What is Tech Valley Connect?
The Tech Valley Connect model is a successful regional programming template which substantively addresses recruitment and retention of professional talent by utilizing the collaboration and commitment of local employers. This consortium of professional hiring employers within a given area, focuses on providing local personal and professional resources for candidates and recent hires and their families within the consortium. The member organizations belonging to the consortium commit to high-level informational interviews for “accompanying spouses/partners” of hired professionals in an effort to accelerate meaningful professional networks. This centralized hub combines resources to build powerful links to the community-at-large as well as help with cultural transitions for individuals and families coming from around the world. Our well-rounded, comprehensive support fills the gap many employers feel exists in their ability to attract and retain valued talent.
Our mission
The Connect’s goal is to provide a broad-based networking foundation in a given community by building both professional and personal ties to the region in an accelerated fashion. By helping families acclimate to a new location, we feel we’ve addressed the challenge of professional and personal isolation which can drive some to leave their organizations soon after they arrive. We feel this program serves as a powerful recruitment tool, in terms of valued candidates being offered a comprehensive support system to navigate both dual career networking at high level and qualified referrals to needed community resources. This unique regional infrastructure has shown to be a successful ingredient in attracting and retaining talent.
Bottom-line
Research shows that employers are now, more than ever, keenly aware of the potential costs of domestic and international relocations – more than two-thirds (67 percent) have implemented cost-containment programs while only one-third (33 percent) had such programs in the mid 1990s.
“Companies that provide ongoing family transition support services incur a minimal upfront expense that is certain to yield incredible long-term benefits,” said Lauren Herring, CRP, GMS, director of IMPACT Group, St. Louis, MO. “We have found that spousal support services can earn companies incredible amounts of goodwill and loyalty from their employees. Spouses are not always aware such supplemental transitional services are available, so when companies do offer such longer-term services that support spouses and families throughout the transition and acclimation process, there is no price tag for the loyalty and dedication a family feels toward the company throughout the assignment.”
Organizations that adhere to preventative measures with regard to the accompanying partner and family will be able to offset the incredible budget drains of the past decade. Networking is the key to building a stronghold in the area, both personally and professionally.
Variables that go into the potential cost of losing a professional hire within the first 3 years:
Direct Costs of Losing a Hire
Recruitment fees
Background check
Employee referral incentive/fees
HR Department time and expenses
Executive/Department – interviewer time and expenses
Travel expenses (candidates, families, HR, recruiters)
Salary
Bonuses
Benefits
Relocation costs
Perks (auto, memberships, etc.)
Paid Time Off (PTO)/Vacation/Sick Pay
Stock options
Severance pay
Legal costs
Outplacement/Retraining costs
HR and other staff time/expenses related to early leave
Indirect Costs of Losing a Hire
Support personnel time and expenses (i.e. executive assistants)
Office space, equipment, network resources, training
Expenses, mileage, travel costs
Loss of overall productivity
Loss of personnel productivity and time because of having to re-build new professional relationships
Turnover among subordinates due to early leave
Lawsuits
”Trickle-down” effect of employee and staff with loss of engagement during turnover period
