Are you having a hard time hanging onto staff and exhausted from trying to re-staff your company? Are you looking for quality executives who will fit in well at your company and help restructure and reboot the company? Are you in the market for some talent acquisition? If so, you should maybe talk to an executive search consultant who can put the right people in the top jobs at your company. They can take a significant amount of the legwork out of the interviewing and hiring process and often have a much wider reach of qualified and competent candidates than you or your human resources team might have. This also allows your HR team to focus on other aspects of the company that weren’t prioritized during the job search, but that are important nevertheless. See what an executive search consultant can do for your business — and why locking in the right people matters more than ever in today’s business world.
Let’s Talk About Employee Turnover
Gone are the days where people stayed with a job for life, got a nice fat pension when they retired as a reward for their hard work, and were a company man or woman for life. These days, people always seem to be on the hunt — or at least have one eye open — for the next step in their career. This next step often means changing companies in order to advance. Businesses can be cutthroat about luring promising and talented employees away for their own means. And if you’re a company who has lost a lot of talent recently, you know how much this stings.
Indeed, almost 60% of organizations say that they consider employee retention a problem. Vistage ran a survey in which 5% of CEOs who ran small to midsize businesses said that staffing was the most significant business issue they were dealing with — this was mentioned twice as much as any other business issue. This is partly due to the fact that employee turnover can cost between 30-150% of the employee’s salary.
At the end of June 2015, almost three million workers voluntarily left their jobs, which is up 25% from just 2013. And Jobvite’s survey shows that over half of employed workers are open to new job possibilities even if they aren’t actively looking.
So How Can an Executive Search Consultant Help My Company?
An executive search consultant will do the research for you — and often, conduct interviews and be part of the entire hiring process for you. They may function as a liaison between you and the potential candidates, keeping a great deal of the mess out of your hands.
They’ll research available and qualified candidates for the executive position you want filled, present you with a shortlist, and may often reach out to the candidates to gauge their interest and recruit them. They’ll then organize interviews or meetings, screen the candidate, negotiate salary and benefits, and help draw up the employment contract.
As you can see, this takes a lot of the work away from your firm, so you can focus on other aspects of your business, and rest assured that you’re going to be presented with the best candidates for the job.
How Can I Increase Employee Satisfaction to Reduce Turnover?
Interestingly enough, new hires who do a structured on-boarding program when they’re first hired are almost 60% more likely to still be with the company after three years. And almost 90% of companies who have employee recognition programs say that they’ve seen an increase in worker happiness, which can go a long way towards keeping people with your company.
Offering competitive salaries and raises each year is another good way to keep your employees. A good benefits package is also an extra draw, as is fostering good office culture, making the group closer-knit as a whole.
If you’re hiring for executive positions, consider using executive search consultants to make the process a little easier. Also think about ways to improve morale in the office or how to make your company the most attractive place for current employees to stay.
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