This post is courtesy of Joyce Maroney, Executive Director of the Workforce Institute at Kronos. Kronos recently partnered with the Human Capital Institute to study how high performing organizations compete for talent. Following are some of the key findings of this research.
In late 2018, Kronos and HCI studied over 200 organizations to assess their talent strategies. The researchers developed an index comprised of 14 organizational outcomes to differentiate high performing organizations in this sample from the rest. Thirty-one percent of the organizations in this study were rated as high performers. You can find the entire study here. Following are some of the key highlights.
When it comes to spending more to attract talent, the high performers say they invest more in every category than do the lower performing organizations. And this holds true for both hourly and salaried workers.
This willingness to invest in talent holds true for their future plans as well. In the figure below, a number of key differences can be noted between the investments planned by the high performers (red) vs. the other participants in the study.
On almost every measure, the high performers show a statistically significant difference (asterisked items) in their planned investments in talent acquisition. High performers faced with the same talent shortages as their lower performing peers are significantly outspending them when it comes to winning the talent wars.
High performers aren’t just outspending the others. They are taking a longer term approach to building their talent pipelines by investing in building the skills of employees who are already on board. They use data to predict the talent they’ll need, improve their recruiting practices, and backfill vacancies more quickly. And perhaps most importantly, they prioritize the candidate experience. In a world where candidates have multiple options, these high performers treat them like valued guests, not cogs in a recruiting machine.
What’s your organization doing to fill positions these days?