To succeed, a business needs to be constantly thinking about the future and how it can adapt and change to fit the current needs of the market. This is where strategic human resources comes into play. If your business is looking to restructure or replace executives or key leadership positions, hiring executive staffing agencies or speaking with executive search consultant services can be a good way to find qualified, competitive staff members who can help move your business forward. You want to find the right kind of energy, ambition, and creativity to power your business — and you want to be able to keep them too. Executive HR search firms can help you organize your company in an optimal way to allow for growth, leadership development, and talent retention.
What is Strategic Human Resources and How Can It Help Me?
Strategic human resource planning looks at a business and its human resources needs and identifies what it needs to successfully hit target goals and desired outcomes. It’s not just a crucial part of human resource management, it also should tie into the overall strategies that a business maps out. Strategic human resources is in charge of determining how much labor is needed and the ideal size, shape, and resources needed. For example, an understaffed company won’t be able to keep up with demand, employees may feel overworked and burn out, and the business will suffer. On the other hand, an overstaffed company will spend too much capital on paying unnecessary workers and employees may feel bored or extraneous, creating job dissatisfaction.
Strategic human resources will focus on how to keep talent, improve a business’s work experience, and make sure that employment benefits both employee and employer as much as possible.
Why is Talent Retention So Important?
It used to be that employees stayed with a company for life and upon retirement, received a nice pension as a reward for their loyalty to the company. However, as that incentive to stay has vanished, so too has loyalty to a specific company.
Today, the millennial generation is known as the “Job Hopping Generation,” according to a 2016 Gallup poll, which showed that six in 10 people were open to taking a new job at any time. That’s far more than any other generation. This willingness to “seek greener pastures” can also be seen in the almost three million workers who left their jobs of their own volition at the end of June 2015 — a 25% increase compared just two years ago.
This means more turnover for businesses, which also means they can expect higher costs in terms of training, and a potential loss in revenue as new employees get the hang of their jobs. They won’t be as effective as older employees who already know the ropes. Having your top talent move elsewhere also damages your business’s effectiveness at getting your goals accomplished and can add a demoralizing tone.
How Can Executive Search Firms Help My Business?
Executive search firms help take a lot of the legwork out of hiring key leadership positions. They can help with talent acquisition, onboarding, and finding strategies to keep your talent where it belongs — at your company!
These types of firms may also have a wider reach in terms of finding talent than your HR department. They may be able to entice high level executives at other companies into interviewing for your open slots, as well as have broader access to applicant pools. Furthermore, they may do much of the necessary preliminary work, like initial interviews and background checks, and act as a liaison between you and the potential employee.
Executive search firms can take a lot of the headache out of the search for new talent and provide smart, qualified, and enthusiastic individuals who will add to your business.
Let executive search firms handle some of your key hiring and focus on ways to keep making your business better and stronger. Consider new strategies for keeping your talent, such as improving morale or employee perks.