Is your company focusing enough on proper talent acquisition? If not, you could be losing out on dozens of fantastic employees. Perhaps you feel like you are doing great with talent acquisition, but are struggling with employee retention. You aren’t alone. Nearly 60% of American companies today view employee retention as a major issue for them, but you don’t have to be in that number. Whatever your struggle may be the following pieces of information should come in handy.
1. Employee Programs – Today, thousands of businesses across America are focusing on creating employee programs that promote areas from wellness to leadership. In fact, studies show that nearly 90% of companies that currently use employee recognition programs cite an significant increase in worker happiness which isn’t that surprising. When employees feel as though their employer recognizes the hard work that they contribute on a daily basis it makes them more likely to continue to do it.
2. Proper Training – Whether you are conducting a hr executive search or simply working with a talent acquisition management service to find lower level employees, never underestimate the importance of initial training. Studies show that when new hires are given a well rounded and structured on-boarding program, they are 58% more likely to stay with that company for more than three years.
3. Focus On Strong Hiring Techniques – How many people in your company look over a resume before a decision is made to bring a candidate in for an interview? Sure, sometimes it’s quicker to take the easy way out and just have a few set of eyes on it, but in the long run it could cost you money. According to the U.S. Department of Labor, the average cost of a bad hiring decision can be the same or more than 30% of the first year?s potential earnings. That is not the kind of money you want to be throwing away.
The next time you are examining your talent acquisition process consider what you can be doing better. Are you providing employee programs that promote recognition? Is your initial training the best it can be? Are you sure that your hiring techniques are strong? If the answer to any of those questions is “no,” then you may want to consider consulting with an outplacement consulting service or executive placement agency. You’ll be glad you did!