How do you achieve the perfect hire?
It may actually be time to remove ‘perfect’ from your vocabulary. When a business is difficult enough to keep afloat in the long-term, it can pay to keep your expectations more on the realistic side of things. The past few years have seen some of the most staggering increases in employee turnover, but that’s no reason to get disillusioned. Instead of looking for quick solutions that don’t pay off, turn instead to resources that can help you build a foundation that lasts. Employment agencies (also known as recruiting agencies or job placement agencies) are designed to help you seek out better matches and better relationships.
Employee turnover is a frustrating issue for any business to deal with. The more employees that leave, the more you need to seek out, train and manage. Basically…it pays to stay. The costs of employee turnover can see as little as 30% and as high as 150% of the employee’s salary being used afterwards. Every year sees a collective $11 billion lost due to employee turnover, so take this as a sign your worries are on the right track and keep on reading. A staffing agency can put a dent in these depressing numbers and give everyone a reason to smile again.
Managers, entrepreneurs and CEOs alike have been interviewed to better determine the more common concerns in the job market. No matter the product or service being sold, businesses generally share one major thing in common — make the most money possible and do it in fine form. When over 20% of new hires leave their jobs within 45 days, however, this can be rather difficult to achieve even for the most savvy of companies. Employment agencies have their work cut out for them and research data only continues to prove it.
You may fine some areas you relate to as you attempt to staff your business. Over 45% of human resources, for example, say retention is their biggest concern. This is followed closely by employee engagement at 35%. All in all? Up to 60% of organizations of varying sizes believe employee retention is a problem to be corrected as soon as possible. What can a job placement agency do to help your employees stick around in the long-term? Rather than giving you easy solutions, a staffing agency can teach you how to better screen your hires so you find that coveted ideal match.
A major element that leads to a failed hire are unclear performance objectives. When you stop to think about it, it makes perfect sense. An employee that feels they’re unable to work to the fullest of their ability, or are surprised by unseen demands, can easily become too stressed to perform to expectations. Another factor in the screening process can be making sure the application and interview process are as candid as possible. In other words, getting off on the right foot so the journey ahead is seamless.
The average staffing agency nowadays will likely provide diversity initiatives to encourage a better perception of your company from the outside. McKinsey’s research has shown incredibly promising figures regarding both gender diversity and ethnic diversity — a gender-diverse company is 15% more likely to outperform its less diverse peers, while an ethnically-diverse company is over 35% more likely to do the same. Success is music to anyone’s ears, be they CEO or newly hired full-time worker.
Job agencies can help you craft a structured on-boarding program, cultivate employee recognition programs and, generally, create a business that is more welcoming than ever.