If you’re conducting an HR executive search, you probably already know that it’s important to find the best possible candidates. What many human resources consultants encounter, though, is that businesses and organizations often don’t realize just how important the process of talent acquisition really is during an HR executive search.
Do you fall into the same category when it comes to human resource staffing? Take a quick look at the numbers below and see whether you’ve been prioritizing your executive searches enough:
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80% of company turnover is a result of a poor hiring process, according to the Harvard Business Review.
If you find that employee turnover is extremely high in your business, you probably aren’t just having problems maintaining an operational business — you’re also probably paying a lot of money. It’s estimated that the cost of employee turnover can be anywhere from 30% to 150% of the employee’s salary.
Millennials are becoming a force to be reckoned with in the workplace, and like it or not, their changing attitudes of what “work” should be is something that you have to consider during an HR executive search. In a survey measuring attitudes of the average American Millennial employee, 72% of Millennials want to be their own boss, 88% would rather work in a collaborative environment rather than a competitive one, 74% value flexibility when it comes to having a work schedule, and nearly 90% put an emphasis on creating a solid work-life balance.
It’s easy to let your hiring process fall to the wayside, and it might even be a result of focusing too much on mitigating the damage caused by a high employee turnover rate. Every business needs to have a strong foundation of employees in order to operate successfully, so it’s important to remember that your hiring process and executive search should always be top priorities! More like this blog.