When it comes to attracting and retaining talent, what part does salary play? Conversely, how much do perks like nap pods, ping pong and unlimited paid time off matter?
Competitive pay and attractive perks help. But as the pandemic-driven Great Resignation has shown, employees are looking for more.
Does tracking down top talent and strategizing ways to retain them sound like the career for you? If so, Northern Kentucky University’s Bachelor of Science in Business Administration (BSBA) – Human Resource Management online program can help you get there.
What Is Human Capital?
The term human capital relates to the economic value of a company’s employees. As Investopedia explains, “human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.”
In the case of the Great Resignation, 47.8 million people said, “I quit” in just one year. If businesses are only as good as the talent they employ, where does this leave employers?
Writing for Forbes, Mohammad Anwar asks a relevant question: “If you took away your office environment (a reality that many companies faced during the Covid-19 pandemic), why would someone stay with your organization?”
What Is the Hiring and Development Process?
Employee needs are changing, and HR professionals who want to keep pace may need to rethink their approach to hiring and development.
Hiring is a process that begins with identifying a position to fill. This recruitment position typically includes advertising the position, screening and interviewing candidates, performing reference and background checks, making an offer and hopefully landing the perfect hire.
Effective onboarding is a critical next step. Without that, you might find your new hires quitting. According to LinkedIn, 30% of new employees leave within the first 90 days due to onboarding issues.
This leads to the next make-or-break part of human capital management: development. Development is an ongoing process focused on helping employees enhance their skills and knowledge, including for promotions. An effective development program increases employee engagement. When employees are engaged, 88% of them are less likely to leave.
How Can Companies Attract the Best Talent?
Common recruitment strategies include browsing professional networks. But in today’s competitive job market, companies may need to take other steps to attract a candidate’s attention. Strategies might include:
- Work from anywhere: Companies are grappling with getting employees back to the office, especially when long commutes are involved. If being in the office is not critical, “must be able to work U.S. hours” may be a good compromise.
- Four-day work week: An Icelandic trial of a four-day work week was an “overwhelming success.” The pay stays the same, as does the workload. If it can increase productivity and employee well-being, why not give it a try?
- Go local: With work-from-home trends continuing, location requirements are less common. However, there are benefits to hiring locally, including to the community. Hosting networking events helps develop a local talent pipeline. For example, tech companies might sponsor “Women in Tech” events to broaden the candidate pool, close the gender gap and promote an inclusive culture.
- “Reverse engineer” your employees: Rather than relying solely on applicant tracking systems, check in with your top-performing employees. Who do we love? Where did we find them? What was their background when we hired them?
- Recruit “second chance” hires: The U.S. Chamber of Commerce reports that 85% of HR leaders agree that second chance hires perform as well or better than other employees. Second chance hiring expands the talent pool. It is good for businesses and communities.
How Can You Launch an HR Career?
Entry-level HR careers typically require a bachelor’s degree. As you advance your skills and experience, the payoff can be significant. According to the U.S. Bureau of Labor Statistics, human resource managers earn a median annual salary of $126,230. Those in the top 10% earn more than $208,000.
Coursework in NKU’s B.S.B.A. – Human Resource Management program covers essential topics for success, including:
- Organizational behavior
- Operational management
- Employee training and development
- Recruitment, including candidate sourcing tools and hiring techniques
- Labor management, including compensation and benefits
- Employment law
- Negotiation and conflict resolution
A career in HR offers opportunities to make a meaningful difference every day. If this sounds like a rewarding career path, NKU’s B.S.B.A. – Human Resource Management is 100% online, making it ideal for working professionals.
Learn more about Northern Kentucky University’s Bachelor of Science in Business Administration – Human Resource Management online program.
