How is your business faring these days? Staying on top of all the latest trends and hiring initiatives can seem easier said that done. With employee turnover shaking up a lot of business foundations and executive staffing agencies working overtime to create a happy balance between clients and workers, more and more managers are seeking out ideal methods of covering all their bases. Human resources consulting firms are staffed by professionals well-versed in the art of analyzing business trends, assisting with yearly models and helping managers organize the most vital aspects of their business.
One of the most frustrating issues facing businesses today is that of employee retention. Studies have shown over 60% of organizations viewing employee retention as an immediate problem that needs addressing through human resources consulting firms. Over 20% of new hires will leave their jobs within 45 days of being taken on — common reasons include, but are not limited to, scheduling conflicts, poor performance and temperament issues. The costs of employee turnover have been found to range anywhere from 30% to 150% of an employee’s salary.
Ongoing studies are regularly conducted to analyze employee performance and the specific factors that go into a happy worker and a dissatisfied one. Over 85% of companies with employee recognition programs have cited a significant increase in worker happiness over time. Happier employees are less likely to get sick than unhappy employees and, when sidelined by an illness or injury, are also more likely to recover at a faster rate. A recent survey by Robert Half showed one-third of around 1,400 executives felt the top factor leading to a failed hire are performance issues, a poor skills match and unclear objectives.
More and more companies are seeking out diversity initiatives to bolster their brand and broaden their horizons. A varied group of people will not only bring varied skillsets but unique perspectives, allowing more problems to be tackled in a variety of ways. McKinsey’s research has shown gender-diverse companies are 15% more likely to outperform their peers, while ethnically-diverse companies are 35% more likely to show the same statistics.
When it comes down to it, employee retention and performance will be the main factors in staff cohesion. According to a recent survey by Jobvite, as many as half of all employed workers are open to new job prospects even if they are not actively searching. Over 35% of CEOs of both small and midsize businesses surveyed by Vistage found staffing to be the most significant business issue being dealt with, cited twice as frequently as other issues like marketing and research.
Using Human Resources Consulting Firms
At the end of the day, a business will struggle to achieve success without confident and focused workers. When hiring initiatives aren’t meeting demand and employee retention is causing strain up and down the latter, human resources consulting firms can help narrow your focus and deliver on where you’re lacking — this can include marketing, diversity outreach, trend analysis and leadership development. Consider meeting with your local HR consultant or outplacement service company and see how they can help transform your business from the ground up.