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Is Your Company in the Middle of an Executive Search?

Restructuring consulting firm

The human relations (HR) field continues to expand. From training current employees to eliminate sexual harassment in the workplace to training companies to execute successful HR executive searches, companies find themselves looking for all types of guidance. And while it may have been the job of small human resources staffs within a company to complete all of these tasks, the trends today show both small and large companies outsourcing tasks like HR executive searches and onboarding programs for new employees.
Even though the majority of the population may think that HR consulting firms are in charge of finding and hiring the best candidates, in reality, HR firms spend a great deal of energy helping companies put plans into place to keep the employees they hire. From new employee transition programs to implementing employee incentive programs, HR consultants continue to increase the training and programs that they offer.
Employee Retention Is a Major Concern of Many Company Across the Country
Smack in the middle of America, a Nebraska city is celebrating the 50 years of employment of one of the most famous people in the zoo and conservation world. Dr. Lee Simmons is originally from Tucson, Arizona, but when he moved to Omaha, Nebraska, in 1966, he began a 50 year career at the cities famous Omaha Henry Doorly Zoo. And while he is no longer the zoo director, he still serves on the zoo’s foundation. As a way to commemorate his 50 years at the same job, the zoo is actually hosting a 50 Days of Doc celebration.
When you think about it, working somewhere for half a century is a major accomplishment. In fact, the average worker today will only stay at a job for less than five years. In fact, a 2014 Marketwatch report indicated that the average length of time a worker will stay at a job is 4.6 years. And as job-hopping may seem commonplace, this reality represents a great expense to employers. HR executive search research indicates, in fact, that the costs of employee turnover can range from 30% to 150% of the employee?s salary. When that salary is the pay that is paid to a top executive in a company those employee turnover costs are huge.
As HR consulting firms continue to look at ways they can help company’s not only complete successful HR executive searches, but also the retention of those executives, certain programs seem to be the most effective. For instance, a recent survey by Robert Half, a leading staffing agency, indicated that 36% of 1,400 executives surveyed say the leading factor leading to a failed hire, aside from performance issues, is a poor skills match. Coming in a close second, unclear performance objectives was the factor cited by 30% of those same executives. It becomes increasingly important, obviously, to make sure that skill sets are more carefully matched and that performance objective are more carefully explained.
One of the major ways that these failed hires can also be eliminated is through detailed, structured onboarding and transition programs. In fact, new hires who are a part of a structured onboarding program are 58% more likely to be with the company after three years. This is important because statistics show that 22% of new hires leave their jobs within 45 days of being hired. And while the reasons for leaving within the first two months often include include poor performance and temperament issues, some of these situations could be avoided through thorough orientation opportunities.
Consider some of these other HR related statistics:

  • 2.7 million U.S. workers voluntarily left their jobs at the end of June 2015. This number represents a 25% increase compared to two years ago in 2013.
  • 86% of companies with employee recognition programs indicate that they see an increase in worker happiness.
  • 53% of employed workers are open to new job prospects even if they are not looking actively, according to a survey by Jobvite.
  • 35% of small and midsize business CEOs surveyed by Vistage indicate that staffing is the most significant business issue they currently face. This factor is cited twice as often as any other issue.
  • 57% of organizations view employee retention as a major problem.

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