Coming in First in the Talent Race
By?Lloyd Longfield President & CAO Guelph Chamber of Commerce
Talent is the life blood of a successful business. Knowing who has the best talent is one thing, but for your business to compete you not only need to find it, you need to be able to capture it and keep it.
Women are outpacing men in the race to the finish at Canada?s universities. In 2007 148,000 women graduated from four year programs, compared to 95,000 men. Soon seven out of ten graduates will be women.
How does business react to, and take advantage of, the dramatically changing labour pool coming from our universities? Pay equity is the perfect tool to enable businesses to take advantage of the best talent that is available, and pay equity is now the law for businesses with more than 10 employees.
Pay equity is an objective way for valuing jobs within an organization. It takes the guesswork out of where people fall in your company?s pay scale. Just like you need to follow health and safety guidelines under provincial law, you no?need to demonstrate you have a means to evaluate your staff equitably.
Four main groups for evaluation are Skill, Effort, Responsibility and Wor ing Conditions. These groups are further divided into 11 sub-factors, to which you can apply different weightings.
These weightings are used to determine a point scale for each worker, so that the value of each position in the company can be calculated. (Visit www.payequity. gov.on.ca/peo/english/pubs/tools_formula_mini1.html for formula.)
The old saying ?The best man for the job is a woman? is becoming more appli- cable all the time. Businesses that com- pete best for the attraction of women to their workforce will come out ahead in the race for talent. And talent is the life-blood of a successful business.