It’s hard to find good employees especially in a job seekers market. By revising your hiring approach you will discover a whole new fountain of options. In the ever-changing labor world you need to revamp your strategy to find star players. Consultant, Roberta Chinsky Matuson, believes in concentrating efforts on mature job candidates. This often over-looked group is responsible, experienced, and reliable. Hey, you can teach a 45 year old to use slack but try teaching a 25 year old to not show up hungover. Am I right?
Matuson also claims the other big issue is employee retention. Keep a worker happy and they stay. A harder environment means more hiring in your future. How can you retain top employees and it’s not always larger salaries.
So if you are losing a manager who made $50,000 a year, it will probably take you $25,000 – $37,500 to replace that employee. This is when you take into consideration everything: the cost of finding the candidate, recruiting him or her and onboarding/training.
A 2015 Deloitte study found that it takes 94 days to recruit for highly skilled roles (scientists or researchers) and 70 days for skilled production workers.
- Calculation: Position’s annual salary / 220 working days X average days to hire
Utilizing company data will strengthen your argument, but if specific information isn’t available, substituting reliable third-party data to calculate the cost of vacancy may likewise inspire change.
Here’s an example: