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September 2016

Ironically, A Strong Economy Is a Talent Acquisition Nightmare

Ironically, a strong economy can actually be a talent acquisition nightmare.

Consider this:
The recession is behind us. The economy is growing again. Unemployment is at its lowest point in years.

Taken on their own, each of those three statements is a positive. But taken together, they add up to a tough situation for employers. When unemployment is low, companies are hiring, and the economy is strong, it can become incredibly difficult to acquire and retain top talent.

Even worse, while the U.S. economy is strong, globalization remains an ever-present threat, and financial pressures make it hard for many companies to raise wages, making talent acquisition even more stressful.

So what's the solution?

How Can a Talent Acquisition Management Service Help Your Company?

The best human resources executives do a lot more than handle things like payroll and health insurance. They help create a culture that keeps talented employees from jumping ship.

And the stakes are too high to screw this up. According to U.S. Department of Labor data, the average hiring mistake equals roughly 30% of that (former) employee's first-year earnings. Today, 22% of new hires are out the door after 45 days on the job, which is just one of the reasons that 57% of organizations say employee retention is a problem.

That's why more and more companies are turning to an experienced talent acquisition management service for help. Sometimes, it takes a third party to understand why exactly new employees aren't sticking around.

The best talent acquisition experts will see your office the way new employees do, then make actionable suggestions for improving your organization's culture.

Beyond Morale, There's Meaning

Too often, companies with an employee retention crisis mistakenly assume that they have a morale problem. And make no mistake, bad morale is a big problem.

But many modern workers, especially Millennials, want something more from their work. They want to be able to find meaning in what they do. Even relatively dry jobs, like call centers, can usually make simple changes that have an immediate impact on their work culture.

Frederickson Partners' human resources experts operate with a simple philosophy: "Employees want to work in an environment where they can share values, contribute, be heard and grow their careers."

If you are tired of watching your best employees walk out the door, then contact our talent acquisition experts to find out how you can start changing your company culture.