

Search $ 15,000

User Privacy Settings $ 5,000

Sync Across All Devices $ 15,000

Rating System $ 5,000

Total $165,000

100 200 300 400 5000

50

100

150

200

250

InsurAll Recruiting Cost Per HireRe

crui

ting

Cost

Employees Hired Per Year

SWOT AnalysisStrengths

Direct contact with audience

Cost effective

User friendly

Constant stream of applicants

SWOT AnalysisWeaknesses

Ever-changing environment

Less personal interactions

Verifying data

Constant marketing of the application

Constant maintenance for the application

SWOT AnalysisOpportunities

Talent coming InsurAll’s way effortlessly

Potential advertisements with cost benefits

Developing an audience

National and Global acquisition of talent

SWOT AnalysisThreats

Candidates prefer using social media with a broader spectrum

Falsified data

Competition using similar applications

The Biggest Takeaway From The Apps’ Strengths

The greatest competitive advantage that our application provides is cost efficiency. Keep in mind that our app costs about $238,000 to implement.

Our latest data from Forbes shows that businesses around the world spend over $3000 per hire on recruiting and this budget has increased by almost 6% in the last year.

This means that that U.S. corporations spend nearly $72 Billion each year on a variety of recruiting services, staff, and products. The worldwide number is likely three times bigger!

Conclusion Based on the data and research that our consulting team has analyzed, we

now have every reason to believe that our designed application is the best option for InsurAll, and that they should integrate this solution into their

business plan moving forward. Simply when it comes down to it, the rewards are high, and the risks are low!