How do you get the best hired?
The situation is this: You regularly hear that our nation’s overall unemployment rate is high, yet as a hiring manager, you also know that finding just the right person can be quite a difficult and time consuming process. You feel that the supply of candidates is mysteriously tight, but you don’t know why. You thought that the market would not get tight until unemployment went down some. Here is the news: Your supply of qualified professional candidates has already become tight for many employers in many areas.
Refer to our White Paper written in November, 2012, titled Worker Shortages (http://www.ag1source.com/for-employers/employer-resources/): synopsis (From recent information, the true unemployment rate for college educated workers is somewhere in the 4% range and less.) The November, 2012 paper explains the “why” we have had difficulty finding key employees. This paper starts to address the “how” we can deal with the current market.
Once you accept the fact you are dealing with a tight market for the candidates you are seeking and you need a solution, the next step is to review strategies for both improving retention amongst your existing work force, as well as improving your process to land some of the best new employees. A great place to start is to consider Why Employees Leave the jobs they are in. Ultimately, as we identify the causes, we can take steps to improve the retention by attacking the causes. We can also use that information to more effectively recruit new employees by solving their “pain.”
When most managers are asked why employees left them, their first answer is usually that it must have been for the money. In fact that assumption could not be more wrong. Departing employees will indicate that money is the key factor only 12% of the time. Take a look for some of the cues we can get from surveys on why employees leave. Our original source of information is a multi-year study done by the Saratoga Institute. Similar results have been reported by many of our industry companies in recent years.
The key takeaway from these studies is that much of employee turnover may be largely preventable and many of the solutions that can be deployed do not involve a substantial financial investment on the part of an employer. What they do involve is attention to a business’s internal climate or culture, specifically, how well employees and managers communicate.