Is your company considering a restructure and looking to replace some executive members? Are you having a difficult time keeping employees on board and wondering how to restructure to improve employee retention rates? It can be a major hassle to find qualified and dedicated senior management and even tougher to keep entry-level employees; the turn-over rate is often very high. Competition is fierce and people today more than ever are looking to find a job that will offer them the highest salary, best benefits, and best opportunities out there. A study showed that almost 3 million workers left their jobs at the end of June 2015 of their own volition — that’s a 25% increase from just two years ago! In such cases, hiring a restructuring consultant, a talent acquisition management service, or executive staffing agencies might be a good call for your company, depending on what you need. These organizations are set up to help you find the right employees for your company and head a search for competitive, competent leaders that will help your company’s success.
What’s the Sitch With Staffing?
Almost 60% of organizations say that they consider employee retention an issue and given that over 20% of new hires leave their jobs within a month and a half of being hired, that’s not surprising. old Vistage that staffing was the top business issue they faced – mentioned more than twice the amount of other business issues.
High employee turnover rates can be expensive for the company — the cost of training, adding tech, and creating a work space for them all take time and resources. Indeed, the cost of employee turnover can be anywhere from 30-150% of the employee’s salary! According to the United States Department of Labor, the average cost of a bad hiring decision can be as much as 30% of the first year’s earnings.
On the other hand, hiring is a competitive process, especially as many people have their eyes open to other job possibilities — even when already at a job. Jobvite conducted a survey that showed that over half of workers who are already employed are open to entertaining new job offers even if they aren’t actively looking.
How Can HR Executive Recruiters Help In a Restructure Program?
Instead of combing through the job pool yourself — and hiring can be tough when you’re on the inside — or having your HR team do it, HR executive recruiters can cast a fresh, unbiased eye over the employee pool. They have your goals and vision in mind for what kind of a person you want to be hiring and will make (in some cases) different decisions that perhaps your internal HR team would. They can help bring in fresh talent who may have plenty to offer your firm.
The recruiters will also be responsible for handling a lot of the nitty-gritty of the hiring process, freeing your HR team up to focus on other aspects of the restructuring. Interviews, background checks, sorting through applications, etc., will be handled by the recruiting team, to bring you the most qualified senior management candidates available. In some cases, they may even help with the onboarding process.
How Can My Business Build a Strong Team and Keep Them After the Restructure?
Having a structured on-boarding program can help retain new hires. in fact, almost 60% of employees who undergo such a program are more likely to still be with the company three years later. Targeted hiring can of course, also help. You want to be sure that you’re clear about necessary skills and have clear performance objectives in place for new hires. Research from McKinsey also shows that gender-diverse and ethnically-diverse companies are more likely to outperform their peers and make for a more productive workplace. Furthermore, something as simple as employee recognition programs can make a big difference — almost 90% of companies say there’s an increase in worker happiness.
Having good benefits and a competitive salary can do a lot towards attracting potential hires. Employee recognition programs and structured on-boarding programs can keep them with you. Hire a recruiting company to help with your restructure!