Sales and Marketing Search
 



 
Welcome! Vol 6, No 1, January, 2007

Dear Hiring Manager:

Employees are expensive. They're expensive to hire, compensate, and train. But they are the ones who drive your company — not your product, your technology or the market. Smart managers know this. Further, many experts say that the true cost of replacing an employee is fully 50% of their annual salary. This month, I give you three simple things to do that will go a long way towards making sure that your employees stay right where you want them — with you!


Betsy Harper
Managing Partner
Sales and Marketing Search

in this issue...
  • 3 "Must Do's" for 2007 to Retain Your Precious Employees
  • Websites for Compensation Information
  • Recently Completed Searches


  • Sign up for This Newsletter!
    Check Out These Links
  • Salary.com
  • USDOL, Bureau of Labor Statistics
  • USDOL, Employment Standards Administration
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    3 "Must Do's" for 2007 to Retain Your Precious Employees
     

    I'm a big believer in training and I attend lots of recruiting industry seminars, conferences, etc. There is one particular trainer whom I have enjoyed seeing the many years I've been in the business. Everything he did I wholeheartedly agreed with and implemented in my own practice. To me, he could do no wrong — until last year.

    Last year, he wrote a long year-end goal-setting treatise where he recommended that every recruiter have 40 goals for the New Year. That's right — 40 goals! I thought he must be kidding, but he wasn't. I totally rejected the "40 goal" strategy and opted for a more realistic approach to my year.

    Because here's what I know about myself: I can only set and achieve a certain (read, modest) amount of goals. I would rather set fewer goals and achieve them than be too aggressive about the number of goals I set. (Why, I felt downright ecstatic last year when my New Year's resolution was not to pile clothes on my chair in the bedroom. That was my ONLY resolution. And, it worked! I'm now absolutely resolved that I'm into quality — not quantity — of resolutions.) So, in the spirit of quality — not quantity, here's my New Year's tip for you.


    Three Little Things (that add up to really big things!)

    This year, I'd like to suggest that you "keep it simple" and do only three things with the goal of retaining your employees. If you do, you'll go a long way towards keeping those precious assets at your company. And (drum roll, please) here they are:


    1. Have a Competitive Benefits Package

    If your product or technology is state-of-the-art, but your benefits package hasn't been updated in the past few years, you had best change that. If you think that your benefits package is a "gift" to your employees, rethink that. We get calls all the time from disgruntled employees looking to make a job change. Many times their meager benefits package is just what pushes them over the edge to start a job search. For example, three weeks' vacation from the start of employment is now just about standard issue.

    Your benefits package should not only be a great recruiting tool, it should be so robust that it delights your employees and keeps competitors from stealing your people. And, there are many benefits that don't actually cost a lot of money but will get you lots of loyalty in return. Check out some suggestions in our last month's newsletter. Make this an action item — review this with your HR specialist, call your local HR consulting company or even ask your recruiter what other companies are doing. Make changes right away if you're not competitive.


    2. Compensate Your Employees at Market Value

    When you hire a new employee, the market will pretty much determine what compensation you'll have to pay. But what about the employee who has been with you for a long time? Do you know if his compensation is competitive with the market? In many cases, an employee's job may have changed since he has been hired. Maybe he has taken on more responsibility, or maybe he has a long tenure with you. Whatever the reason, if you find out the compensation is not competitive, you had best change that immediately. One of the most frequent comments we hear when someone starts a job search is that they feel they are "not making what I'm worth." And, sadly, many times they are right! See the "Websites for Compensation Information" section below for places to get up-to-date compensation information.


    3. Just Say "Thank You"

    There are no words you can say that are more important than simply saying "Thank You" when a job has been well done. People leave their jobs when they think that what they do is not important to the company, when they feel they are not valued and appreciated. And, people who are making competitive salaries will still leave their jobs when they don't feel appreciated.

    Thank your employees often — in private and in public. Be sincere in your appreciation and in your words. If this "isn't your style" or you feel awkward saying these words, practice in the mirror until you feel comfortable. Change your style. Do whatever you have to do to communicate your appreciation. As the Nike ad says, "Just Do It!"


    If you resolve to keep these three simple, yet important, practices, you will see satisfied employees who will make your company thrive!


    The 5 Deadly Sins of Hiring
    The hiring process can be loaded with pitfalls - even when you do everything right! Here are the five most commonly made mistakes, or the "deadliest sins" in hiring. Download Now

    Websites for Compensation Information

    Visit these well-done (and free) web sites for up-to-date compensation information:

    Salary.com

    USDOL, Bureau of Labor Statistics

    USDOL, Employment Standards Administration


    Recently Completed Searches

    We've been busy this last quarter! Here's a partial list of searches we've completed. Many thanks to these clients for bringing us in:

    Inside Sales Rep
    Enerjy, Beverly, MA

    Event Marketing Manager
    RISI, Bedford, MA

    National Sales Trainer
    TeleAtlas, Lebanon, NH

    ADAS Product Manager
    TeleAtlas, Detroit, MI

    Sales Channel Manager
    Envoy WorldWide, Bedford, MA

    Sales and Marketing Search is a recruiting firm that specializes
    in placing sales and marketing professionals in growing companies.

    100 Cummings Center Suite 453H
    Beverly, MA 01915
    voice: 978-921-8282
    fax: 978-921-8283
    www.smsearch.com

    contactus@smsearch.com


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