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Bank of America/CareerXroads Voice of the Industry Survey Results

Bank of America/CareerXroads Voice of the Industry Survey Results. August 1-2, 2006. Overview. Survey was constructed around the Anatomy of a World-Class Recruiting Organization study from RRT Survey questions designed to evaluate the performance and importance

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Bank of America/CareerXroads Voice of the Industry Survey Results

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  1. Bank of America/CareerXroadsVoice of the Industry Survey Results August 1-2, 2006

  2. Overview • Survey was constructed around the Anatomy of a World-Class Recruiting Organization study from RRT • Survey questions designed to evaluate the performance and importance • Survey was sent to 195 firms; 29 responses or 15% response rate • Companies represented various industries: • Retail • Financial/Banking • Food Services • Entertainment • Technology • Medical/Pharmaceuticals • Oil/Gas • Consulting • 27 Companies indicated willingness to engage in follow-on interview – 20 selected for Face to Face VOI interviews. • BAC selected additional international organizations to participate in benchmarking study

  3. How did we do……

  4. Attracting Talent • Observations: • Overall “Attracting talent” category received high importance ratings among all organizations – both in staffing and company importance. • Despite the importance rating of dedicated sourcing teams to the company’s success (63% Very Important/Critical), 16 companies (55%) have no dedicated sourcing teams. • Branding – 47% of organizations just started in Staffing Branding, yet importance to the company was rated “critical”…is funding/sponsorship the issue? • Employee referrals – 60% of organizations rated referrals as “very important to critical” to the company’s success. 61% have wither just started or incorporated into their strategy. Only 2 companies indicated they had a best practice…alignment of priorities? • Search firm protocols – 70% of organizations rated search firm protocols as very important to critical for the company’s success – only 17% consider their process a best practice …opportunity for rapid improvements?

  5. Attracting Talent.. 17 responses 15 responses 23 responses 21 responses 18 responses 15 responses

  6. Candidate Selection 18 responses Observations: Campus Recruitment –22 of 29 respondents indicated that they were at some stage of implementation with campus recruiting. The company’s importance rating averaged “important”. Majority of the campus teams are aligned to Staffing. Screening and Assessing – 10 of the 29 organizations use tools to screen and assess that are validated against I/O standards. The percentage of new hires requiring formal assessment are shown above. Internal Job Posting – 83% of the organizations have an internal job posting process, 87% measure it.

  7. Candidate Selection… 20 responses 17 responses 7 responses 7 responses 19 responses 17 staffing/18 (company) responses

  8. Talent Management Observations: Candidate conversion process to “close” selected applicant had mixed results (only 57% of the companies have a formal conversion process.) Importance to staffing was between very important and critical. (Note: One company indicated they measured it but did not indicate the have it.)

  9. Talent Management… 19 responses 17 responses Observations: 24 of 29 organizations have on-boarding programs – only 16 organizations of the 24 measure on-boarding. 18 of 29 companies have dedicated strategies for diversity hiring. On-boarding and Diversity topped the importance ratings among all organizations. On-boarding responsibilities are aligned across several areas. 19 responses 12 responses

  10. Management/Organization/Technology Observations: Staffing Forecasting is not widely practiced –52% of organizations do not have a process. Of the 14 companies that do have a forecasting process, only 6 measure it. Ownership of the process varied. Importance to company success however, was very high to critical, which would suggest that there will be a lot more activity in this area in coming years.

  11. Management/Organization/Technology… Observations: Only 10 of the 29 companies currently have a definition of Quality of Hire that they use in their organization– however majority just started – importance is high to both company and staffing. There is no consistent definition for Quality of Hire.. Majority of organizations have centralized temp management programs – only 1 best in class

  12. Metrics Summary

  13. Additional Information Enabling Criteria

  14. Industry Survey Appendix

  15. Currently Practiced in the Industry – Do they have it?

  16. Industry Measurement & Audit – Do they measure it?

  17. Current Industry Performance – How do they perform?

  18. Importance to Staffing – Is it Important to them??

  19. Importance Ratings –Howimportant is it to the company?

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