How do you hire the right employee?
Do you dig around in a diverse pool of applicants to make sure you’re touching on all bases or do you go with what, and who, you know? Do you change your application process to ask more specific questions or do you go for a one-size-fits-all approach and move on from there? Is it worth reaching out to executive search firms or applying classic knowledge? These questions can seem like a veritable whirlwind of missed potential, leaving you swimming against savage waters that only get murkier by the day. When your business needs some qualified staff padding out its ranks and only has so much time to do so, a career placement agency may be the lifeline you’ve been looking for.
Executive search firms have their work cut out for them these days. Here’s why.
Employee turnover is on the rise. In fact, it may be one of the biggest barriers toward getting you that qualified workforce you’ve been dreaming of. Back in June of 2015 over two and a half million workers voluntarily left their jobs. How big of a change was this? Compared to just a few years prior this was a 25% increase, with no signs of stopping. With employee turnover costing businesses a collective $11 billion every year, it’s time to step up to the plate and get to the root of this problem.
A major issue is employee dissatisfaction, which is more than just an occasional bad day and more a work environment that leaves workers depressed, despondent and uninterested in their work. According to a recent Gallup poll just two out of 10 workers believe their manager is doing a good job of encouraging their best work. Compare this to a recent survey that found over 85% of companies with employee recognition programs in place cited an increase in worker happiness. When you want to keep people around? You need to give them extra incentive than just their pay.
Another Gallup poll concluded Millennials to be the ‘Job Hopping Generation’. What does this mean? It means six out of 10 workers are open to a new job at any given point in time, more so than any other generation, and businesses have to go the extra mile to keep up. While this can sound like a lot of opposite to cover, there’s a silver lining to this cloud. Executive search firms are providing more answers as more issues make themselves known, providing everything from consultation to active strategies to get you finding the right people at the right time.
First things first…how is your application process looking? If you haven’t updated your online applications or employee questionnaires in a while, this might just be the perfect place to start. A recent survey provided by Robert Half found one-third of the 1,400 executives surveyed felt the top factor leading to a failed hire (aside from general performance issues) was a poor skills match. The second most common? Unclear performance objectives. Making sure everyone’s on the same page can save you a lot of trouble down the road.
Executive search firms can also help you hire more diverse applicants. McKinsey’s research has done nothing but prove the merit of dipping into varied pools, with one study finding gender-diverse companies being 15% more likely to outperform their peers in attendance, production and presentation. Ethnically-diverse companies were even more so at 35%. HR executive placement isn’t just a get-rich-quick button you press during an emergency. It’s a way to reevaluate how you approach people and, in turn, how they approach you.
Tired of digging and digging for the right applicant? Executive search consultants are waiting to give you a boost.