2018 Performance Management Study

We are pleased to highlight this month a copy of the 2018 Performance Management Study completed by the MRINETWORK our parent company.  Our office is part of a Global network of over 1,500 recruiters worldwide who work each year to provide outstanding in-depth real-world data and tips from the trenches.

In October of last year, our marketing department conducted the 2018 MRINetwork Performance Management Survey, surveying candidates and employers across the U.S. to assess strategies that hiring authorities are leveraging to attract and retain talent vs. what employees and candidates want employers to prioritize. Hiring authority and candidate attitudes were also compared on recruitment tactics, including perks and other concessions that employers are making to hire top talent in a tight candidate market.

At our office we definitely see an emphasis on perks in the Furniture and Appliance verticals.

Relocation - Candidates are not relocating as readily or changing jobs without serious consideration and motivation including a healthy bump in compensation and vacation time. This is being driven by competitive market forces. They know that another opportunity may be just around the corner if they stay in place.

Health Insurance and Paid Time off – This area continues to be big issue as well and the cost of Health Insurance is causing financial pressure with candidates transitioning from company to company. These include large Cobra costs and differences in coverage company to new company can impact a candidate’s decision.

Counter Offers - Another trend we've seen is a big increase in counter offers. We take measures on every search to prevent counter-offers from happening. We work with the client to pipeline the candidate’s rapidly while synergies exist and we work with the candidate/executives to know their salary requirements job transition and relocation capabilities.

We hope you enjoy this study which details the top workforce challenges that employers will be prioritizing in 2019.

William OMALLEYComment
Introducing Our New Website
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Today we introduced and launched a new website undertaking a new strategy to meet client staffing needs with a customized approach. Connector Team Recruiting views its new and upgraded website as an investment in a new strategic direction.

“Our search and recruitment practice has seen a demand for a customized solution to make rapid changes to promote our job board and executive search opportunities,” said Bill O’Malley, Managing Partner.  We saw the need to reach the younger candidate via Social Media outreach and also to provide timely content on recruiting tactics in our niche by promoting our Recruiting Tips Blog. We chose Squarespace as our provider for two reasons; first we wanted a design that was beautiful with ease of use, and second, we wanted a site that offered great analytics. We feel this new design has accomplished both of these objectives.

Connector Team specifically serves the Furniture | Electronics and Mattress industries. “The work that we do for our clients encompasses both the U.S. and the international arena. We are expert at completing highly specialized assignments in the executive, managerial and professional ranks in the rapidly changing Omni-Channel consumer products environment,” said O’Malley. We continue to evolve and customize our processes to match the specific needs of each client. We offer a high touch, high quality search experience with high quality and accuracy.

Connector Team Recruiting is located in Charlottesville, VA. For more information, call ­­­­­­­ (434) 227-4330 or visit the website at www.connectorteamrecruiting.com

About Connector Team Recruiting

Connector Team Recruiting is Bill O’Malley’s vision and passion and it was founded with a single commitment and business philosophy and guiding principle to “do the right thing always. Our office Connector Team Recruiting, Inc. is an affiliate office of the MRINetwork® the largest and most successful recruitment organization in the world. We are the Premier Search Firm in the Furniture verticals and that’s why leading consultants across our vertical space refer our firm to work with their clients.

About MRINetwork

Management Recruiters International, Inc, branded as MRINetwork®, (www.MRINetwork.com), is a subsidiary of CDI Corp. (NYSE:CDI), a global provider of engineering and information technology outsourcing solutions and professional staffing (www.cdicorp.com). MRINetwork has approximately 3,000 search professionals spanning four continents.

William OMALLEYComment
How to Hire Smart in a Tight Candidate Market
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In the executive, managerial and professional labor market, unemployment has been hovering around 2 percent, leaving companies across many industries struggling to find top talent. In a survey conducted by The Wall Street Journal and executive advisory group Visage International, University of Michigan economist Richard Curtin discovered that “the biggest challenge confronting firms is their need to expand hiring in an already-tight labor market.” As a result of increased competition for high performers, employers are now more willing to make concessions to move their organizations forward.

When looking at the Furniture industry niche’ we don’t have data specific to our industry to tell us whether we match the national data.  However, I can tell you there is no shortage of calls into our firm and requests for assistance especially within the sales organizations across all Furniture verticals.

Here’s some advice that may help your organization with its hiring efforts:

1. Keep an open mind

When hiring managers look for potential employees, they often only focus immediately on the ideal candidate who has all the desirable qualities for the role. It’s important to recognize that an applicant may not need to possess every single one of those qualities to become a great hire, and rigidly sticking to your list may mean that you lose out on a candidate who could be successful in your organization.

Someone can have exceptional educational and work backgrounds, and still fail at your organization if they aren’t a good cultural fit, or if they don’t share your core values. Think about the type of person who will fit in among your employees – the mentality they’d need to thrive and the interpersonal skills that will help them become part of the team.

After you draft a job description, revisit each requirement to determine if it is absolutely needed. You may find room for negotiation on professional designations or technical skill sets that would be nice to have but aren’t essential to the job. Look beyond your wish list to see who might thrive in your company’s environment even without all your ideal attributes.

2. Expand your talent pool

If you insist upon finding a candidate you don’t have to train, you could add months to your search for a new hire. You could probably train someone in that amount of time while also benefitting from the value that person may add in other ways as they ramp up. Look for coachable, high potential candidates who have transferrable skills that will help them overcome the lack of specific experience.

According to the 2018 MRINetwork Performance Management Study, nearly 80 percent of the employers surveyed agree or strongly agree that finding quality industry-experienced talent is more difficult than ever, and that their companies are more likely to hire people who have transferrable skills, but lack industry experience. By considering those with transferable skills, you can significantly expand the number of applicants and focus on more general skills, such as organization, teamwork and communication, which might be just as important for the role, but are much less teachable than specific, technical skills.

Both employers and candidates see poor communication as a problem in this area, according to the study. Companies need to make it clear they are open to candidates who have applicable expertise, despite their lack of industry experience. Candidates need to focus on how they discuss transferrable skills during the interview process and demonstrate how those skills can be applied to a different industry.

3. Creativity and Accountability – get the team involved.

One way to amp up your talent pool is to involve the team, assign accountability to anyone with Manager in their title within your organization.  Make it clear that hiring for their department is under their control and that HR is a strategic partner.  Approach hiring in this labor market much like you would if you were opening a new store, hold events, promote the position, including the two P’s.

  • Positives – why would someone work here? Have someone who is successful do a presentation at the Open House or Hiring. This can be a top gun in the role, have them tell their success story and promote it.

  • Potential – what is the potential of the position – where can they go both in income and career pathing. Lay out success stories and promote on the Career Center on your website.

4. Offer one time sign-on perks that attract candidates

The MRINetwork study also indicated that half of the surveyed employers are increasing the rate at which they offer sign-on perks. Among the top perks that organizations are willing to provide are company-paid health insurance, sign-on bonuses and moving expenses. Candidates are on the same page as employers about the desirability of these benefits, with 76 percent citing both sign-on bonuses and health insurance, and 54 percent citing moving expenses as most important to them. A number of employers stated they are willing to offer tuition reimbursement (33 percent) and even help in repaying student loans (23 percent) as incentives.

Employee perks can have a significant impact on your ability to attract desirable candidates and lower employee turnover. Some of the standard benefits packages offered by companies just aren’t cutting it, which is why many firms have decided to augment them in order to stay ahead of their competition for top candidates. As one hiring authority observed, “There are severe shortages of qualified employees in many sectors of the labor market. This makes it an employee’s market and it thus requires incentives (higher pay, bonuses, etc.) to acquire and maintain quality employees.”

An interesting finding of the survey suggested that while employers are boosting sign-on perks, many candidates are unaware of the potential perks they could be leaving on the table. Organizations will need to become more forthcoming about these perks during the hiring process and address the skepticism that some candidates have about sign-on perks. “Companies are willing to pay for one-time extras to get the people who best match or exceed their ideal candidate profile,” said one potential candidate, “but they may not, however, be willing to start at a higher compensation level.”

In a down market, candidates will be less demanding and more flexible with employers. But in today’s market, applicants have numerous options, so it is imperative that that the way employers approach them and the advantages that are offered give candidates every reason to want to join a company.

If you do offer a one-time sign on bonus, pay for significant moving expenses or other perks, it is very standard and acceptable to require a commitment from the employee using a Reimbursement agreement.   Feel free to call my office and we are happy to share our knowledge of these agreements including clawback provisions to recoup expenses.

Blog Post by: Bill O’Malley, Chief Recruiting Officer at Connector Team Recruiting.  Connector Team is recognized by leaders and leading consultants as the premier search firm in the Furniture | Appliance and Sleep vertical space. Connector Team is an affiliate office of MRINETWORK recently ranked in the Top 10 in Recruitment Firms by Forbes Magazine.