Having a business can be a difficult thing to manage. There are so many factors that contribute to ensuring that a company operates on a successful level and continues to do so throughout the ups and downs of seasons, employee turnover, changes in policies and head staffers, and so much more. And depending on how many people there are on staff to handle the many different aspects of the business itself and the employees who help to make it run smoothly, there could be a lot of complex responsibilities that fall on the owner of the business. It is critical, for the sake of success, to hire the right workers to carry out the right duties, and this process can be simplified with the help of a good HR consultant.
How can the right HR consultant help your business?
Human resources consulting firms can help to streamline your business in a number of different ways. HR consultants can help you to find the right people for the most important positions in your company, the ones that you can’t afford to leave vacant or have a high turnover rate for. In fact the United States Department of Labor has estimated that a bad hiring choice can have an average cost that is equivalent to about 30% of the potential earnings for the first year. The talent acquisition management services that a quality HR consultant can provide will help you to find the ideal leaders that you want in key positions for your company. After all, the right leader will be able to effectively motivate the rest of your team of employees as well, creating a productive environment in which everyone can thrive and pushes your company more strongly in the right direction.
Setting up the right team
Finding the right leader is also important to building the right team of employees across the board. While a good restructuring consultant could give you valuable insight into how to better your business, having a strong leader overseeing your team of employees is perhaps even more essential. As many as 57% of organizations report that they struggle with employee retention, and the right work environment is a key factor in hanging on to those valuable workers. One of the most important things to have in the workplace that will do wonders for keeping employees happy and therefore loyal and productive is to make sure they know that there work is appreciated and valued. A massive amount, at 86%, of businesses that have some sort of employee recognition program report a noticeable positive jump in the level of happiness among those employees.
Diversity is key
On top of showing appreciation to your workers, you and your business will also greatly benefit from having a strongly diverse team as well. One study showed that businesses that are gender diverse can be 15% more likely to perform at a more productive level than those not in that environment, and those working in a business that has ethnic diversity have proven to be 35% more likely to outperform their peers. The truth of the matter is, everyone has different skills and strengths that they can bring to the table, and by not letting you or your company be limited in any way as far as a only considering a certain demographic, you are basically ensuring the improvement and success of your company.
Running a business is never going to be particularly easy. When you learn how to make one aspect operate efficiently, it will be time to focus on improving another area. Constant assessments to find out where you can do better will lend itself incredibly well toward major steps to success. And it is up to you and those who you choose to be at the helm of your business to create the ideal atmosphere that will lead to that success. A diverse team of happy, appreciated employees will stick around and genuinely care about the work being done. When everyone is working together, you will begin to see major strides in the right direction.
How, exactly, does a successful business model maintain itself? It’s one thing to have all the right pieces in place — a good marketing plan, a solid budget and a bevy of resources to tap into at any given moment. It’s another thing entirely to keep these proverbial cogs moving back and forth throughout the year when it seems anything can go wrong. An issue facing many businesses big and small is the struggle of employee satisfaction and retention. Human resource staffing is a necessary component to analyze sociological trends and emotional stability in various populations, but not all businesses have asked for the assistance of outplacement companies. Will you be the one to break the pattern?
What Is Employee Retention?
The definition of employee retention is the act of maintaining a consistent workforce throughout the work year. Ongoing studies have been conducted to analyze what businesses think of employee retention and the actions they’re taking to curb the trend — nearly 60% of organizations view employee retention as a significant problem, something they put a significant amount of money and time into fixing. Over 20% of new hires will leave their jobs within 45 days of being hired, with reasons including poor performance, temperament issues and general incompatibility.
How Often Do Employees Leave Their Jobs?
Outplacement companies work day and night to analyze the rate at which employees leave their jobs, to better work toward helping business cultivate more consistent employee satisfaction and curb the trend. Nearly three million workers voluntarily left their jobs at the end of June back in 2015, a 25% increase compared to just two years prior. According to a study by Jobvite, over half of all employed workers are open to new job prospects even while they’re working part-time or full-time at a company.
How Does Diversity Help?
Diverse hiring practices are one of many important elements of a successful company and, as such, continue to be discussed at length in mainstream media outlets. Maintaining a workforce comprised of different perspectives and backgrounds will go a long way in providing the business at large with a plethora of inventive and unique methods of approaching problems. Ongoing studies by McKinsey’s research has shown gender-diverse companies are 15% more likely to outperform their male-dominated peers, while ethnically-diverse companies are a whopping 35% more likely to do the same.
What Is Employee Satisfaction?
A business is nothing without its employees. Employee satisfaction is the act of creating a positive emotional and economic environment for the workforce. A study showed over 85% of companies with employee recognition programs citing a noticeable increase in worker happiness. A lack of job security and personal fulfillment will spell disaster for any workforce, increasing the rate of sick leaves, poor performance and even termination. What does someone do with all these potential factors?
How Does Talent Acquisition Help?
If you want to reduce the rate of employee turnover and cultivate a more consistently happy workforce, you may want to consider outplacement services. The U.S. Department of Labor has estimated the average cost of a bad hiring decision equaling as much as 30% of the first year’s potential earnings, if not more. Employee turnover can reach as much as 150% of a person’s salary — on the flipside, new hires that undergo structured on-boarding programs nearly 60% more likely to be with the company for three years. If you want to cultivate a happier environment for your employees and potentially save thousands of dollars over the course of the year, look into outplacement companies to get you started on the right track.