Local Wages Trending Up: Just One of Many Costs Impacting Employers

Peter Landesman, Senior Business Development Manager, JVS Career Services

A recent article in the Cincinnati Business Courier advised employers that a tight job market with low unemployment coupled with employers’ difficulty filling jobs will prompt wage hikes that could average 3.5 percent.

In an article titled, Inside the Hottest Job Market in Half a Century, The Wall Street Journal reports that the US economy has added jobs for 100 consecutive months and unemployment has dipped to its lowest level in 49 years. Further, workers with less education and people working with in the lowest-paying jobs are getting bigger pay raises.

This tight job market is but one factor in positions going unfilled as employers are struggling to recruit qualified candidates for all their open opportunities. Millennials now comprise the greatest percentage of workers and they tend to average a job change every two years.

Frequent, voluntary employee turnover can be a hidden expense for some employers – especially those that monitor spending on advertising, hardware, and workspaces, but do not grasp the cost of replacing those lost workers.

Consider the following costs in terms of resources, time and cash outlays:

  • Posting jobs
  • Interviewing candidates
  • Offering referral or sign-on bonuses
  • Training & onboarding new hires

Don’t forget that employers also are incurring costs whenever employees leave in payouts for unused vacation and unused sick time.

According to Society for Human Resource Management (SHRM), the cost to replace an employee can average between six and eight months of that employee’s salary.

And, costs don’t end there. Employee turnover adds to decreased productivity and morale as the work is spread to current employees while a position is being filled. Workers that leave also take with them intimate institutional knowledge that can take a new employee months or years to accrue.

Voluntary employee turnover along with economic growth is creating seemingly more jobs than candidates which places undue stress on an employer’s HR and Talent Acquisition Departments.

Many employers are now engaging professional recruiting organizations to close these employment gaps after finding limited success with posting their open positions on a variety of job boards or through social media channels. Recruiters make the process to recruit and hire qualified candidates more efficient for employers. For example, recruiters take over the time-intensive tasks of posting jobs and screening for finalists.

Recruiters can dramatically reduce the time-to-hire which helps employers reduce costs and avoid further employee defections.

Consider engaging JVS Career Services as an additional talent acquisition resource to assist with your recruiting needs. We have the experience and have been a cost-effective solution for local employers. Give us a call to learn more.

Peter Landesman, Senior Business Development Manager and Career Coach, comes to JVS Career Services after 40 years as a marketing and marketing communications professional. Peter has worked in a wide variety of industries that include consumer packaged goods, retail, publishing, healthcare, information technology, private aviation, professional services, and employee benefits. He has worked for well-known companies such as World Book Encyclopedia, JCPenney, American Heart Association, NCR, and NetJets.

To contact Peter Landesman, please call (513) 745-2905, or email plandesman@jvscareers.org.

Why Talent Management is Vital

Sheri Vogel, Talent Management Consultant, Jewish Federation of Cincinnati

I had two conversations recently that solidified for me why talent management is so vital right now.

The first one was with the executive director of a non-profit who wanted to better understand a request for one of her directors to participate in an up-coming community meeting as a facilitator. This executive reached out so she could be sure that this opportunity would be a good fit for the professional development of her staff member, and so that she could be sure to make the time available for her to participate.

The other conversation I had was with one of our young professionals who is participating in the Jewish Federation’s Non-profit Leadership Institute. We were talking about her current role and how she feels a bit disconnected from the larger organization. She loves her work and would like to have the opportunity to experience additional challenges. She also shared with me some of her skills that are not being used in her current role. I asked her about her professional development plan and if it included activities that would give her the chance to grow within and beyond her current role. She expressed that her supervisor probably doesn’t see her potential beyond her current role.

In my first example, I was struck by this leader’s deliberate focus on a performance development plan for her staff member and how she was making the time for her to pursue this opportunity.

In the second example, I worried that perhaps we are missing an opportunity to support someone who wants to stay within the organization and even have an opportunity to advance.  I can’t help but worry that there is always the risk that someone like this may find her greater opportunity somewhere else.

Developing an effective talent management program requires a commitment from you and your leadership team to be the best leader you can be. Are you seeing the current and future potential of your team and supporting their professional development and career growth?  Is this part of your current culture?

Talent management is many things but it is primarily making sure that you have the right quantity and quality of people to meet your business priorities and fulfill your mission now and in the future.

It is an organization’s commitment to recruit, retain, and develop the most talented employees.

Here’s how we want to begin thinking about this:

  • Ask yourself if this is part of your current culture or if a change is needed
  • Begin with your business strategies – and look beyond simply filling positions. Consider how talent fits in to the goals of your organization
  • Start assessing competencies and engagement of your team. Identify the gaps between where you are currently and where you need to be. Get the right people in the right jobs
  • Build in succession planning
  • Develop a thoughtful acquisition and retention program (including hiring and promotion)
  • Develop meaningful on boarding, performance management and professional development programs
  • Offer opportunities for learning and development
  • Review your compensation package
  • Make sure that you are connecting individual goals to team goals to corporate goals
  • Build in the processes, systems and tools to sustain this effort

This ability to engage people at all levels,  create an environment  where staff is doing meaningful work, feeling  challenged, seeing their impact related to the mission and working for an organization that is invested in their future can solidify the most important competitive advantage your organization has; your people.

Sheri Vogel, Talent Management Advisor, Jewish Federation of Cincinnati, is an experienced executive and consultant with a demonstrated history of leading non-profit and healthcare organizations. She has extensive background in leadership training, development and coaching. She is also skilled in project and program management, process improvement, and strategic planning. Sheri is a strong community and social services professional who graduated from University of California, Santa Barbara.

JVS Career Services Hilb Scholarship Program

By Dedra Perlmutter, Senior Career Consultant, Human Resources Manager, and Scholarship Administrator, JVS Career Services

Are you looking for financial assistance to help with the cost of college?  Don’t forget to check out the scholarship opportunities available through JVS Career Services.

The Hilb Scholarship Fund has been administered by JVS Career Services since its inception. Gus Hilb established the Hilb Scholarship Fund at the Jewish Federation of Cincinnati in 1955 in honor of his parents, Mannis and Yetta Hilb.

“JVS Career Services, in partnership with the Hilb Scholarship Fund, is committed to making funds available for students who want to further their education after high school, and adults who want additional education and training,” said JVS Career Services CEO Joni Burton.

The Anne and George Heldman Family Scholarship Fund was established in 2009 by the Heldman family.  It is designed for Jewish students who are graduating from high school. Additional funds include the Saidel Award, the Guthman Award, the Graff Award, and the Weiss Award, which are available to subsections of the scholarship applicant pool.

Ashley Schlissel, a recent graduate from The University of Akron, shared, “I just wanted to take the time to thank you and the entire committee for supporting my college career by providing me a scholarship through JVS Career Services over the last 4.5 years. Without this scholarship, a college education would have been very difficult for me to achieve. However, I am now a college graduate and have accepted a full-time position at Cincinnati Children’s Hospital. Thank you for all the generous time and support you all have given me. I look forward to keeping in touch.”

Ninety scholarships equaling more than $200,000 were awarded for the 2018-19 academic year.

Students interested in applying for any of the scholarships administered by JVS Career Services should keep the deadline to submit the application in mind:

May 1, 2019: Last day to submit an application for the 2019-2020 academic year and make an appointment for an interview with the scholarship administrator

Scholarship assistance is just one of the many services that JVS Career Services offers students. The agency also works with students on career coaching, resume writing, networking, and interviewing skills.  As students approach the end of their schooling, JVS Career Services helps students find internships or jobs after graduation. For more information, contact JVS Career Services at (513) 936-9675 or jvscareers.org.

 

Dedra Perlmutter, CPRW, SHRM-CP, PHR, is a Senior Career Coach, College Scholarship Administrator, and Human Resources Manager at JVS Career Services. Dedra provides extensive knowledge to clients in the areas of job searching, interviewing, networking, image and career strategies, and personal branding. With almost 20 years of HR experience, in a variety of industries, Dedra is well-versed in recruiting and employment and brings with her “insider knowledge” of what employers are looking for in potential employees. By leading workshops and working with clients individually, Dedra is able to serve as a resource for those who are looking to make a career change or to enhance their current career path.

In addition to utilizing her past experiences, Dedra also works in conjunction with other HR industry professionals to remain up-to-date on current hiring and employment trends. Being able to share knowledge and experiences with clients has proven to be a huge success factor.

Dedra is known for her positive motivation and her upbeat approach to the job search process. She also has a sincere interest in getting to know her clients and helping discover their goals.

Dedra, a Cincinnati native, received her Bachelor of Liberal Studies degree with a concentration in Human Resources from Bowling Green State University. Dedra also holds a PHR, Professional Human Resources Certification, a SHRM-CP, Society for Human Resources Management Certified Professional, as well as a CPRW, Certified Professional Résumé Writer.