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Use these 10 strategies to attract and retain skilled workers.

 

  • Writing good job descriptions can help you find the best employees.
  • Job seekers want comprehensive salaries and benefits, inclusive company cultures, and ample career development opportunities.
  • Training management can have a big impact on employee retention.
  • This article is for business owners and hiring managers looking to attract and retain top talent. 

Every business wants to attract and retain the best employees, but this is often easier said than done. A 90% retention rate and a 10% turnover rate are considered “good,” but a 2021 Bureau of Labor Statistics report found an average annual turnover rate closer to 57%. This means that the fight for talent is tougher than ever before.

Simply offering a large salary isn’t enough anymore. Job seekers want to work for inclusive organizations that offer great salaries and benefits, inclusive company cultures and ample career development opportunities. They also prioritize companies that align with their goals and values. Employers should keep this in mind as they think about which strategies they can use to not only attract the best workers, but also keep them long term.

Although your recruitment and retention strategy will be unique to your business, here are 10 ways you can attract and retain skilled workers.

1. Write good job descriptions.

The first step to attracting skilled workers who match your needs is writing a good job description. A well-written job description can make a big difference in finding qualified candidates.

  • Content: A job description is much more than a simple list of employee responsibilities; it is often one of the first impressions a job seeker has of your organization. As such, an effective job description should not only include skills, tasks, expectations and role requirements, but also give the reader a feel for your company culture. A recent study by Skynova showed that 7 in 10 job seekers find salary to be the most important aspect of a job posting, followed by the benefits package. As such, it can be beneficial to include this information as well.
  • Tone: The way you write your job descriptions should match your company and brand. For example, if you have a lighthearted, goofy company culture, consider using words that convey the silly nature of your workplace. However, steer clear of words such as “guru,” “ninja” and “wizard.” The Skynova study found that many job seekers respond negatively to these terms.
  • Format: Format your job descriptions in a way that is easy to read. Use headers and bullet points when writing out details like requirements and responsibilities, as this will make the job description easier to scan. You will also want to include a clear call to action so that applicants know how to apply.
2. Be intentional with your hiring process.

According to a survey by BambooHR, 31% of workers leave a job within the first six months, and 68% of those depart within the first three months. A strategic recruitment and onboarding process can reduce these high turnover rates by helping new employees feel connected to their roles.

Employee recruitment

Find out which websites and job boards most align with your organization and the employees you are looking for. Asking employees for referrals is also a great strategy for finding reliable talent. You can use recruitment software or applicant tracking systems to manage your talent pipeline from start to finish.

Employee interviews

When hiring new employees, it helps to have a recruitment process that is uniform and consistent across the board. Train your HR and hiring managers on how to conduct effective employee interviews, including which types of questions they can and can’t ask. This will make your hiring process more productive and equitable.

Employee onboarding

Your hiring responsibilities don’t stop when you offer an applicant the job and they accept. You will also need a comprehensive onboarding process that reviews all required paperwork, welcomes and trains the new employee, and quickly integrates them into your team.

3. Offer competitive compensation.

Although it’s not the only thing that matters to employees, a competitive salary is still top of mind when job seekers look for a new job. If you want to hire skilled workers, you must be prepared to pay them what they are worth. Start by reviewing the industry average for employee salaries. You can also use salary benchmarks based on location, role and experience.

Pay isn’t the only way to compensate employees for a job well done. Consider other forms of compensation, such as employee retirement plans, bonuses, paid time off and stock options. Offering a diverse combination of compensation can make a job offer more attractive.

4. Build a comprehensive employee benefits package.

Although you are legally obligated to offer only a few employee benefits (e.g., family and medical leave, health insurance, unemployment insurance, and workers’ compensation, as well as FICA contributions that fund public benefits like Social Security and Medicare), creating a comprehensive benefits package is essential to attracting the best employees. Employee benefits are a great way to improve your employees’ health, well-being, job satisfaction and productivity.

The most popular employee benefits fall into five categories: health and wellness, financial well-being, work-life balance, professional development, and diversity, equity and inclusion. Create a benefits package that offers some combination of these elements.

5. Provide employee development opportunities.

A Work Institute survey found that a lack of career development opportunities is the biggest reason why employees quit their jobs. If you want to retain your most valued employees, you must provide them with a clear path to future development. Each employee should have their own career development plan that is unique to their strengths and interests.

Here are a few ways you can foster career development:

  • Identify clear goals to work toward. Have your employees clearly identify their career goals and then come up with a development plan to achieve them. Periodically measure employee success to see if they are progressing toward their goals or if they need assistance.
  • Offer training courses. Offer in-person or online training opportunities for employees to learn and build their career knowledge.
  • Create a mentorship program. Identify less experienced employees who show potential, and pair them with mentors who can help guide their careers with the company.
  • Offer stretch assignments. Provide internal staff with challenging projects just beyond their comfort zone. It will expand their skill sets and build their confidence.
  • Promote from within. Although you won’t always find the right candidate for a senior role from your current pool of employees, consider hiring from within when a position becomes available. If you know you will need to fill a position in the future and it aligns with one of your employee’s development goals, create a cross-training program that will enable them to earn that spot.
6. Recognize your employees.

Make your employees feel appreciated and valued. You can do this by creating an employee recognition program. Although your recognition program should be fair and equitable to all employees, it’s important to note that not all employees want to be recognized in the same way. Therefore, you should be strategic about how you create your program.

One way you can create an employee recognition plan that is unique and meaningful to each employee is to use a points system. For example, employees can earn points for their achievements and then spend them on the rewards they value most (e.g., gift cards, company swag, experiences). You can also survey your employees to learn which incentives are most engaging to them.

7. Prioritize company culture.

Company culture can impact employee job satisfaction in a big way. Many people want to work for an inclusive workplace that values and celebrates staff diversity. This all starts at the hiring process. Be intentional about whom you hire. Your company leadership also plays a huge role, as company culture usually flows from the top of the organization. For example, if your team leaders constantly show up late to meetings and talk negatively about staff members, other employees will also think it is okay to treat people this way in the workplace.

8. Monitor employee engagement and burnout.

One key to retention is employee engagement. High employee engagement can reduce employee turnover and absenteeism, as well as increase productivity and company morale. You can improve employee engagement by encouraging open communication and feedback, among many of the other tips mentioned in this article.

In addition to keeping employees engaged, you want to ensure they are not experiencing workplace burnout. Your best employees can often be saddled with the most work, which can quickly result in fatigue, negativity and reduced productivity. Bring in skilled temporary professionals to relieve overburdened staff and support resource-intensive projects.

9. Communicate your company mission and vision.

Another way you can attract and retain employees is to clearly communicate your company mission and vision statement. These are the goals and values of your organization. People want to work for an organization that they identify with. They want to know that the organization is acting in a way that they trust and support. Not everyone will click with your mission and values, and that’s okay. That’s why you want to clearly communicate these from the start, so you can build an organization filled with people that truly support your purpose.

10. Train your management staff.

It is important that your company leaders are properly trained on how to successfully manage their teams, as good managers can have a big impact on employee retention. In fact, Gallup found that 52% of departing employees claim their manager or organization could have done something to prevent them from resigning.

Perhaps these managers were thrown into the fire without the proper tools. In a study by Udemy, 60% of respondents think that managers need more training, and 56% of respondents think that people are promoted too quickly. Effective leadership training programs can help your team build their leadership skills and better manage employees, resulting in a higher employee retention rate.

Author:Skye Schooley

 


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Artificial Intelligence (AI) and machine learning have proven beneficial to businesses across several industries. Artificial intelligence is the ability of computer-controlled robots or digital computers to perform tasks commonly associated with intelligent beings. Machine learning (ML) is a subset of artificial intelligence (AI) that concentrates on building systems that improve performance based on behavioural patterns and data (Oracle, 2022).

The ability of AI to rationalize and take the best possible actions in the direction of a desired goal or expected result(s) is its ideal feature. Artificial intelligence includes expert systems, speech recognition, natural language processing (NLP) and machine vision.

Artificial Intelligence and its Business Process Effects

A report by SEMRush (2021) predicted that the surge of AI usage by businesses would create about $2.9 trillion of business value and over 6.2 billion hours of workers’ productivity, with a high impact of enhancing the overall competence of human workers by 2025. This implies that despite a reduction in the number of the total workforce due to AI, the newer jobs that will be created will produce more wealth for businesses and economies that adapt to it. By deploying AI technology, you can position your processes to:

  • Avoid mistakes prone to human errors
  • Grow expertise through reliance on very accurate analysis
  • increase productivity and operational efficiency
  • Increase revenue by identifying and maximising opportunities
  • Make faster business decisions based on cognitive tools
  • Save time and money by automating and optimizing routine processes
  • Predict customer preferences and offer more personalized options

Artificial Intelligence as a Corporate Advantage

AI is gradually changing the traditional approach to business management. AI and machine learning have substantially helped businesses speed up decision-making. It has helped to mitigate risks, provide better information security, and enabled businesses to offer customised services to their consumers.

Also, AI is distinctively capable of analyzing massive amounts of data for cyber security purposes, as well as more precise, efficient, and effective risk management. Major benefits of applying artificial intelligence to corporate institutions include:

  1. Fraud Detection

Financial institutions like banks and fintech firms, would usually need complex and sophisticated analysis processes to detect potential fraud. Using humans for this task is quite a painstaking task with a very high possibility of errors, which may in turn be very substantial in the chain of effects. As a result, machine technologies have proven to be the best for such rigorous tasks. 

 

  1. Threat Analysis and Management 

AI technologies are capable of analyzing vast amounts of data and user details from several sources. This allows for real-time prediction models to be created, enabling security teams and risk management experts to promptly anticipate and combat imminent threats.

Furthermore, these tools can be used to develop more improved systems that give early warning signals whilst ensuring that the business runs continuously and smoothly without interruptions due to threats.

  • Data Classification

At the core of AI proficiency is the handling of data, big or small, in a very fast and efficient manner. This is one of the reasons why there are no limits to the businesses that can use AI. These technologies are very good at processing and classifying data based on business patterns and categories. In addition, they can monitor and protect access, thereby ensuring data security.

 Locking into the Future with AI

As technology evolves and digitalization gains relevance in different industries, the adaptation of businesses to AI is imperative to remain competitive, relevant and efficient. AI is not just a perk, but a necessity.

While AI tools have taken the place of manual functions and human duties, businesses should strive to adapt rapidly to new ideas. Even though business goals are of strategic focus, an open mindset should be maintained towards corporate growth and likely areas for skilled talent should be gradually enabled towards the overall adoption of artificial intelligence.

References:

https://www.semrush.com/blog/artificial-intelligence-stats/#header3

https://www.oracle.com/ng/artificial-intelligence/machine-learning/what-is-machine-learning/


Though there are some ongoing trends in the Human resource industry, the recent pandemic has caused a lot of change that requires salient changes. With the new era comes the need to make a different set of decisions based on current needs. Mode of recruitment, employee satisfaction, training and performance management are all aspects that must be considered in light of these changes. For recruitment, an interview carried out by SHRM reveals that 43% of HR professionals cited the top reason for the difficulty in recruiting has to do with competition from other employees. These stats might go out with recent development. To make the best decisions for your business and employees, a business owner needs to keep up with the dominant HR trends and emerging practices every season. Some of the dominant HR trends to incorporate for effective business operations are;

Remote work

This is the most evident change we saw in 2020. A 2019 survey shows that 61% of global companies allowed their staff to operate some remote work policy. The pandemic increased this percentage exponentially, causing businesses to move from working at the office to remote work, some fully and others part-time. A report from Gartner shows that 88% of organizations all over the world made it mandatory for their employees to work from home after a lockdown was declared. Though many business leaders were concerned about employees’ productivity, A survey from CoSo Cloud shows that 77% of employees confess to being more productive when they work from home. Even after the lockdown, remote work remains the norm for most businesses. HR professionals are left with the responsibility of developing strategies to monitor performance management and maximize productivity.

The reinvention of the employees’ experience

Pre-covid, the employee’s recruitment experience, followed this pattern – A candidate applies to a position, goes through the selection process, attends the interview and is finally employed. They get to the office on the first day, begin training and meet some team members, and get to hold conversations with these team members. The recent remote work trend has largely influenced this process, either eliminating some parts or adding a few. For example, the usual workplace conversations and teamwork are not fully felt in virtual spaces. HR needs to re-construct processes that better suits the virtual experience. Applying the former strategies to remote work will be highly ineffective.

Upskilling employees

A survey from Udemy shows that the demand for upskilling grew to 38% in 2020. Employees will need new skills to fit into a more digital workspace, and HR has the responsibility of ensuring that the new job roles created have the right talents in place. According to the Future of Jobs Report 2020 by the World Economic Forum, 40% of companies employees will need to reskill in half a year or even less. The report also shows that 94% of business leaders believe that their employees will learn new skills on the job. Currently, digital skill is a necessity for employees’ everywhere. Employees who hope to avoid redundancy must upskill so they can effectively communicate and collaborate with others.

Artificial intelligence(AI)

Oracle and Future Workplace conducted research that revealed that 50% of employees already utilize some form of Artificial Intelligence at work, which is a huge increase from the 2018 figure at 32%. AI is currently a major part of our lives. Integrating artificial intelligence is beneficial to the HR process, from recruitment to onboarding to performance management. AI will enable employees to identify high performers and suitable needs. It’ll also accelerate employee training and skill development. AI provides a platform for employees to interact as co-creators.

An inclusive and diverse workplace

As the workforce expands, HR professionals must take inclusion and diversity into consideration. A multigenerational workforce is a current trend within organizations. You’ll find a workforce that has three generations working together. A McKinsey report in 2015 shows that organizations with diverse workforces performed better than the national industry median. Companies that leverage diversity and inclusivity outperform competitors and also withstand challenges better. A survey by Glassdoor shows that 75% of applicants regard diversity as a major factor when considering job offers.

Conclusion

All aspects of a business must embrace new work strategies, and HR models are part of this. HR professionals must continue to evolve and employ these HR trends for best practices to meet business requirements. As work models changes, we must continue to adjust and evolve to whatever the norms are. Alternatively, you can consult an expert.

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Title: Succeeding in Export Business – Ground rules for Beginners
Date: March 5th, 2020
Time: Full Day
Location: Lagos Nigeria

Precise location and agenda will be sent to participants after registration.

In light of constantly changing government policies, new international standards, currency instability, risk and trade duties; potential or new exporters may be discouraged and perceive venturing into export business cumbersome.

Every year over $30 million is lost due to bad export practices. In the past exporters have experienced their goods impounded because it does not meet certain international standards.

At the end of this masterclass, participants would have gained insight on how they can benefit from the $300 billion dollars export industry in Africa and achieve steady growth.

Why you need to attend this Master class.

  • Identify the steps and processes of exportation.
  • Understand the partnerships and agencies to achieve your export aim.
  • Steps to improve export standards of products.
  • How to set up your export business and build export capacity
  • Identify and understand risks in export and how to manage them.

Highlights of discussions will include;

  • International standardization of products
  • Dealing with customs and export regulations
  • Taking advantage of the Africa free trade zone, European markets, Asia and America
  • Managing forex, international payments and settlements.
  • Market analysis and go to strategy for new Markets.

Target audience:

  • Beginners & Experienced exporters
  • International Marketing professionals
  • Investors
  • Risk Consultants 

FAQs

+ Would I get a certificate for this Masterclass?

  • Yes, you would receive a certificate of completion from H. Pierson, however you should know that our motivation for this is to help you achieve business growth in your export business.

Enroll Now: Early registration discount applies.

For further enquiry, Contact Jacklyn +234 802 104 3346 or send an email to j.okonkwo@hpierson.com

Follow us on social media to learn more about H. Pierson and subscribe to our newsletter to get insights on exporting business.

Please fill the form below to register


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In order to address the incidence of electronic fraud in Nigeria’s banking sector, financial institutions have been advised to tighten their controls and risk management systems. H. Pierson Associates, a consulting firm with specialization in Risk Management, Advisory and Talent Management Consulting gave the advice in a recent report.

 

The Central Bank of Nigeria (CBN) recently revealed that commercial banks in the country lost a total of N12.06 billion to fraud and forgeries in the first six months of 2018. The CBN stated this in its ‘Draft 2018 Half Year Economic Report.’

 

According to the report, there were 20,768 reported cases of fraud and forgery (attempted and successful), valued at N19.77 billion in the review period, compared with 16,762 cases, involving N5.52 billion and US$ 0.12 million in the corresponding period of 2017.
The report stated that the actual loss by banks to fraud and forgery, however, amounted to N12.06 billion, compared with the N0.78 billion and US$0.03 million, suffered in the first half of 2017.

 

The reported fraud and forgery incidences were said to have been perpetrated by both bank staff and non-bank culprits. The cases involved armed robbery attacks, fraudulent ATM withdrawals, draft defalcation, illegal funds transfers, pilfering of cash, stealing, suppression and conversion of customers’ deposits.

 

  1. Pierson Associates, in its reaction to the report, stressed the need for improved corporate governance in institutions.

 

Furthermore, the consulting firm advised that staff quality control at recruitment and other soft considerations such as ethics, character, competence, among others, should be properly evaluated at the point of recruitment.

 

In addition, the firm stated that banks must intensify fraud awareness and education by ensuring that their staff and customers are always abreast with cyber-security issues. “Banks must also deepen their firm-wide cyber-security awareness and operational risk culture through quality training. There is also need for the adoption of appropriate fraud risk management technology, effective internal controls frameworks, including multi-layered security structures, segregation of duties across board, as well as traditional cross-checks of unusual payments with customers”. The consulting firm also called for the deployment of advanced risk-based internal audit.

 

According to the Director, Consumer Protection, CBN, Mr S. K. Salam-Alade, “the high incidence of fraud is usually as a result of weak security infrastructure in financial institutions and insufficient internal controls”.

Furthermore, he had attributed the development to the naivety of the average bank customer. “Apart from the huge financial loss to consumers, financial institutions, and the economy, online fraud also damages the financial system’s reputation, increases the risk of participating in its offerings. This, threatens the attainment of the financial inclusion target of 20 per cent inclusion by 2020,” the CBN Director said.

 

To combat the problem, he advised financial institutions to invest in the latest security technology solutions and effective communication of anti-fraud measures.

 

 

 


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Credit: The Blue Ocean Team

Do you often find your organization making value-cost trade-offs – either creating greater value for customers at a higher cost or creating reasonable value at a lower cost?

In a competitive industry, companies tend to choose their position on a range of value-cost trade-offs that are available given the structure and norms of the industry. Some pursue differentiation to stand apart from competitors by providing premium value. Others pursue cost leadership, driving costs down by cutting back the industry’s existing competing factors. Here strategy is seen as a choice between differentiation or low cost. It’s the mindset of a red ocean strategist.

Red ocean strategists focus on either differentiation or cost leadership

When pursuing differentiation, red ocean strategists focus on what to offer more of. They think about what to factors to improve or create to stand apart from competitors. They pay less attention to what factors they can eliminate or reduce that would lower costs. The trade-off usually results in higher costs to the company and higher prices for customers.

When pursuing cost leadership, red ocean strategists focus on what to offer less of. They think about what factors to eliminate and reduce in their current offerings and largely ignore what they should improve or create to increase the value of their offer. The trade-off usually results in compromised value for customers.

How about you? Do you act on the assumption that to achieve differentiation, you need to spend more? Do you assume that to win through low costs you need to compromise on the distinctive value you can offer?

Differentiation and cost leadership are viable strategic options, which a great many organizations pursue. However, both strategic options require making trade-offs and keep organizations stuck in red oceans of bloody competition. To break out of red oceans and create blue oceans of uncontested market space, you need to shift your mindset from ‘making’ to ‘breaking’ the value-cost trade-off.

Blue ocean strategists pursue differentiation and low cost simultaneously

Blue ocean strategists do not view value and cost as a trade-off. They pursue differentiation and low cost simultaneously. Unlike red ocean strategists, they see strategy not as an either-or, but as a both-and approach that breaks the value-cost trade-off.

Blue ocean strategists realize that differentiation cannot be sacrificed to cost savings, and vice versa. They seek to break not make the value-cost trade-off through value innovation, effectively creating a leap in value for both buyers and the company through the simultaneous pursuit of differentiation and low costs.

Blue ocean strategists focus as much on what to eliminate and reduce as they do on what to raise and create. This value innovation approach allows blue ocean strategists to leapfrog the competition, creating a positive buzz – especially online – that attracts not just new customers but fans.

Becoming a blue ocean strategist is about embracing a new perspective and asking a fundamentally different set of questions. Are you ready to see new opportunities where others see only red oceans of declining profits and growth?


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Nigeria is going through a turbulent period and few organizations, if any, have not been affected by the economic challenges experienced thus far. According to Talent quest, a US-based HR Software and Consulting firm, in its article Layoff Advice: If You Have To Do It, Do It Right, “…decisions related to reductions in workforce are all–too–often made hastily, subjectively and in a vacuum.” While a layoff is difficult for all those involved, there are ways to minimize the negative consequences.

1) Do not be hasty – Adequate consideration needs to be given to what the organization will look like after the layoff. Carefully analyze each employee group and determine what skills and competencies make employees successful. Evaluate individuals against this benchmark

2) Be objective – it is not easy to eliminate biases such as personal relationships, personal circumstances and organizational tenure in the layoff selection process. Organizations should consider engaging external resources to help eliminate subjective or ill–informed decisions

3) Minimize interruption, Engage Employees  Provide clear direction for employees and offer a specific plan showing how work will get done in the newly configured organization. Help them be successful by establishing performance plans with specific, measurable objectives, and give them the tools, training and resources they will need to succeed.  Find ways to motivate and support your employees; People need encouragement and support to try something new, even if they are motivated to do so.

4) Communicate, Communicate, Communicate – Effective communication is key. Breaking tough news is never easy, but you can gain an extraordinary amount of trust, respect, and commitment from your team if you handle it properly. This is the most important time to engage and communicate with your employees openly and honestly. Show respect and offer support for all employees – those whose jobs have been eliminated as well as those whose have not. Don’t let the grapevine be the source of company information

The economy will eventually rebound. However, the question is whether your organization will be poised to capitalize on opportunities that arise when it does. So if you are forced to reduce your workforce, be sure to retain the talent you need – the right people with the right skill sets and personality attributes – to succeed in the near term as well as the long run. Short–sighted workforce decisions and poorly executed employee terminations can quickly nullify cost savings associated with a layoff……. TalentQuest.com 


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