For the first time in a long time, the job market is as busy as the supermarket on Sunday. As of the 3rd Quarter of 2014, there were 4.8 million job openings in the United States. According to the Bureau of Labor and Statistics this was the highest level of job openings since January 2001. Even better yet, we saw a significant net increase in employment after accounting for turnover.
In the thick of budget season, there is no doubt you are counting and recounting your FTEs (full-time equivalents) and forecasting 2015 hiring needs. You’ll account for the basics like salary and benefits, but new hires come with an additional premium – the cost to get them on board. From external costs like job-board postings, screening fees and background checks, to internal costs like recruiting staff and learning and development, a new hire starts costing you money before they even start.
Now, don’t take this the wrong way, we love to see organizations growing and putting people back to work. We just think that your human capital should be looked at like any other investment you make. Maximizing your return on investment isn’t a mere monetary endeavor – it takes time and resources. But when you pay the higher price up front, your returns take a jump, too!
Off Boarding – It Happens
All too often, the best day of a new hire’s employment is the day after their interview. You know – when you celebrate, thinking you struck gold on LinkedIn and scored the perfect person for the job. Fast forward to
usually about two weeks later, and your onboarding efforts may already be starting to get off track:
• The new hire just doesn’t seem to fit in
• The new hire isn’t getting up to speed quickly enough
• There just isn’t enough time to hold his or her hand
• Your training program doesn’t fit the needs of the new hire
• The HR team is small and overworked; the hiring team is short-staffed
The next thing you know, the new hire is a termination time bomb. Maybe they even feel it more than you do. And maybe they move on to a company that doesn’t use terms like “proactive” and “self-directed” to cover up the fact that their new recruits are stranded on a desert island with a training binder and an emergency e-mail contact.
A holistic onboarding program starts with the first new hire contact and doesn’t end until your new recruit reports for work for the 91st day. Think of onboarding like a high-maintenance date. From providing the right job description and setting realistic performance expectations, to supplying them with the right tools (and we don’t just mean a stapler and chair), new relationships require nurturing. If you’ve done well, your new hire…
• Fits in with your culture
• Is committed and engaged
• Has gotten up to speed
Moreover, your organization experiences lower turnover rates, improved brand image and reduced recruiting costs.
Talent is not as easily found as it is squandered. Don’t lose good people by getting off on the wrong foot.