For the majority of business managers, and especially human resources and talent acquisition executives, retaining talent can be as challenging as finding the right person for the job. From start up hr to established Fortune 5000 companies, executive searches can be challenging. This is one area where outsourcing talent acquisition can help. With their experience and networks, executive search firms can help your company to find and retain the talented career executives necessary to growth and improvement.
The job-hopping generation
Millennials have been called the job-hopping generation, and the numbers certainly support this claim. Millennials are more open to changing jobs than any other generation, and a 2016 Gallup Poll showed that as many as 60% of the people in this demographic are willing to move to a new job. And in 2015, as many as 2.7 million people left their jobs voluntarily at the end of the month of June.
This trend shows why it is so difficult for talent acquisition executives, whether they’re from established companies or start up hr, to retain new hires. This is also the reason why so many companies have started outsourcing their executive searches to specialist agencies. Executive hr recruiters can draw upon their experience and networks to make the right hires.
Hiring and retaining new talent
A common saying in human resources hiring is that a successful search is a retained search. That’s because new hires tend to leave their jobs in disproportionately larger numbers as compared to people who have been with a company for a little while. According to a survey of 1,400 executives by Robert Half, the most important reasons why a new hire left a company was a poor match in terms of skills, according to 36% of the respondents. Unclear performance objectives were the second most important reason, according to 30% of the executives surveyed.
With their experience in executive searches, specialist agencies can help to ensure a good match between new hires and their job expectations. They can also help to ensure a good fit with the skills required for the job, reducing the possibility of a failed hire. Further, they can also advise companies in strategies for creating the conditions in which new hires can succeed.
Helping new hires to succeed
Another factor that can help new hires get acclimatized to the company is a comprehensive onboarding process. Employee recognition, professional and leadership development, and succession planning can all contribute to a culture that recognizes and rewards efforts and merit.
Executive search agencies can help companies devise strategies to help new hires succeed. Whether your company is well established or a start up hr can play a major role in promoting job satisfaction and contributing to the overall performance of the company.
Hiring and retention can be particularly challenging for start up hr, where managers have to wear many different hats. This is particularly true as millennials come to make up more of the workforce. Their willingness to change jobs makes it necessary to create the conditions in which they can succeed and help the company succeed. Executive search firms can draw upon their experience to help companies devise and implement strategies such as onboarding and professional development that contribute to talent retention.