The job market is more tenuous than ever. You have small businesses struggling with layovers, large businesses struggling with employee turnover and entrepreneurs trying to start a business in the first place. Your biggest concern is likely trying to save as much money as possible in these trying times, though it can be difficult to know where to start budgeting when everything is demanding your attention. Human resources executive recruiters get to the heart of the issue by helping you direct your attention to the heart of your company — employees. If employee turnover, employee retention and employee satisfaction are all issues your brand is struggling with, read below to learn about how an executive placement agency can help nip these problems in the bud.
What Is Employee Retention?
Let’s start off with what most businesses need to stay afloat. Employee retention is the act of retaining an employee for an extended period of time. Since locating, hiring and training employees costs businesses a significant portion of money, it’s both more comfortable and more cost-effective on both ends to keep an employee for the long term. Studies have shown nearly three million workers voluntarily left their jobs at the end of June in 2015, a notable 25% increase compared to just two years prior.
What Is Employee Turnover?
The opposite of employee retention is employee turnover. Employee turnover costs businesses millions of dollars every year, causing many to seek out human resources executive recruiters to help them locate more potential workers that fit their business model. Common reasons cited for employee turnover, according to a recent survey by Robert Half, showed that one-third of the 1,400 executives surveyed felt the biggest factor leading to a failed hire were performance issues or a poor skills match. The second most common reason were unclear objectives.
What Is Employee Diversity?
A hot-button issue cropping up more and more is that of employee diversity. This is the act of hiring a workforce that comes from a wide variety of backgrounds, including race, disability, ethnicity, nationality, sexuality, gender expression and religion. Ongoing research by McKinsey’s has found that gender-diverse companies are an impressive 15% more likely to outperform their more homogeneous peers. Ethnically-diverse companies are even more likely to show higher performance rates at 35%. Executive search consultants have only continued to add diversity protocols to their skill sets.
What Is Employee Satisfaction?
Last, but certainly not least, we have employee satisfaction. This is the ongoing act of ensuring the satisfaction and fulfillment of the employee. When workers are more likely to leave because of poor objectives or mediocre compensation, it’s imperative your business goes the extra mile to help them perform to the best of their ability. Studies have shown over 85% of companies that have active employee recognition programs cite an increase in worker happiness.
How Can A Human Resources Executive Help?
A human resources executive recruiters aren’t designed to hire people for you. Rather, they give you and your business the skill set and know-how to hire well, hire smart and hire rarely. Employee turnover can be significantly reduced by implementing various programs and accommodations to increase employee satisfaction, while employee retention can be done by making sure you seek out the right qualities right off the bat. Last, but not least, diversifying your hiring prospects ensures you’ll have a wider variety of perspectives and skills to bring to the table. Make this the year you stop losing money. Look into an executive search firm and help everyone up and down the ladder.