Outplacement consulting firms are able to target specific qualities in the selection process for organizational vacancies. By helping to determine employee compatibility with the organization?s structure and purpose, millennial talent acquisition, and retention becomes more assured.
Millennial Talent Acquisition
In 2015 millennials became the largest segment of the workforce in the United States. As a demographic their priorities and workplace preferences are markedly different from those of their predecessors. As such, it is important for employers to be mindful of the unique qualities that will attract the younger generation of workers as well as the new perspective and energy they bring to their chosen careers. Outplacement consulting firms are able to facility a meaningful connection between these executives and the firms who understand the importance of diversifying their workforce. Diversity in age is equally important as gender and ethnic diversity. Statistics have shown gender-diverse companies are 15 percent more successful than their peers, and ethnically diverse companies are 35 percent more likely to outperform others in their niche. As millennials begin to make up a higher percent of the workforce, experts believe the trend for age diversity will be similarly favorable.
Executive search consultants do far more than simply check off boxes from a list of education and experience qualifications. They work with individuals to discover the unique personality, strengths, weakness, goals, and temperament of each candidate. These are then compared to the needs of those companies who need positions filled. Clarity of purpose and a good match for the skill set is incredibly important to successful talent acquisition. According to one survey nearly 40 percent of executives believed a poor skills match resulted in a failed hire, with 30 percent being attributed to a lack of clarity in performance objectives.
Outplacement Consulting Firms Can Improve Employee Retention
As the economy has begun to improve employment opportunities have expanded. This has resulted in more employees feeling empowered to leave a career with which they are unhappy. In June of 2015, nearly 3 million workers left their job voluntarily. This is a statistically significant increase of 25 percent compared to the results of 2013. In part, this was due to poor hiring practices that did not take the time to ensure the position was a good match for the individual who filled it. When new employees go through a structured onboarding initiative they are nearly 60 percent more likely to remain with the company after three years.
57 percent of organizations have cited the ability to retain employees as a significant problem. It is not only detrimental to the company culture, it is also devastating in terms of lost resources and opportunity costs. Working with outplacement consulting firms helps to ensure human resources staffing goes as smoothly as possible and has the desired long-term outcome of happy employees well suited to fulfilling their positions.
The prime goal of any organization when looking to fill a vacancy is finding the candidate who will fit in with the culture of the company and bring beneficial skills and energy to the position. The goal of the potential employee is similar in that they want to be happy and feel they are making a meaningful contribution to society with their career efforts. This is especially true for those who are a part of the millennial generation. An outplacement consulting firm can ensure that the candidates and organizations are appropriately matched to the mutual benefit of both.