Employment today is very different from even 20 years ago. Gone are the days when someone starts with a company in their 20’s and retires from that same company in their 60’s. Turnover is a fact of life for every business and a cost that is oftentimes overlooked. The #1 and #2 reasons for turnover are behavior issues and a poor organizational fit. And a staggering 75% of all hiring is due to turnover. Annually, $130 billion is spent on hiring and selection.
Costs
What are some of the costs included in hiring and turnover? Costs include:
• Recruiting, interviews, and post interviews
• Onboarding and Training – This can include administrative processing, HR, lost productivity if using a current employee to train a new employee, and benefits enrollment.
• Learning and Development
• Time with an unfilled role.
Hiring
So how do you ensure hiring the right people? You need to hire team members that match the organization’s philosophy. So be sure you have a full understanding of what your employee culture really is like. Be certain to incorporate the company mission, vision and values into job descriptions. Try group interviewing with behavioral interviewing techniques to identify strong candidates with relationship-building competencies.
Tips
Business thrives on relationships. Those are the relationships between co-workers, as well as employees to their supervisors. Many interviewers try to hire someone that reminds them of themselves. We naturally favor candidates with personalities, attitudes, values, and backgrounds to our own. Make sure the culture and personality fit is right. That is just as important as finding someone with the skill sets you’re looking for.
A candidate’s personality and passion will influence everything from what projects they enjoy to what team members they best work beside. Make sure to know what you are looking for in a candidate before you begin the screening process. Telephone interviews are a great way to see if the candidate is someone that would be good for a group or individual interview, or not at all.
In the end, it is imperative to find the right members for your team. If you need help with recruitment and hiring, Contact Us at Legacy to see how we could help!