Businesses spend a huge amount of time, energy and money on recruiting the right people. There is either a specific person or even department assigned to this function, or for some the recruitment task is outsourced. Either way, a lot of resources are dedicated to finding the perfect people.
Hidden Recruitment Costs
The costs don’t end there. Once the person has been hired there is training time needed to get the new hire up to speed, and they are never 100% productive from the outset. It takes months for the person to reach their full potential. In the mean time there is pressure placed on the existing team to carry this person whilst they learn the ropes. These hidden costs are rarely quantified in dollar terms, but they are still costs which need to recognised.
State of the Art Recruitment Processes
I’ve seen the rigorous selection processes which some businesses utilise when recruiting new talent. Candidates are expected to jump through hoops in order to make it through the first, second, third, fourth and in certain situations final panel interviews.
My question is, do you spend as much time and are you as attentive with these new hires once they have been brought into the fold as you are when following the recruitment process?
People can be wooed with talk of a bigger pay check, a romantic story of a dynamic corporate culture and awesome benefits, but after the honeymoon period has worn off, what is making them stay?
It Doesn’t End at Recruitment
To receive a good return on your investment, you must acknowledge that the work doesn’t end once you’ve recruited the new employee. If anything, you should be spending more time and energy thinking up ingenious ways of how to retain your talent.
Questions to Think About
- What does your employee development plan, retention plan or employee engagement plan look like?
- If the business has one, how active is it?
- What makes your business unique and why should people want to be working for your business as opposed to the competition?
- Is your business as invested in these types of initiatives as they are with recruiting the next employee?
- How often are the managers engaging with new hires?
- Do you believe your new recruits and existing team members feel supported in their current positions?
- Do you believe your team members feel as though they can develop within your business?
As a business owner or manager, your job only really begins once the right people have been hired for the job. Dusting off your hands and walking away after they walk through the front door on their first day is a sure sign that they won’t be staying long.
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