Any person who is responsible for hiring and training of new employees understands how difficult it can be. There is actually a lot involved with the hire of a new employee. First, you must market your company and the job opening to the correct and qualified candidates. This can be difficult in itself. Then, you must set up and schedule interviews. You must come up with the best interview questions that will accurately depict the roles of the job you are hiring for. Once you choose the best employee out of the available pool of candidates, you are still not finished. You must bring them on, train them about the rules and regulations of the business and then train them on their individual job roles.
All of the necessary steps may seem worth it, when you end up with a qualified candidate. What about when you go through all of that and the employee quits because they were not aware of the full extent of the job and are not satisfied. What about when the employee is let go, because they do not contain the necessary skills or the necessary abilities to learn the new skills of the new job.
Not only can this be frustrating and time consuming to the company and the hiring person, it can also be very expensive. The costs of employee turnover range from 30% to 150% of the employee?s salary. If you continue to hire employees that do not work out, you continue to incur these costs and the company takes a huge hit.
An outplacement service is a great solution to this problem. An outplacement service company takes over all of the roles of hiring for your company. They are responsible for all aspects of the hiring process, including the marketing, interviewing, training and the follow up of the employee. Generally, an outplacement service produces better matched candidates for the position, and both employee?s and the business owner are more satisfied.
One of the biggest benefits of using executive HR search firms to hire your executive level employees is the cost and time savings. They are specialized in selecting the best candidates for the position, leading to fewer turnovers. Outplacement companies are able to reach a better pool of candidates and are able to match the necessary skills and personality traits to each position. This is their sole focus, and it really improves the hiring process.
As many as 22% of new hires leave their jobs within 45 days of being hired. Reasons include poor performance and temperament issues. There may actually be signs of these problems during the interview process. These signs may be missed by an unqualified hiring person. Even if the person is qualified, but they are overwhelmed with the amount of hiring required, they may miss these signs. An HR consulting business can generally weed out employee candidates based on these traits.
Some companies may be worried about the costs associated with an outplacement service company. However, one bad hire can cost the business a lot of money in time lost and in training resources. The U.S. Department of Labor estimated that the average cost of a bad hiring decision can equal 30% of the first year?s potential earnings. Add in a few bad hiring decisions, and you have lost a lot of money. A human resources executive search can reduce the amount of bad hiring?s, also reducing the amount of money loss to the business.
The hiring process can be both complex and time consuming. It can be especially frustrating when the employee that was hired ends up not working out. It can also waste time and be costly to the business. Hiring an outplacement service company can reduce the number of bad hires, and can save the business both money and time. It is important to match the correct employee candidate to the job that fits that both skill wise and personality wise.