At the moment, the job market is very much geared towards those searching for jobs, more so perhaps than companies searching for employees. While this is great for potential employees, it can in a sense negatively impact companies looking for new employees, and for that matter companies that want to retain employees. It’s one thing to have competent, talented staff on hand — it’s another thing entirely to entice them to stay. The issue with hiring great people is that other companies will soon recognize their talents and attempt to “poach” them; however, it’s not as if any company can afford to hire subpar employees just because they’ll be more likely to stay. With that being said, this is why many companies choose to use executive HR search firms. Executive HR search firms, also referred to as talent acquisition management services, aid companies in finding the right employees. For that matter, they also make it easier for potential hires to know what they’re getting themselves into, and be better equipped to handle the responsibilities of their new jobs ahead of time. Executive HR search firms can also help companies prioritize what they need most out of new hires, and they make it easier for companies to search for new hires outside of the company, rather than solely filling job placements internally. Below, we’ll discuss some of the issues to consider when looking for new hires.
1. Retention
We brushed upon this a bit earlier — but retention really is a major concern for most companies, and should be. An estimated 57% of organizations view employee retention as a problem. There are several reasons why employee retention can be problematic for some companies. For one thing, a lack of employee retention can be indicative of some problem within your company’s structure. Something may be causing your employees to leave — and it’s not always a new job offer on the horizon. Another issue with employee retention may be a lack of discernment when hiring certain employees. One person may seem great for the job, but if they seem to lack a commitment to the company, they shouldn’t be hired. This is something that executive HR search firms can help with; if a potential hire has a history of leaving companies after a short work period, then the search firm may dismiss them outright. Of course, retention issues aren’t always do to employees leaving by choice; an estimated 22% of new employees leave their jobs within 45 days of being hired. Often, the issues cited include poor performance and temperament problems. By using a professional search firm, you lower your risk of hiring poor fits.
2. Diversity
Diversity in the workplace is a major issue now, and diversity can be extremely important to how some companies work. For example, if a company is marketing a product towards women but has no women on staff, the results will likely be somewhat skewed. Ethnic diversity is also a huge concern, and companies with a better history of hiring more diverse staff will develop a better reputation than their peers. In fact, studies have shown that gender-diverse companies are 15% more likely to outperform their peers, and ethnically diverse companies are 35% more likely to outperform their peers. Ultimately, you want to hire the best person for the job, no matter what their gender or ethnicity. But hiring firms make it easier to find potential hires with more diverse backgrounds.
3. Salary And Benefits
Some companies are simply more equipped to offer greater salaries and benefits than others. This means that the other companies — especially if they’re small businesses — can feel powerless when trying to appeal to better potential hires. Executive HR search firms ensure that potential hires are aware of all the benefits to signing on to your company — including those that aren’t immediately obvious on paper. They aren’t just about selling an employee to your company; they’re about selling your company to the right potential employees.
