The Trouble with HR: An Insiders Guide to Finding and Keeping the Best People: An Insiders Guide to

Attracting and retaining the right talent

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Book Review of “The Trouble with HR – An Insider’s Guide to Finding and Keeping the Best People”

Developing economies will face a shortfall of 45 million workers with secondary-school educations and vocational training. Since business leaders know that talent is valuable and scarce, you might assume that they would know how to find it.

Not so Exhibit 3. For companies that do, only 7 percent think they can keep it. More alarmingly, only 23 percent of managers and senior executives active on talent-related topics believe their current acquisition and retention strategies will work. In future, this will be even more likely, since millennials are far less loyal to their employers than their parents were. The Bureau of Labor Statistics says that workers now stay at each job, on average, for 4. People often underestimate the cost of turnover: Talent matters, because its high value and scarcity—and the difficulty of replacing it—create huge opportunities when companies get things right.

Companies go through cycles of initiatives to improve their talent processes. Yet they reap only incremental improvements, and the vast majority of leaders report that their companies neither recruit enough highly talented people nor believe that their current strategies will work. What do these leaders miss? If you asked people who is the most highly paid player on a team, they would correctly say the quarterback, the key person in the vast majority of plays.

People would probably say that the second most highly paid player was the running back or the wide receiver, since they work directly with the quarterback to advance the ball. These people are wrong. Some employees disproportionately create or protect value, and not all of them are obvious. A navy, for example, should obviously ensure that it has the best and brightest people commanding fleets of nuclear submarines.

Equally, however, it should ensure that it attracts superior talent to the role of the IT-outage engineer, who prevents catastrophes for the crew, the environment, and humanity. In a world of constrained resources, companies should focus their efforts on the few critical areas where the best people have the biggest impact. But for three reasons, few companies have EVPs that meaningfully help them win this war:. A typical human-resources department spends months determining what employees want—a great job, in a great company, with great leaders, and great rewards.

The same Internet and social media that help customers investigate product claims do the same thing for EVPs. Analysis wins, changing the game forever.

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Could the same be true for recruiting top talent? When the National Bureau of Economic Research looked into this, it pitted humans against computers for more than , hires in high-turnover jobs at 15 companies. Human experience, instinct, and judgment were soundly defeated: University of Minnesota professors analyzed 17 studies and found that hiring algorithms outperform humans by at least 25 percent. Kuncel, and Deniz S. Many leaders find this hard to stomach, but some companies are abandoning old ideas.

Claims have since dropped by 68 percent. After Xerox replaced its recruitment-screening process with an online test from Evolve, attrition declined by 20 percent. At McKinsey, we used machine-learning algorithms to determine the three variables driving 60 percent of the attrition among our managers. Unexpectedly, all three are unrelated to pay, travel, or hours worked. In , only 8 percent of companies reported that they were fully capable of using predictive modeling, but that was up from 4 percent in That will be true in business, too.

The trouble with HR : an insider's guide to finding and keeping the best talent

The new leader of a major US public institution had a mandate for change. Her department failed to meet the budget for five years. The press was having a field day with tales of incompetence, inefficiency, and bureaucracy gone mad. Morale was extremely low; key talent was leaving. There was no quick fix—each division had its own approach to recruiting, and all were consumed with their immediate needs.

The defectors were mostly the higher performers and specialist talent the organization wanted to keep. Your request to send this item has been completed. Citations are based on reference standards. However, formatting rules can vary widely between applications and fields of interest or study. The specific requirements or preferences of your reviewing publisher, classroom teacher, institution or organization should be applied.

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