Along with CEOs, chief human resource officers (CHROs) are playing increasingly important roles to ensure that organizations find the right talent and increase workforce motivation across all subsidiaries. Why CHRO? Why not chief marketing officer or chief financial officer? Money and marketing are important as well, right?
Right. However, as important as they can be, people are the biggest item on the budget of almost every company. So, many CEOs list finding superb talent as a top concern for their organizations. Given that CHROs manage all that, CEOs are finding collaboration with them critical for overall success of a company.
In this article, we are going to review seven laws that successful CEOs and CHROs follow to ensure that their relationship is productive, and the company receives top talent. These are not prioritized in order of importance.
Law #1: Speed, Quality, and Cost: Pick Quality
When it comes to finding qualified people for the job, prioritizing cost and speed is a bad idea. Of course, it would be great to achieve both of them in addition to quality, but your best bet is quality. Period.
If you prioritize top talent, then everything should pivot around quality, be measured against it and tied to it. If it doesn’t, your strategy will affect the cost and speed, anyway.
Law #2: Engage as Many Recruiters as You Possibly Can
If you’re running a big company, the number of recruiters can be pretty high as well. For example, let me ask you: how many recruiters does your company have? How many employees do you have? If the answer to these questions is not the same, then you may be doing something wrong.
It is your job as a CEO or a CHRO to encourage employees to recruit their friends and contacts. Employee referral program may be the single most important tool in your recruitment arsenal because it has a number of advantages, including better candidate quality, reduced cost, and improved retention.
That’s why employee referral was the top source of quality hires for most companies in 2017, LinkedIn found in its Global Recruiting Trends 2017 report.
Law #3: Pay Attention to Diversity
Diversity is not something that should be debated. For example, your answer to whether you need more veterans in the office or more women in leadership roles, should be absolute “yes.”
“Also, it is not something that you should do to demonstrate the world how welcoming your company is,” says Derrick Griffin, a professional recruiter. “You increase diversity because diverse employees bring a diversity of innovation, opinion, and thought.”
Law #4: Invest in Talent Acquisition
The percentage of a budget that companies spend on finding top talent has been increasing in the recent years, and for a good reason. The competitiveness of the talent market should not be overlooked because every self-respecting company is battling for every talented person out there.
For example, Beamery reported that 84 percent of employees would consider leaving their current workplace if another company with great reputation offered them a job. It is therefore should be clear for you that investments in talent acquisition are mandatory.
Law #5: Introduce Passive Recruiting
Whether you are a CEO or a CHRO, one of the most important goals is to maximize the effectiveness of recruiting strategies. This means incorporating the latest techniques of locating top talent. Passive recruiting is one that certainly deserves attention. It means courting candidates who are not currently looking for a job.
Often, even those who are happy with their jobs can’t help being curious about other opportunities out there, so they subscribe to job alerts. This means that people are waiting for more.
Why bother? There are several reasons, according to Hire Velocity:
Passive candidates have the right skillset
Passive candidates are unlikely to inflate their skills
Passive candidates tend to have a job they enjoy.
Law #6: Encourage Employee to Use Social Media to Share Information
Who would you believe: an employee who works at a company you’re considering or its marketing department? Of course, we tend to trust other people more than a faceless brand. According to aforementioned stats collected by Beamery, 52 percent of content shared by employees is trusted by candidates.
However, only 33 percent of companies actually encourage their workforce to use social media to share information about their company and work. So, dear CEOs and CHROs, it’s time to get it right at your company.
Law #7: Build the Strength of Your Employment Brand
Both CEO and CHRO should realize that creating an environment that attracts talent is not only good for current workers, but also for potential ones. For example, an environment that challenges and engages everyone in the office contributes to higher retention and morale among employees, so it makes it easier for potential employees to relate to.
CEOs and CHROs are two positions responsible for the future of the company, so the success of their collaboration is critical. By following these laws, they can increase the effectiveness of their work and turn valuable human resources into a driver of change and development.
Tom Jager is professional blogger. He works at Awriter. He has degree in Law and English literature. Tom has written numerous articles/online journals. You can reach him at G+ or Facebook.