Recruiting in a Time of High Employee Turnover
, great news for those looking for work. Not so favorable was the news that employee turnover rates also climbed to new levels, with the number of quits reaching 2.7 million people.
This renewed optimism in the job market is a confidence boost for those considering other employment. Employees are voluntarily quitting for another job or simply quitting in the hopes of finding better work elsewhere. According to The New York Times, more than 700,000 people began searching for jobs in January
, the most in six years.
That confidence presents challenges for recruitment; attracting talent in a corporate environment where turnover is high can be difficult. High turnover rates can also negatively impact the financial performance of an organization: in addition to the expense of recruitment, selection and training, high turnover results in low company morale which is then followed by reduced productivity.
It’s a domino effect.
But don’t despair. Armed with the right hiring techniques and assessment strategies, organizations can attract and retain valuable talent and reduce turnover costs.
Hire the Right Candidate: Square Pegs Don’t fit in Round Holes
The first step sounds simple: Hire the right candidate for the job. This is the single best way to reduce employee turnover. A square peg will never fit in a round hole. To develop a talented, high-performance workforce, organizations must ensure that skills and talent are well matched to the job and, more importantly, that the candidate fits well with the corporate culture. How to do that?
Adopt Effective Candidate Assessment Strategies
Adopt systematic assessment strategies that analyze more than skills and experience. Individual work habits, career goals and preferred management style are critical considerations in determining whether a candidate can perform well and thrive within an organization.
To do this, first understand the organization’s culture and work style. Is the environment formal or relaxed? Is the office set up for working independently or is it an open format, where employees are encouraged to collaborate on ideas? Are the working hours set, or is there flexibility for telecommuting? Some companies embrace face-to-face communication; others communicate primarily via email or telephone. Know the organization’s climate to effectively determine whether a candidate can work within that culture.
Know What You Want
Know what qualities you are looking for in a candidate. That may sound obvious. But really knowing the characteristics of a successful hire is essential. Develop a list of traits that are necessary for success in this role and take the time to learn whether candidates possess those qualities. This not only saves time and money in the hiring process; it will strengthen your ability to find the right person for the job.
Learn What They Want
Now that you know what you want, be sure the candidate wants the same thing. If their priorities and goals are not aligned with yours, move on to another candidate. Hiring someone who already wants something you cannot give them will only result in one thing: an empty office.