maximizing the value of your talent network
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Maximizing the Valueof Your TalentNetwork –Next GenerationReferral ProgramsColorado Talent Recruitment NetworkDenver, ColoradoAugust 24, 2011
Presented by:Master Burnett, Managing DirectorDr. John Sullivan & Associates
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 2
THE GROWTH OF REFERRAL PROGRAMS
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 3
Widespread adoption
Source: CareerXroads Colloquium, 9/2010
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Program formality
Formal,
Dedicate
d Budget/S
taff
Formal,
No Dedic
ated B
udget/Sta
ff
Info
rmal M
anaged
Ad-hoc, N
o Managem
ent0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
2006/2007 2006/2007 TP 2008/2009 2008/2009 TP 2010/2011*n=267 n=40 n=252 n=45 n=41
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS)
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External hires
2006/2007 2008/2009 2010/2011*20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
26.2%27.1%
28.3%
35.0%
41.1%
46.3%
Overall Sample Top Performing
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS)
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 6
A faulty assumption…
69% of the time is actually looks like this…
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 7
Experts at using other people’s time (OPT)
The Percentage of Hires They Achieve
47% 62%
63%
56% 82%
78%49% 56% 57%45%
51% 71%
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 8
THE BUSINESS CASE
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Candidate knowledge
Source: DJS ERP Participant Experience Study
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Retention Rates
Performance Appraisal
Manager Satisfaction
Actual Performance
Promotion Rates
MBO Attainment
Bonus Compensation
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00%
2010/2011* 2008/2009 TP 2008/2009 2006/2007 TP 2006/2007
Real QoH measurement is rare
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS)
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Measure Employee Referral Job Board Difference
Cost per Hire (CpH)1 $2,306 $1,671 +$635Offer Acceptance % 94.7% 78.4% +16.3%Voluntary Turnover < 1 Year 6.8% 22.1% -15.3%
Voluntary Turnover > 1 Year 5.2% 14.9% -9.7%
Involuntary Turnover < 1 Year 0.9% 4.3% -3.4%
Quality of Hire QoH2 4.21 3.47 +21.3%
ERP versus Job Boards
Source: DJS Private Client Study, 2008
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 12
Referral hire ratio
Top Performing ERP3:1
Average ERP10:1
All Sources18:1
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 13
Diversity (do your assumptions carry out)
Source: CareerXroads SOH, 3/2011
Employee Referrals
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 14
THE PRACTICES THAT MAKE THE DIFFERENCE
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Going beyond the generic
• Recommended referral programs• Social referral programs• Partner referral programs• Executive referral programs• Internal referral programs
Referral is an approach that can be applied to accomplish many different goals
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 16
A clearly established goal/charter
• Why are you leveraging referrals?– OPT; Huge requisition loads, fragmented pools
• Who do you need to participate?– Who can/will influence?
• What do you need other’s to do?– Your needs versus their ad hoc actions
• What will it take to trigger/sustain action?– Experience!
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Source: DJS ERP Participant Experience Study
Comfort with prioritization
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 18
An infrastructure to execute
• Dedicated management (needs fluctuate)• Dedicated resources (fast response,
expectations)• Transparent process (POLICY)• Program communications• Administration
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 19
When infrastructure fails (most often)
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 20
Program marketing
• Awareness is horrible (>21%)• Variable messaging (campaigns)• Variable channels (3+)• Exponential marketing model
– Group centric, sharable content• Keep it top of mind (recruiting culture)
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Maximizing the Value of Your Talent Network, ©2011 Master Burnett, @masterburnett 21
Frequency of communication
37%
22%
13%
12%
7%
9%
OccaisionalNeverAnnuallyQuarterlyBi-AnnuallyMonthly
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The social referral program
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Exponential marketing
Create
Publish
ReuseShare
Measure
Modular contentExtensibleEasy to excerpt
MultimediaMulti-channelMulti-stakeholder
RepositoryManually postAuto-syndicate
PropagationCycle
ReachImpressionEngagement
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Source: DJS ERP Participant Experience Study
Great ERP results rarely just happen!
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Driver based rewards & recognition
• Understand the motivations– Not the money!– Non-Employee participants
• Make it time relevant– Campaign tied
• Reward desired activity– Referrals, leads, interviews, repeat activity, etc.
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Source: DJS ERP Participant Experience Study
Understand the motivation
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$- $5,000.00 $10,000.00 $15,000.00 $20,000.00 $25,000.00 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
The money doesn’t matter
Source: DJS ERP Benchmark Study (Formerly AIRS/DJS), 2008/2009
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Source: DJS ERP Participant Experience Study
Comfort with variable rewards
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Questions and follow up
[email protected] or [email protected]
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@masterburnett
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www.slideshare.net/mburnett/