The success of a business depends on the work and productivity of its employees. While businesses compete in the field of talent acquisition, hiring the best candidate is no guarantee that the new employee will stay with the organization. In fact, HR managers report that staffing and retention issues are a key concern for businesses. Executive search consultants can help businesses to identify practices that will lead to improved employee retention and higher productivity.
Is there something better out there?
As hr managers are aware, workers are always looking for better opportunities. This is especially true for new hires, who tend to have very low retention rates. Executive search consultants have found that as many as one fifth of all new hires leave within 45 days, leaving employers with the costs of hiring a replacement. High employee turnover also contributes to a lack of continuity in the workplace, which affects productivity.
Even among workers who aren’t actively looking for another job, as many as 53% say that they would leave if they received a better offer. The challenge for executive search consultants and managers is to make the current job the most attractive one in sight.
Best practices for improving employee job satisfaction
HR consultants can help improve employee retention rates by advising businesses on best practices like providing onboarding, career coaching, and leadership training. As every human resources manager knows, an attractive benefits package is a major factor in influencing employee loyalty. But there are other, less tangible things like employee recognition programs that can contribute to job satisfaction.
Diversity and inclusion practices also make employers more attractive to employees. And 86% of companies that initiate employee recognition programs find that these programs lead to an increase in worker happiness.
Diversity improves productivity
Diversity and inclusion improve employee retention and productivity. You can add that to the long list of reasons why diversity in the workplace is necessary. Not only does it reflect the society in which we live, it also makes businesses more competitive in a globalized economy. Human resource staffing research has found that both gender and ethnically diversity lead to increased productivity.
McKinsey?s reports that gender-diverse companies are 15% more likely to perform better than their peers. Ethnically-diverse companies do even better and are 35% more likely to outperform their peers.
Staffing issues are a key concern for business today. A survey by Visatge found that 35% of CEOs of small and midsize businesses listed staffing as their biggest problem. Executive search firms and human resources consultants can help your business identify the practices that will help your employees decide to stay and contribute to your organization.
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