Ryan Senter
Management Services Committee Member
Hibbs Electromechanical, Inc.
As we continue through 2020, talent acquisition and retention remain significant topics in a variety of industries. Based on the results from the recent Management Pulse Survey, 72 percent of respondents, who are fellow EASA members, stated talent acquisition is a significant issue for their companies.
It Starts with a Plan
As we stated in the February Currents article, it all starts with a plan. However, a bit of a troubling statistic from the survey shows that only 24 percent of respondents had a formal succession plan for their service center leadership. Continuing that alarming trend, only 11.5 percent of respondents with a succession plan review it regularly. Almost 30 percent of respondents reported not having a succession plan at all.
A solid succession plan is a dynamic document that needs to be reviewed and revised regularly. If you find yourself in the 30 percent that does not yet have a succession plan, set aside some time to assess the future of your company.
Embrace Community Engagement
Sixty-seven percent of respondents stated they engaged with their local and regional community resources to aid in recruiting. At my firm, our past approach had been confined to community job fairs hosted by our regional economic development authority but now includes our community college, high schools and middle schools. We also regularly seek out job training incentives through regional and state economic development authority and community college workforce assistance programs. Not only does this help mitigate some of the training costs, but it also shows new hires that you value their advancement and have a plan for their growth.
Resources
On a positive note, a high percentage of respondents are willing to ask for help and expressed the desire to receive additional resources for working with area schools and economic development centers. As the U.S. employment rate remains historically low, the issue of recruitment and retention will continue to be important. I think we can expect the competitiveness for excellent team members to continue as well. While you may consider the acquisition of skilled team members from other industries, this may be an expensive option that could be detrimental to internal cultural harmony.
In building your plan to develop new talent, you ensure you are getting the right skills and cultural fit for your company. Keep in mind, recruitment and retention should be a company-wide responsibility. Addressing this issue head-on takes serious commitment, but your business will thrive as a result of your strategy.
The Management Services Committee will use the survey results to continue to offer tips and resources to help you develop a solid plan for finding new talent and planning for the future of your service center.
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