Finding "the buffy" talent acquisition and retention in today's market

Abstract

Human Capital is a company's most valuable asset and market success is directly linked to employee performance. Adopting best practices for recruiting, hiring, and retaining top performers is critical to successful talent acquisition and sustaining bench strength. A recent survey found that a bad hire can cost an organization anywhere from one to five times the employee's annual salary. Twenty-six percent of survey respondents reported that replacing an employee who doesn't work out cost their organizations three times annual salary, and another 42 percent said bad hires cost two times annual salary. Hiring managers who do not utilize best practices will statistically experience fifty percent of their hires as underperforming employees. An "Ideal Fit" is a comprehensive high order match of a candidate's skills, talents, attributes, and abilities equally balanced with style, culture, values, and environment. Objectively grading each aspect of "Fit" is critical to evaluating potential. Utilizing process based on proven best practices gives employers a statistically higher probability of making good hires; building the company's talent roster and brand; and producing a positive contribution to the company's "bottom Line" by on-boarding successful contributors. The focus of this paper is to present best practices, show how to implement these practices with real world examples, and expose practices that produce marginal or poor results.