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IN THIS ISSUE
Newsletter Sponsors
A Note from the Editor
Breaking News
Today's Recruiting News Headlines
Featured Recruiting Jobs
Weekly
Article:
A Talent
Management Strategy
Employment and
Economy Stats - New
Special Trials and Discounts
Recruiting
Polls and Trends
Layoffs and Downsizing
Report
Recruiting Essential Bookmarks
Upcoming Conferences
Site Of The Week:
Executive Job Market Intelligence 2004
Final Note - On The Lighter Side
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Newsletter Sponsors
1.
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A Note From The Editor
Net ads seen at nearly $10 billion
Net advertising is seen growing between 30 percent and
35 percent this year to $9.8 billion, American
Technology Research analyst Mark Mahaney estimated,
basing his figures on the latest data from the
Interactive Advertising Bureau and
PricewaterhouseCoopers.
Complete Story >>
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Breaking News
The Wall Street Journal's
Online Network of Sites Win 2004 Webawards
The Wall Street Journal’s
RealEstateJournal.com, CollegeJournal.com,
StartupJournal.com, CareerJournal.com and
OpinionJournal.com were honored in the 2004 WebAward
Competition sponsored by the Web Marketing Association.
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Today's Recruiting News Headlines
View HR/employment
news
headlines or our Recruiting
Newswire.
Please send us with your
press releases, news items, personnel changes, etc. Click
here for submission instructions.
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Featured Recruiting
Jobs
This section highlights
several recruiting related positions recently posted on
Recruiting Jobs. To view all jobs or to register
for a career agent
click here.
Looking to hire
recruiting professionals? Post a 60 day job
posting ad on RecruitingJobs.com for $225 and be
featured in Recruiting News.
Register
to post >>
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Weekly Article
A
Talent Management Strategy
By Peter Weddle
A recent survey by Yahoo!
HotJobs provided some interesting food for thought. When
asked “Which tool do you believe can best help you meet
your [recruiting] goals over the next year,” 20% of the
respondents cited better screening tools, 17% pointed to
improved candidate tracking, and a whopping 63% said
that what they needed most was a clear talent management
strategy. That’s a pretty strong consensus (at least, in
our field!), but what exactly is “a clear talent
management strategy?” What are its components and, no
less important, how do they influence the success of a
recruiter? The answers to those questions, it seems to
me, are absolutely essential if our faith in such a
strategy is to be vindicated by a larger yield of
superior candidates.
 So,
what exactly is a talent management strategy?
Webster’s Dictionary defines strategy as “the
science and art of military command exercised to meet
the enemy in combat under advantageous conditions.” Said
another way, a strategy can be effective only if it has
the following two components:
an objective that benefits a group, and
an inherent competitive advantage.
The objective in war is victory; the advantage can come
from a larger fighting force, better technology,
superior leadership, or even the weather. In recruiting,
the objective is also victory, in the War for Talent;
the advantage we recruiters need is whatever
differentiates and strengthens our organization’s value
proposition as an employer.
A talent management strategy, then, involves
“defining and promoting an employer so that it can
acquire an unfair share of the best talent in the
workforce.” As I’ve noted in previous columns, the best
talent is comprised of two cohorts:
Those rare individuals who possess skills that are
critical to business operations and are in critically
short supply; and
Those rare individuals whose contribution to the
enterprise significantly exceeds the norm and raises
others to that same high level of performance.
Every employer wants to hire such workers, but the
supply is insufficient. There simply aren’t enough rare
skill holders and rare performers to go around. That
isn’t a future dilemma; it’s a present day reality. It
is the here-and-right-now labor shortage that has turned
the labor market into a war zone. In such an
environment, employers have only two possible outcomes:
they can either be winners or they can be losers. There
is no middle ground. Either they hire all of the best
talent they need, or they don’t. And if they do, some
other employer will not be able to. Therefore, the only
talent management strategy that makes any sense is the
one that positions an organization for victory, and
victory can only be achieved by recruiting more of the
best talent than the competition.
 If
that’s the objective of a talent management strategy,
how is it achieved? What gives an organization a
competitive advantage in the race for an unfair share of
the best talent? In my view, the one element that
provides such an edge is knowledge of the client. In
other words, the most effective talent management
strategies are “client centric.” They are shaped by
those whom the strategy is supposed to serve: the hiring
managers whose positions we are trying to fill and the
high caliber candidates with which we are trying to fill
them.
To ensure that a talent management strategy serves
hiring managers, we must develop the strategy with
(gasp) hiring managers, themselves. In other words, the
talent management strategy doesn’t belong to recruiters
or to the Human Resource Department, but to the
enterprise. It is what the enterprise must do to capture
an unfair share of the best talent. To achieve that
objective takes a team effort, so we must meet with the
hiring managers, engage them in a dialogue, and
ultimately achieve agreement with them on three key
issues:
(1) The definition of a “quality worker” (i.e., the best
talent),
(2) The role each party (i.e., recruiters and hiring
managers) will play in recruiting such workers, and
(3) The metrics that will be used to measure the
enterprise’s collective performance in doing so.
To ensure that a talent management strategy serves
the top talent an enterprise seeks to hire, it must also
be devised in conjunction with those workers. Obviously,
it’s unlikely that we’ll be able to get their direct
input, so we must use surrogates to acquire this
perspective. Who are those surrogates? The top talent an
organization already employs. We must meet with them and
ask for their insights and counsel on three key
questions:
(1) What methods and venues work best in reaching people
just like them, the top prospects in their field?
(2) What factors in the organization’s value proposition
as an employer motivated them to accept its offer and,
therefore, will likely motivate other top prospects, as
well?
(3) How might they help the organization reach out to
and sell other rare skill holders and rare performers on
joining the organization?
A talent management strategy is not a silver bullet
in the War for Talent. Having one doesn’t ensure
victory. Not having one, however, almost certainly
undercuts your performance. And, having a good
strategy—one that has a clear goal and provides a real
edge—is probably the single best way to achieve success.
About the Author
Peter Weddle is a recruiter, HR consultant and business
CEO turned author and commentator. He has authored seven
books, edited six others and published dozens of
articles in professional and trade magazines. He writes
a weekly column about online recruiting for
CareerJournal.com from The Wall Street Journal and a
monthly newsletter that is distributed worldwide. In
addition, he oversees
WEDDLE's Publications, the leading print publisher
of newsletters, guides and directories about employment
resources on the Internet. Known for their accuracy and
usefulness, WEDDLE's publications have helped to put job
seekers, recruiters and HR professionals on the
Information Superhighway to success. Indeed, the
American Staffing Association has called Peter Weddle
the "Zagat" of the online employment industry.
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Employment and Economy Stats
- New
|
Current Stats
CPI:
+0.1% in Aug 2004
Unemployment Rate:
5.4% in Aug 2004
Payroll Employment:
+144,000(p) in Aug 2004
Average Hourly Earnings:
+$0.05(p) in Aug 2004
PPI:
-0.1%(p) in Aug 2004
ECI:
+0.9% in 2nd Qtr of 2004
Productivity:
+2.9% in 2nd Qtr of 2004
U.S. Import Price Index:
+1.7% in Aug 2004
Source:
BLS.gov
(p) = projected |
Trends Unemployment Rate
5.4% Aug 2004
5.5% July 2004
5.6% Jun 2004
5.6% May 2004
5.6% Apr 2004
5.7% Mar 2004
5.6% Feb 2004
5.6% Jan 2004
Employment Cost Index
+.9% 2nd Qtr of 2004
+1.1% 1st Qtr of 2004
+0.7% 4th Qtr/2003
Change in Payroll Employment
+144,000 Aug 2004
+32,000 July 2004
+112,000 June 2004
+235,000 May 2004
+324,000 Apr 2004
+353,000 Mar 2004
+83,000 Feb 2004
+159,000 Jan 2004
Source:
BLS.gov |
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Special Trials And Discounts
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Recruiting Polls and Trends
More American companies expect to add jobs in the
fourth quarter than a year ago, even as they remain
cautious about hiring, according to a survey released
Tuesday by Manpower. Manufacturing, retail and service
businesses, in particular, expressed strong optimism,
according to the quarterly survey of 16,000 US
employers.
Overall, 28% say they plan to add staff, twice that
of a year ago. Seven percent expect to reduce their
payrolls in this year's fourth quarter. 60% plan no
changes and 5% were not sure.
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Layoffs and Downsizing
Report
Recruiters Network has added
a layoff and downsizing report section to its
newsletter. This section can be a great leads source for
candidates.
More information on how to use this section >>.
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Recruiting Essential Bookmarks
3rd Party Recruiting Spilt Networks
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Other Useful Links
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Upcoming Seminars &
Conferences
Sept 28-29 -
The 7th Annual Recruiting & Staffing Summit
Sept 28-29 -
HR Measurement Summit
Oct 6-9 - The
2004 NAPS Annual Conference
Oct 8 -
Recruiting In Cyberspace
OCt 12-15 - Strategic HR:
Aligning With the Business to Drive Results
Oct 20-23
Staffing World 2004
Complete calendar for upcoming
conferences and
seminars.
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Site Of The Week
Executive Job Market Intelligence 2004 brings
you the latest industry information on executive
marketplace trends and compensation. This comprehensive
report, based on ExecuNet’s 12th annual survey of
executives and recruiters, details the attitudes,
perceptions and practices of executives and the search
community. Download
it now.
Executive Job Market Intelligence 2004 is just
one of the value-added benefits available with a
RecruitSmart membership. For more than 16 years, we’ve
helped more than 28,000 search firms and corporate
recruiters to source executive-level talent.
Free Download >>
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Final Note - On The
Lighter Side
Here are some of the
submissions of actual comments, notices, and statements
coming out of different companies:
As of tomorrow, employees will only be able to access
the building using individual security cards. Pictures
will be taken next Wednesday and employees will receive
their cards in two weeks. (This was the winning entry;
Fred Dales at Microsoft Corporation )
What I need is a list of specific unknown problems we
will encounter. (Lykes Lines Shipping)
How long is this Beta guy going to keep testing our
stuff? (Programming intern, Microsoft IIS Development
team)
Complete List >>
*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-* All rights reserved.
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