Business needs change constantly – and rapidly, in today’s fast-paced global marketplace. To ensure that the right team is in place to meet these demands, the pressure is on you, as an HR leader, to make spot-on staffing choices. After all, how can your business run effectively without the right talent in place? The answer is: It can’t.
Here are some common staffing nightmares, along with suggestions for avoiding or resolving them:
Hiring the wrong candidate can be devastating. The Harvard Business Review recently noted that up to 80 percent of employee turnovers were due to bad hiring choices. And when it comes to the cost? Estimates vary widely, but consider these reliable sources:
- The U.S. Department of Labor reports that it can cost an average of one-third of a new hire’s salary to replace them. This figure increases the higher up in an organization the turnover occurs.
- The Society for Human Resources Management estimates even higher. SRHM puts the price tag of a botched hire at up to five times an employee’s salary.
Don’t cut corners. Whichever expert you choose to believe, you want to avoid making hiring mistakes. And yet, you are often under tremendous pressure to hire “yesterday” in order to keep business processes and results on track. Don’t let this pressure detract from your overall talent acquisition goals.
The cost of employee turnover can be astronomical. It’s much less costly to keep your current team members motivated and productive than it is to find, hire, onboard and train new ones.
- Turnover costs may be largely hidden. In addition to the hard expenses, such as paying for job postings and advertisements, you need to factor in “soft” damages that are equally, if not more, damaging to a business. These include lowered productivity, overworked remaining staff, training cost for replacement workers, and lost knowledge whenever good talent walks out the door.
- Make employee engagement a top priority. Strong engagement not only leads to higher levels of retention, but it also results in more return customers and in positive operational health.
- When workers are engaged, they are better tuned in to your work processes, as well as the products or services you sell. Engaged employees tend to focus their time on objects that improve their own performance, and also that of others. And, the better employees can work with one another, the smoother and more quickly projects are completed and goals reached.
Lack of Flexibility
It’s always an asset to have employees who can wear multiple hats. Ideally, if another employee is absent or leaves your organization, you want a seamless continuum in workflow. This means being able to rely on someone else to step in and smoothly assist in tasks that are not typically assigned to them.
- Be flexible in hiring. Consider contract and contract-to-hire employees, as well as permanent FTEs. Partner with a staffing agency that can send you candidates who are the best fit for meeting your short and long-term demands.
Are you looking for top talent?
The right staffing strategy for your company is a moving target – and one that you want to keep on hitting. Avoid talent acquisition pitfalls and be proactive in designing an industry-leading strategy by partnering with TRC Professional Solutions. Contact us today to learn more.