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Enhancing Recruitment and Retention Strategies for Spectrum Financial Group

Spectrum Financial Group has identified challenges in recruiting and retaining sales personnel. To address this, we propose a three-part plan focusing on (1) Employer Branding, which creates a distinct employer identity; (2) Employee Referral Programs (ERP), incentivizing current employees to refer qualified candidates; and (3) Enhanced Advertisements, to reach a broader audience through career fairs and improved PR. By implementing these strategies, Spectrum can strengthen its workforce, leading to higher-quality hires and improved retention rates.

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Enhancing Recruitment and Retention Strategies for Spectrum Financial Group

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  1. Developing the Employee Recruiting and Retaining Process Group 12 Alexander Huynh Chul Cho JapneetKohli JeaHyul Lee Judy Tan

  2. Spectrum Financial Group • Founded in 1901 • Provides individuals and businesses with financial products and services • Registered Representatives of MassMutual Investors Services, Inc., one of the leading mutual life insurance companies in the world

  3. Spectrum Has Trouble Recruiting and Retaining Salespeople Number of People

  4. We Recommend a Three-Part Plan for Improving the Recruitment and Retention of Sales Employees at Spectrum • Employer branding • ERP (Employee Referral Program) • Enhance Advertisements

  5. Employer Branding

  6. What is Employer Branding? • Builds a unique employer identity, differentiating itself from the competitors • Specific to employment, characterizing the firm’s identity as an employer • Directed at both internal and external audiences • Projects employer’s image and brand to existing and prospective staff as a desirable place to work (Backhaus and Tikoo, 2004)

  7. Employer Branding is a Three-Step Process • Develop the value proposition • Market the value proposition • Market the internal employer brand (Backhaus and Tikoo, 2004)

  8. Employee Referral Program (ERP)

  9. What is ERP? • Employees recommend qualified friends, relatives or colleagues for job openings. • If the lead is hired, then the recommender is rewarded. (Gaumond, 2006)

  10. Referrals take the Least Time to Fill Vacancies (Sullivan, 2012)

  11. Retention Rates from Referrals are Highest in the Industry (Sullivan, 2012) (The Recruiters Lounge, 2012)

  12. ERP will Benefit Spectrum in Many Ways • Higher candidate quality with lower cost • 82% of employers rated ERP above all other sources for generating the best return on investment. (Brown and Cober, 2006) • 88% of employers rated ERP above all other sources for generating quality of new hires. (Brown and Cober, 2006) • Low termination rates • Faster time to initial productivity (Sullivan, 2012)

  13. Spectrum can Implement ERP in 3 Steps (Gaumond, 2006)

  14. Enhance Advertisements

  15. Spectrum should Market Externally • Enter career fairs and career expos • Improve PR

  16. Sources • Backhaus, Kristin & Tikoo,Surinder. "Conceptualizing and researching employer branding", Emerald 9, (2004) http://www.emeraldinsight.com/case_studies.htm/journals.htm?articleid=1509267&show=html&WT.mc_id=alsoread • Brown, Doug & Cober, Rich. “2006 DirectEmployers Association Recruiting Trends Survey”, 2006. http://www.jobcentral.com/desurvey. • Gaumond, Jacques. “How To Implement An Employee Referral Program”, 2006. http://www.go2hr.ca/articles/how-implement-employee-referral-program • Sullivan, John. “10 Compelling Numbers That Reveal the Power of Employee Referrals”, Ere.net, (2012) • Sullivan, John. “Employee Referral Program Killers”, ere.net. (2008) http://www.ere.net/2008/05/05/employee-referral-program-killers/ • The Recruiters Lounge. “Implementing An Employee Referral Program In Your Organization” (2012) http://www.therecruiterslounge.com/2013/02/12/implementing-an-employee-referral-program-in-your-organization-infographic/

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