Is your business experiencing employee turnover? Are you also experiencing a rash of failed hires? If this is the case with your business, it may be time to consider consulting with a human resources firm. While some companies may outsource their payroll and other accounting needs, a human resources firm can provide vital services for your business.
The 2017 Recruiter and Employer Sentiment Study found, for example, that there are three primary reasons for employee turnover. While 72% of employees may leave their position for more advancement opportunities, better compensation packages comes in second, followed by better company culture in third place. When companies offer opportunities for advancement and other benefits, their employees are more likely to remain in their positions. Furthermore, when companies offer 11 or more benefits, 66% of the participating employees indicated that they would recommend their employers to others.
According to a recent survey conducted with 1,4000 executives by Robert Half, there are several reasons why failed hires occur. While performance issues and employee engagement is of concern, there are two more common issues:
- Poor skills match: 36%
- Unclear performance objectives: 30%
When it comes to providing clear performance objectives, strong leadership is essential. The Global Human Capital Trends 2016 report indicated that leaderships is “an important or very important issue” for 89% of the companies that were surveyed for this report.
In order to locate potential candidates for a position, 75% of hiring managers are using software to improve their process. This includes applicant tracking or recruiting software. While this may work for some businesses, it may not work for all. As a result, many companies are choosing to outsource more than just their payroll.
Since it’s challenging for business growth to occur when a company is experiencing employee turnover and failed hires, it makes sense to outsource human resources. In addition to providing risk management services, human resources support includes these and other beneficial services:
- Employee recruitment
- Human resources consulting
- Payroll outsourcing
Since you obviously want your company to experience growth, risk management can be addressed by consulting with an experienced human resources firm. Given that employee turnover costs businesses $11 billion every year, and 45% of hiring managers indicate that it takes longer to fill positions than it did in previous years, outsourcing your human resources needs can make a significant difference.
In addition to providing risk management, a human resources firm can consult with you to create a business continuity plan while they assist you with filling vital positions. They can also assist you with designing employee recognition and on-boarding programs so that your employees become more engaged. When you contact a human resources firm for an initial consultation, you will be able to learn more about all of the other services that they can provide for your business so that it begins or continues to experience growth.