Leveraging data and analytics is the next step for HR leaders aiming to transform from administrative passengers to strategic HR leaders capable of driving organisational strategy. However how do you implement talent analytics engine? Which talent analytics engine is best for your organisation? Join this seminar and Q&A session to understand how analytics can work for your organisation.
Main Point:
You shop, you play and connect online, but how do you work?
Script:
You shop, you play and connect online, but how do you work?
New technologies such as Social are influencing the way we interact. In fact, 1 out of every 5 online minutes online is spent on social networking
The Cedar Crestone 2011-2012 HR Systems Survey
stated : Given the extensive and continuous coverage on social technologies by the general and HR press, it is surprising to see that respondents indicated that overall only 3% of the workforce is using these technologies today
But how do you find that needle in a haystack when recruiting top talent has become so competitive? One answer is to turn to social media. The explosive growth of social media has changed everything from the way people communicate to the way they manage their careers. It’s opened the doors for recruiters and candidates alike and enabled an unprecedented level of access.
As of 2012, Facebook boasted more than 1 billion users worldwide; LinkedIn had 187 million members and Twitter had 200 million members.
Experian reported in April 2013 that 16 minutes out of an hour online is spent on a social network or forum
And it’s not just about socializing
In a 2013 Avanade study of global enterprises, the majority of IT decision makers (87 percent), business leaders (67 percent) and end users (68 percent) report using social networking technologies in the workplace. Most rely on consumer technologies today, such as Facebook, but plan to move to enterprise-ready technologies over next 12 months.
The Corporate Leadership Council found that disengaged employees have a 23% probability of turnover within 12 months, compared to less than a 1% probability among highly engaged employees.
Disengaged employees cost their employers on average 46% of their salaries in lost productivity.
Why is recruiting the best talent so important? We all know that talent breeds innovation and that to be competitive, companies need strong workforces. But did you realize the full impact a top performer can have on an organization? According to ERE, a top performer can bring in as much as 100 times the person’s compensation, meaning a $100K employee can add as much as $10Mil to a company’s bottom line. That certainly puts the spotlight on making good hires!
You can take advantage of this new phenomenon first by recruiting via established relationships –yours with your employees, and much more significantly, theirs with their friends and professional connections. You can turn every employee into a recruiter by asking them to tap their networks for referrals. According to Rouser, over 60% of employees who used personal connections to get hired report being extremely satisfied with their jobs. And we all know that satisfied employees are more likely to go the extra mile as well as stay with the company.
You also have a valuable recruiting ground in your social network followers. After all, you want top performers who are passionate about your company so why not reach out to those who have taken the time to “like” or “follow” you online? Rouser reports that 57% of job seekers expect a company to interact with fans and followers.
It makes intuitive sense. We pay close attention to what our peers, family members and colleagues are telling us, while we tune out banner ads and telemarketers. On the flip side, when we’re happy with a product or service, we often refer our friends to brands without realizing we’re doing it – by passively sharing, “tweeting,” and “liking” brand-content into the newsfeed. The impact of our new recommendation habit is enormous, given that the Facebook newsfeed, for example, has become the most trafficked page on the most trafficked Website in the world. Until just a few years ago, HR decision makers were not ready to do what today seems almost obvious. Now they see the benefits of connecting their high-performing Employee Referral Programs to the world of online recommendations and social sharing. Since every employee is connected to their friends on social networks, it is relatively easy to make every employee a “social recruiter,” given the right technology.
There are many ways social networking applications and principles can be applied in the workplace. But today, we’re going to focus specifically on recruiting.
You need top talent. And to find that top talent in a minimum of time and for a minimal cost, you need access to both a large pool of active and passive candidates as well as insight into which candidates are the most worth pursuing.
Social can help with both of these challenges. Why? Because social connections—in this case your own and your employees’ are the new currency of the 21st century.
People now are only separated by 4.74 degrees, which really isn’t surprising considering the number of users on the three biggest social networks alone. And those people are using the social networks to find jobs:
According to the 2012 publication, “Best Practices in Social Recruiting” by Meisha Rouser:
18,400,000 applicants found their jobs on Facebook
10,200,000 applicants found their jobs on LinkedIn
8,000,000 applicants found their jobs on Twitter
Recruiters are tapping these channels as well. According to Rouser, 89% of recruiters have hired someone through LinkedIn. Facebook and Twitter trail Linked in with 26% and 15% of recruiters hiring employees via these channels but given the vast number of users on the networks, one expects those numbers to go up.
Stats pulled from: http://socialmeep.com/infographic-the-social-recruiting-pocket-guide/
Your employees are social, which means that they have friends and acquaintances in real life, and nowadays, they maintain those relationships online on facebook, linkedin, and twitter. When we’re talking about Facebook, what’s important to know is not what they have in their profile, but that they spend a lot of time there sharing things with their friends. In fact 1 in 7 human beings on planet earth is an ACTIVE facebook user. You’re employees are using these sites during work on their smart phones, after work, and on the weekends from home. Your social employees are in fact, your gateway to a huge pool of talent.
Employees also act as a human algorythym, making good referrals and filtering out bad candidates.
When you ask your employees for referrals, and give them the tools to make the process of tapping into their networks easy, and game-like, you now have access to exponential amount of potential candidates – active and passive candidates that are in some way connected to the top talent you’ve already chosen to hire.
If we stop and do the math, we can see just how robust a source employee networks can be, but then we’ll also see why they go untapped. You’re not getting enough of them through referrals. You’re not getting them through proactive applications. They aren’t coming to you. You’re not getting them when recruiters run searches, mine databases, and reach out cold. And sometimes, you’re not getting them because they are in fact applying but they are applying at a competitor’s company.
A 2000 person company can potentially reach millions of talented people through its employees – perhaps all the candidates it ever needs to fill its reqs.
And everyone knows that referrals are the top choice for effective sourcing, so shouldn’t this be the channel you focus on first?
With Oracle Taleo Social Sourcing you have the ability to socialize referrals and watch the impact go to a whole new level. Streamline the process by targeting, make it easy and fast, and reach an entirely new audience.
Referrals not only deliver great candidates, but they increase other channels as well, the results are impressive.
Next are your fans and followers, also a great channel for helping you fill positions.
Your brand is social - leverage all the great work your marketing team has done to gain fans and followers for your brand.
In this example, this retail company already has 1,844 fans that will see their job posts for the new store opening in Sydney.
Referral candidates are marked and tracked within Taleo Recruiting, making it easy to see, find and prioritize referral candidates.
There is a built in dashboard which provides up to the minute views into activity around posting, viewing, sharing and applying for jobs. Click on any of the reports to get the details. You can even see who your top referrers are so you can continue to target and/or reward them!
Oracle Taleo Social Sourcing is one integrated solution for all of your social recruiting needs.
Oracle Taleo Social Sourcing Cloud automates your social recruiting activities, provides the necessary tracking and reporting capabilities and is mobile-ready.
1.3 Billion people on the social networks cannot be ignored. Social recruiting is no longer an add-on activity, it needs to be an integral part of your overall recruitment strategy.
Social Sourcing is here to stay. Invest now in tools that will leverage this shift to social media with automation vs making your difficult jobs more complex.
Now, when you get calls on labor costs or attrition rates, it’s easy to find the information and answer questions.
It’s also simple to find actionable information on how to take steps to address problems that arise, whether they happen domestically or in an overseas office.