HR Tip of the Week: Is it Time to Evaluate Your Hiring Practices?
Hiring talent remains the number one concern of CEOs in the most recent Conference Board Annual Survey; it’s also the top concern of the entire executive suite. Employers spend an average of $4,129 per job in the United States, according to Society for Human Resource Management estimates, and many times that amount for managerial roles. Here are some contributing factors:
- Internal hiring is one-third less common than in post WWII, and throughout the 1970s and 1980s presumably because career tracks are less clear within companies.
- Less internal promotion means more hiring externally across all experience levels, adding to the complexity of recruiting efforts.
- Poor retention efforts lead to passive job changes, most commonly from those seeking career advancement.
Here are some tips to improve the hiring process and associated costs:
- Internal hiring: Review retention and employee development efforts within the company. Track the outcomes of internal promotions vs. external hires. Require positions to be posted internally.
- External Hiring: Be realistic with candidates about job expectations in the beginning. Value active job-seekers as well as passive ones. Positively create a smaller, better-qualified applicant pool with pre-application screening tools.
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