Are you anxious to find new sources of talent to sustain and grow your business? Frustrated with traditional methods of finding and recruiting new hires? Here are four innovative approaches I’ve learned from my ongoing research on solutions for critical skill shortages.
Partner with the right local schools to accelerate training
A Maryland firm that helps clients negotiate electricity and natural gas contracts has developed a very close relationship with a local state college, which has an accredited sales management training program. The company is very involved in mentoring students in the program and providing internships.
Once a semester it brings half a dozen students in for a day to teach them about the company’s entry level energy consulting jobs. In the process, managers also help the students with resume development and interviewing skills. As a result, the firm has continued to hire graduates from the local school, whose academic program saves up to nine months of training.
Are you overlooking opportunities with local schools to create closer partnerships? Sometimes connecting with specific departments, majors or even individual faculty members can be the key to creating productive relationships which benefit students and employers.
Use the “Larry Bird Rule” to compete for more promising talent?
A mid-size accounting firm had to change its approach to recruiting new talent as the Big Four became more aggressive in scooping up top talent coming out of college. This Pennsylvania-based company began using what it’s CEO calls the “Larry Bird Rule” of bringing in interns.
Bird, who became a Hall-of-Fame player for the Boston Celtics, was drafted by Boston in 1978, but returned to college for his final season before signing with the Celtics a year later. What competitors viewed initially as a wasted draft pick, helped produce three NBA championships.
“It’s difficult for us to recruit to central Pennsylvania,” said the accounting firm’s CEO. “So we recruit from local schools, and we bring students in as interns as early as we can. If you don’t have an internship program like this, there’s nobody left for you.”
Have you considered bringing interns in a year before they would normally be ready, just to expose them to your business? Start building relationships with promising students earlier than you would expect, so you don’t lose them to bigger companies who have more tempting recruiting programs.
Harvard vs. community college: sourcing talent from right places
A national supply chain management company was struggling to staff operations manager jobs around the country, filling these roles with four-year college grads who were turning over too quickly. Finally, the firm started hiring candidates out of community colleges, who proved to be more motivated to succeed in the role. The downside is they also need more training.
The company’s chief executive explained, “We have one GM who came up off the streets. He’s learned to lead people, and he’s able to coach employees and get the job done. But he still struggles with critical thinking skills. This supply chain CEO recognizes his company will have to teach these managers critical thinking, analytic and writing skills, as they progress from supervisor to assistant operations manager to management roles. But the tradeoff for increased retention is worth it.
Are you making realistic assumptions about the best place to source key employees? Stop beating your head against the wall! Are you hiring candidates likely to become dissatisfied quickly and who will want to move on? Would you be better off hiring less skilled candidates who are highly motivated to succeed, and who will stick around?
Be alert to changes in talent landscape
One community bank profited handsomely from a rash of mergers & acquisitions in the region that put a lot of financial services talent in play. This small-town bank has been able to expand because experienced commercial lending talent and an entire cash management team became available when other banks merged.
If you know the kind of talent that’s key to growing your business, be hyper-vigilant about mergers, acquisitions and reorganizations where these skilled employees might unexpectedly become available for recruiting.
To succeed in the new market for talent you’ve got to get in the recruiting game earlier and look for potential new hires in unexpected places. Savvy leaders know finding skilled employees is now a never-ending part of their job. Let me know if you’ve discovered an innovative practice for sourcing new talent.