Employers will need to begin reanalyzing the way they source and hire their employees to ensure that these practices are as effective and efficient as possible, and designed to attract and acquire only the very best talent if companies are to have any hope of riding out the turbulent economy that has troubled the global market over the past decade that does not appear to be letting up all too quickly.Given the current chaotic state of the job market this is far more easily said than done, though this may not seem like much of a feat. However, to help ensure the success of these strategies, employers need only look to these guidelines compiled by executive search firms designed to benefit companies as they seek to improve their recruitment procedures.
For starters, employers need to really come to understand that a single bad hire can do far more harm than most would believe possible, while hiring success minded, talented individuals can do a great deal of good for a company.Roughly 80% of employee all employee turnover is the result of bad hiring choices, a recent study has shown. A report from the Department of Labor has stated that in general to replace a new hire will cost the company approximately a third of that individual’s annual salary,while seen on a limited, individual basis this may not seem like that big a deal. It is a costly mistake to make a bad hire so imagine if a number of such errors occur in the company. Also, there are the damages that may be caused by such an ill-fitting individual during their time in the companyon the other hand;the higher up the company ladder these individuals are placed,all of these costs become exacerbated
Next, , contrary to what they may believe, companies will need to learn that the traditional interview is a highly flawed process with studies having shown that such procedures only improve the chance of companies making a good hire by no more than 2%.Both consciously and unconsciously on the interviewer’s part, a number of variables come into play in these proceedings, to sway the typical interview, and making them both highly biased and subjective. What’s more, to help candidates prepare for interviews and rehearse common questions and answers to be recited back to the interviewer when the time comes, inthese days it has become common practice, and even an industry.While it may have once been enough to collect resumes and review them and interviewing the top choice, this system is no longer sufficient in helping companies successfully meet their hiring goals.
Companies will need to begin implementing new tactics and procedures in order to meet their goals,in order to achieve success in their executive search and hiring practices.Companies should really begin conducting job analyses to in order to determine the exact skills and qualification necessary to fulfill the duties required of a given position,for example. Specifically targeting individuals who meet these needs, effectively matching people to the position,given this information, employers can be far more direct in their recruitment efforts. In essence, companies will need to begin completely reconsidering the way they handle their hiring methods and difficult though this may be, the outcome will certainly be worth the effort.Published by Conselium Executive Search, the global leader in compliance search.