If someone was to tell you that, according to the United States Department of Labor estimates that a single bad hiring decision can cost a company an amount that’s roughly equal to 30% of that company’s first-year potential earnings, would you consider fortifying your Human Resources Department?
Human resources consulting firms have been tracking the trends in talent acquisition and talent acquisition management for several years and can help companies find what is working and what is not working when it comes to the hiring practices of businesses large and small. In today’s workforce, 57% of organizations polled viewed employee retention as a problem. For reason big and small, employees are not staying with one company for their entire careers anymore. Those days, to a large degree, are far behind us. Most employees are either currently looking or thinking about looking elsewhere for employment in virtually every job out there. A survey by a site called Jobvite found that there were as many as 53% of employed workers open to considering new job prospects even if they weren’t looking actively.
Human resource staffing is not an easy task to handle. Within 45 days of being hired, 22% of new hires will leave their new job. This can be the result of poor performance or temperament issues. Human resources consulting firms that specialize in matching the right employees with the right companies can save companies money while helping them boost their productivity. Knowing how to staff a company with gender diversity and ethnic diversity will give a company the edge in their particular business. McKinsey’s research has brought to light some very valuable information in this regard. Companies that show gender diversity are 15% more likely to outperform their competition and 35% more likely to outperform their peers when they are ethnically diverse as well. If your company is not performing the way you would like it to or as well as you think it should, maybe you should consider human resources consulting firms to help you reexamine your staffing procedures.
Good human resources management does not stop with picking the right candidate, however. Putting programs into place to keep an employee motivated to continue to perform well is something that can also be designed by your human resources consulting firms. For example, employee recognition programs go a long way to making employees feel a part of the larger picture, especially in bigger companies. Surveys have shown that 80% of companies that have these types of programs have reported that workers’ happiness has increased.
In today’s world, employees are not staying with the company they first were hired on to. Many move companies and many even change careers entirely. To keep your company competitive in whatever business you are in, having employees who are dedicated, happy to come to work, and who feel they have a stake in the business itself will help you reach your goals much more quickly. The right employees will benefit your bottom line, as well.