Recruitment, development and retention. These are three most important aspects in how business is shaped, developed and executed and it starts with your supply and demand of your most precious business resource, talent and your employee.
Companies often refer to your employee population as human capital. According to Deliotte, the concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them. The education, experience and abilities of an employee have an economic value for employers and for the economy as a whole.
I’ve said before that they (human capital) are your most important and largest business expense. Like any asset in business, investments must be made in order to retain the value and top productivity. If you don’t continually promote and engage with your investment they basically be come devalued (i.e. unengaged) over time becoming more harm then good to your company.
Recruitment, development, and retention are essential for you to grow or at minimum maintain your business. Competition for your human capital is growing at a staggering rate because the labor pool is shrinking while the demand is growing.
Recruitment. The initial touch point that a recruiter has with a potential candidate is in the recruitment phase. With recruitment a candidate is instantly able to gauge how a company conducts themselves and what type of work environment they can expect if they apply and get the job. A recruiter’s job is important because they set the tone for the entire process.
Development. Once a candidate has become an employee it’s important that the company keeps investing and building up their employee. A company is only as successful as their most important investments, which in this case (and most cases) is the workforce that they employ. Setting up boundaries and mentor programs are easy and cost-effective ways to make sure your employees are constantly being developed and pushed to their full potential. It also helps in the areas of employee engagement and retention.
Retention. One of the greatest challenges a company faces is employee retention. Retention is directly tied to how an employee is developed. If your employees don’t feel like they’re growing within your company it’s likely they’ll move onto another company who takes employee development more seriously. Retention plays into several factors that ultimately come down to your company culture and how much your willing to invest in your company.
Having a strong recruitment strategy is the first step in the mix. Once you’re able to brand yourself accordingly a dominoes effect is set in motion. You hire the best, develop them to be better and invest in their future, which turns into higher retention rates. When companies invest in their employees their business is more successful.
Jessica Miller-Merrell, SPHR is a workplace and technology strategist specializing in social media. She’s is the Chief Blogger & Founder of Blogging4Jobs. You can follow her on Twitter @jmillermerrell.