When a hire doesn’t work out, many employers feel the “unreliable” individual is to blame. But many companies are failing to address the real reasons why recruitment and retention problems arise, according to a Lannick Group study.
More than 15 per cent of executives don’t believe in their own hiring system, found they survey of 417 senior executives based in the GTA. However, the vast majority (70 per cent) did rate their internal HR department as the number one resource they rely on to recruit talent.
"The survey shows a severe disconnect between what employers know — that talent attraction and retention is vitally important to the strength of a company — and what employers are willing to do to address their workplace satisfaction issues," said Peter Jeewan, president and CEO of Lannick Group.
"Companies must be willing to invest time and money in the unique skills that every individual brings to the organization. A happy and dedicated workforce will ultimately increase productivity and excel your business."
More than 40 per cent of the organizations in the survey will see no change to their staffing budget this year, and more than 30 per cent will see only a minor increase of zero to five per cent.
Seventy-two per cent of respondents feel is it difficult to attract top talent in the current marketplace — but almost 50 per cent blame this on a dearth of qualified applicants, as opposed to their own hiring processes or employer brand.
More than 12 per cent of respondents said their company is not positioned in an appealing way to attract top candidates.
To strengthen recruitment and retention strategies, the Lannick Group suggests the following:
• Invest in your employees as you do in your clients. Although the immediate, short-term return on investment may not be seen, it is necessary for companies to invest time and resources internally to build a more sustainable business in the long-term.
• Evaluate and evolve hiring strategies. Companies rely heavily on their own internal hiring system while not necessarily seeing the success rate they desire. It may be time to evolve how you attract talent. Think about engaging professional recruitment and staffing firms, using external online job boards, or reassessing your referral process.
• Understand the effect your corporate culture has on your people. Employees place prominent value on factors such as flexibility and balance, not just monetary reward and status. People will be increasingly willing to leave a position with your company knowing there are other options in the marketplace better suited for them.
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