I Need More Applicants!
The battle cry of most businesses these days is, “I NEED MORE APPLICANTS”. But why, with the increasing cost of turnover, are businesses stuck in the rut of seeking more and more applicants? One long time corporate recruiter we recently spoke to told us that companies have simply given up. They have chosen instead to focus their efforts on other areas. Employee loyalty is low and many workers will depart for another position seeking job satisfaction, a better fit, benefits, or higher pay. In many entry level positions in industries such as senior living and retail, there is a ceiling on the available compensation and benefits due to tight profit margins. So, let’s take a look at the other two.
· Employees want to feel empowered at work.
· Millennials, specifically, are seeking fun and a job they feel has strong purpose in their lives.
· People want to feel they are important to their employer.
· When employees wake up eager to go to work, they will be more productive and happy.
· When someone is “wired” for a specific job, they will be easier to train.
· Replicating your top performing employees ensures that the new arrivals will FIT in better.
· Employees who are a FIT for their job will be loyal and stay with you.
· Putting the correct face in the best space at the right place is critical yet often overlooked.
Companies who have struggled with FIT and job satisfaction continue to battle high turnover by seeking expensive agency help or turning to recruiters to fill the void. While these seem to be the easy answers, they are in fact making the problem larger. Frankly, recruiters are overwhelmed with requests for more applicants. This further dilutes the quality of applicants they are bringing employers. While there is, and will always be a need for good contract recruiters, finding employees who are a better FIT from the beginning is the better and more sustainable solution. If we are being truly honest, why would a contract recruiter want to provide candidates who are likely to convert into long-term, successful employees? That is counter-productive in a commission driven industry. What if cars lasted 5 million miles before requiring replacement? That would be a bad deal for the auto industry and all the businesses that it drives (pun intended). I am just the messenger here as I love my recruiter friends. The fact remains that better FIT is the key to turnover reduction.
Predictive science, in some form, is now relied upon by over 80% of companies in the United States. Most assessments are only as accurate as a coin flip. Some are easily manipulated surveys. Others are so complicated that they require an expensive certification to interpret. A few are 70% to 80% accurate at understanding behavior. One is so simple that anyone can use it with no more instruction than operating a common smartphone and is better than 90% reliable at predicting the future success of an employee before they ever start the job. Can you imagine how great that is for the job seeker, employee, and the employer? How would that impact your culture and bottom line? The science is out there, it is up to you to do your homework and find it. So, jump off the merry-go-round of applicants, join the talent management revolution, and start hiring the right employees. If you do, your employees will be just as thankful as your CFO. We wish you the best of luck in the coming year and we predict it will be your best yet.