tyco healthcare finding talent: new initiatives for sourcing, vetting and hiring employees ari...
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Tyco Healthcare
Finding Talent: New Initiatives for Sourcing,
Vetting and Hiring Employees
Ari Gordon Corporate RecruiterTyco Healthcare
Tyco Healthcare
Fast Facts about Tyco Healthcare
Who we are…
• A large global healthcare company committed to sustaining strong margins and cash flows while making investments for growth
• One of the largest medical device and disposables companies in the world at $9.1 billion with industry leading profitability margins
• 40,000 employees in nearly every country worldwide with an expanding presence in emerging markets around the world including India and China.
• R&D funding was increased by nearly 40% in 2004 and this investment should double over the next few years
• Over 80% of total sales derive from products in either in a # 1 or # 2 position in their respective categories.
Tyco Healthcare
What we make…
• A vital provider of products including advanced surgical tools and supplies, sutures and wound care, needles and syringes, contrast media for diagnostic imaging vascular therapy, respiratory care and generic pharmaceuticals.
• Key Brands: Kendall, Auto Suture, Syneture, Valleylab, Radionics, Mallinckrodt, Nellcor, Puritan Bennett.
• Medical, surgical, electrosurgical, respiratory therapy and imaging products are supplied to some or all of the following:
acute care facilities - nursingacute care facilities - nursing homes - rehab centershomes - rehab centersambulatory surgery centers - physician officesambulatory surgery centers - physician offices
• Retail/Private label products featuring incontinence and feminine hygiene are sold to the largest retail chains and mass merchandisers operating in the U.S.
• High quality products with instant recognizable name that provide the basis for improved patient outcomes
Tyco Healthcare
What we excel at…
• Market leadership in key product areas provides a platform for new technologies and products.
• State-of-the-art manufacturing capabilities and highly trained sales force delivering first class products worldwide.
• Six Sigma – 110 active teams with over 2400 trained employees who delivered over $272 million in operating income benefit – net of incremental investment. In working capital, this 8 day improvement had a $900 million impact and could exceed $3 billion by 2006
• A recent integration process in every aspect of the business resulted in $151 million in operational excellence savings.
• It is more than just about cost cutting – it’s about implementing high quality, thoughtful products that result in better healthcare products - and healthier lives.
Tyco Healthcare
The Benefits of Separation
Greater Potential for Long-Term Value as Greater Potential for Long-Term Value as Three Independent CompaniesThree Independent Companies
• Each entity will set their own strategy for:
– Acquisitions
– Alliances
– Resource allocation
– Research & development spending
• Strategic and day-to-day business decisions will be based on specific industry dynamics
Electronics Electronics
Healthcare Healthcare
TFS/TEPS TFS/TEPS
Tyco Healthcare
Great Long-Term Value Potential as an Great Long-Term Value Potential as an Independent CompanyIndependent Company
• One of the largest diversified healthcare companies
• Strong operations and cost management capabilities have produced industry leading margins
• As an independent company, better able to:
– Attract top healthcare talent
– Negotiate licensing deals
– Compete for strategic acquisitions
Tyco Healthcare
Sourcing Candidates
• Staffing Plan– Newly Created Functions 200 – 300 new positions– Understand what we have, what we need to have
• Recruitment Strategy– Internal candidates; growth from within– Normal postings via ATS– College interns/Co-Ops
Tyco Healthcare
Sourcing Candidates
• Internet Resources currently used:• Applicant Tracking Systems; main job boards
• Niche Web Sites, Associations
• Internet Resources being explored:• Adwords via Google, search engines• Web Logs
Tyco Healthcare
Sourcing Candidates
• Agencies:– Contingency/Retained:
• Leverage company size• One central database, able to better partner• Centralized point of contact• Job Bundling• Executive search
– Research Firms:• Name Generation• Candidate pipeline
• Diversity Recruitment:• National Society of Hispanic MBA Conference• National Black MBA Conference• BostonWorks Diversity Career Fair• Women for Hire• InRoads: Diversity Intern program
Tyco Healthcare
US Exempt & Salaried Non-Exempt Hires by Source for 2005
Temp to Full Time 4%
Employee Referral 20%
ATS 12%
Internal 30%
Monster 10%
Internet-Other 12%
Agency 7%
Other 5%
Temp to Full Time
Employee Referral
ATS
Internal
Monster
Internet-Other
Agency
Other
Tyco Healthcare
Three Year Comparison – Hiring Percentages
Mansfield Location2004 2005 2006
Promotions/Transfers
39% 36% 42%
Employee Referrals 20% 20% 16%
Applicant Tracking Systems/Monster
18% 23% 25%
Agency Usage 15% 10% 8%
Contract Conversion 5% 9% 9%
Tyco Healthcare
Vetting Candidates
• Behavioral Interviewing– Provide training for hiring managers and interview team – Interview guide creation via usage of Lominger Competency
Model Tool with hiring manager
– Results of Interviews intended to provide:• Objective view of all involved on the interview team• Justifiable reasoning of why the candidate was the best fit
among all candidates
– Maximize each hire
Tyco Healthcare
• Key Aspects
– Are we competitive in the market?– Have we effectively portrayed the company culture?– Have we communicated our values?
• Metrics– Quality of the hire– Turnover Rate– Diversity
Hiring Candidates
Tyco Healthcare
Hiring Candidates - Metrics
0.1% 5.7% 4.5%
1.4% 32.9% 5.1%
0.6% 1.0% 0.1%Beh
avio
rs
Performance
908 out of 1,768 hires eligible for the review process.
2005 New Hire Performance Ratings
Salaried Exempt & Non-Exempt