Replacing an employee costs a company roughly 33% of the employee's annual salary. That’s only the direct cost. High turnover also costs in terms of productivity and company morale. That’s why employee retention of productive employees is a metric that reflects well on everyone, not just human resources.
There are many benefits of maintaining a diverse workforce including higher revenue, better job performance, a more recognizable and trusted employer brand, and a growing customer base.
Employers can no longer rely solely on resumes and candidate interviews to make a sound hiring decision. While both are an important part of the recruitment process, neither accurately report past performance, behavior, and other risk factors that could make a candidate a potential bad hire for a company. Having a pre-screening, or pre-employment screening process in place will help illuminate any risk factors that may be present before hiring an individual to your team.
How can your company make the best use of social media in your recruitment process? Many companies are asking the same question. With many different social media channels, use cases for the job seeker vs. the employer, and finding time to execute a social media strategy to completeness can be daunting.
Every decision to hire a new employee, whether your company is small or large, represents growth and should be celebrated. What a great feeling it is to have a flourishing company!
By now, you know that having a talent acquisition strategy is key to the success of any company’s workforce.
With every new year comes new industry trends, and 2018 is no different. The recruitment process is an ever-changing landscape.