2 minute read
Employee Turnover Can Set Business Back by One Year; Recruit "A" Players to Propel Business Growth
By YASH MAROLI
Founder & CEO, QHRtechworx
High employee turnover rates is causing financial strain for businesses. Growth rates are declining, and retaining experienced staff is becoming increasingly difficult. While continually hiring new employees seems like a quick fix, the costs associated with recruitment and lost opportunities are escalating. This makes it challenging for businesses to stay competitive, maintain healthy profits, and retain their market position.
Indeed, employee turnover significantly sets businesses back. It typically takes between 60 to 90 days to hire someone and an additional 90 to 180 days for them to become fully productive. If they leave during this time, the hiring process must start over. Consequently, a fully productive resource would be available at the end of 12 months from the time the process was first initiated, delaying achieving business goals and objectives. This is a major concern for business leaders and it is keeping them awake at night.
To thrive, businesses need to attract top talent – A players; but achieving this requires a rethink of the recruitment process. Drawing inspiration from the movie “Moneyball”, which offers some good insights on recruiting; the pivotal scene in the movie is when Peter Brant (played by Jonah Hill) elaborates on “Baseball’s medieval thinking” to Billie Bean (Played by Brad Pitt), “Your goal shouldn’t be to buy players, your goal should be to buy wins”. In my view, this approach is the foundation for recruiting top-tier talent, achievable by comprehending the scientific aspects of the hiring process alongside its artistry.
In line with the Moneyball philosophy, businesses should aim to recruit individuals who can directly contribute to achieving organizational goals and objectives. You should test this hypothesis by asking four questions and if the responses do not include an absolute Dollar value, you may want to revisit the role and recruiting strategies:
What would truly great hires do for your business?
What would you be able to do that you cannot do now, when you hire the right people?
What would happen if you hired the wrong people?
What would hiring the right people do to your market share / revenue?
Improving the recruitment process is the easiest and most cost-effective way to reduce the risk of employee turnover and drive business growth and success.
