Finding the right worker for the job should be the easiest process ever. You post a bulletin board, wait for the applications to fly in and choose the best from the pile…right?
…wrong! With employee turnover the highest it’s ever been and businesses going belly-up as a result, you can’t afford to rely on these old-fashioned ideals anymore. Finding a good employee is far more complex than simply checking off a few boxes. You need to give them a reason to stick around for the long-term. While choosing the best hire each and every time isn’t possible (you’re not superhuman, after all), you can mitigate the effects of employee turnover by keeping an ear to the ground and using the resources around you. This means learning new tricks, transforming your business model and reaching out to human resources consulting firms.
Did You Know?
How bad is it? Bad enough that businesses are losing billions of dollars and starting to lose hope of crafting a workerbase that’s as qualified as it is passionate. Executive search consultant services have had their work cut out for them these past few years. A 2016 Gallup poll dubbed Millennials the ‘Job Hopping Generation’, with the study revealing as many as six out of 10 being open to another job at any given time. Let’s keep digging and see the impact this has on everyone involved…
This term is used to describe the phenomenon of employees leaving prematurely. How soon is too soon? While nobody is a perfect fit for any and every business, sticking around in the long-term is beneficial for both worker and business. Back in 2015 over two and a half million workers voluntarily left their jobs at the end of June, a staggering 25% increase from just two years prior. Workers are put in the position of looking for a new position, while businesses have to pick up the slack with lost productivity and yet more money spent on training. Is a happy balance possible?
Absolutely. The opposite of employee turnover is employee retention. But how do businesses achieve this seemingly magical result in today’s uneven working climate? A good way to encourage higher employee retention is to honor your employees’ hard work and encourage them every step of the way. Another Gallup poll revealed a mere two out of 10 workers feel their manager is doing a good job of encouraging them to do their best. Compare this to another study that found over 85% of companies with employee recognition programs have a much higher rate of employee satisfaction.
Human resources consulting firms are prioritizing diverse hiring practices more than ever. That’s because there’s wisdom to be found in different perspectives and backgrounds. McKinsey’s research is an ongoing project analyzing the positive effect of diverse hiring, with results that will no doubt have you scrambling for the nearest human resource staffing firm. Gender-diverse companies are 15% more likely to outperform their peers. Even better? Ethnically-diverse companies are up to 35% more likely to do the same. If you want to appeal to a large consumer base, the first thing you need to do is actually reflect them in your hiring.
Human Resources Consulting Firms
You know a little more about employee turnover and employee retention now. What can human resources consulting firms do to further close this gap and start delivering on results? A survey provided by Robert Half asked over 1,400 executives about what they thought led to a failed hire. Aside from general performance issues the most common element was stated to be a poor skills match. The second most common? Unclear performance objectives. Think about how easily these can be avoided in a better hiring process alone, much less adding on employee recognition programs and diverse initiatives.
Got doubts? Human resources consulting firms are available to give you a helping hand and make sense of this messy business all over again.