One of the main topics that our clients want to discuss as part of their success strategy is how they can recruit the right and retain the right talent for their business. This is an extremely important topic, especially when you look at some of the facts and figures surrounding the topic…
Research from the CIPD suggests that the average cost to replace a fully-trained member of staff in professions such as media and IT is £30,000, and £40,000 in professions such as solicitors and accountants. In fact, British businesses are spending over £4 billion every year on replacing staff, with it taking between 6 and 8 months to fully train a replacement.
Departure figures are staggering with 1 in 3 employees leave within the first 12 months of being employed by an organisation, 22% leaving within the first 6 weeks!
Here are a few points you need to consider to attract, recruit and retain new hires:
1. Be crystal clear on what you want
In the past, employers have made the mistake of focusing too heavily on specific qualifications and requirements – also known as ‘box ticking’ – without really understanding who they are looking for. Businesses must focus on the holistic picture for a successful hire – understanding the personality type and interpersonal skills needed to succeed within the role, the team and the company, as well as the functional skills required. Make sure the language, tone and message in your recruitment advert reflects this and hire a professional to produce compelling copy for the advert so you attract a strong set of candidates.
The type of interview is important. Consider the use of a blended approach which combines personality profiling, competency-based questions and a technical test to get an all-round view of the candidate.
Interviews are an expensive process – both in terms of direct costs of venue hire and administration and the indirect resource costs. Manage these by pre-screening candidates with telephone interviews and by hosting interview days.
Consider outsourcing the design of the interview process, pre-screening and testing elements to save time and money. It will also enable your in-house managers to focusing on their day jobs and only become involved at the key stage in the interview process. Remember, attracting and recruiting the right candidate is a specialist function.
A strong onboarding strategy is essential and this starts as soon as a candidate accepts your offer of employment. If you are looking for a high-quality candidate, the likelihood is that so are many of your competitors. Although a candidate may accept an offer of employment they could be lost to a competitor if you fail to give them every reason to join your organisation.
Even if you get them through the door, new hires still aren’t fully invested at this stage. Over the next few weeks they will be constantly assessing you as much, if not more, than you are them.
A 2014 study carried out by BambooHR found that 23% of people that left their place of employment within 6 months said that they didn’t receive clear guidance on their responsibilities and 21% wanted better training.
A culture which naturally welcomes and recognises staff is also vital. Buddy systems, team lunches to welcome new starters and welcome packs with their own selection of company stationary are all small things that make a huge and very positive impression.
In the 2014 study 17% of leavers said that they didn’t feel welcomed and 9% said that they hadn’t received sufficient attention from their manager and new team.
5. Staff engagement
New hires are quick to speak with other employees to gain information that will help them decide whether they have chosen the right organisation to join. Subjects they will enquire about include long terms prospects, pay rises, continued training and development, staff benefits and the culture of the company. If your existing employees are not singing your praises, new hires may lose confidence in their decision and reengage in discussions with other organisations.
Without necessary in-house expertise, getting these things wrong can cost an organisation dearly. To arrange a FREE audit of your talent cycle, to identify where you can make improvements and save £££s, contact us today.