Employees are the biggest assets of any business. After all, they are the ones who keep the cash registers ringing. Thus, it goes without saying that businesses must take the right approach to hire quality talent. Hiring trends reveal that bad hiring can cost employers a big loss. It additionally leads to a high employee turnover rate, which again negatively impacts the brand value of an organization. One of the employment trends is that much of the high employee turnover rate is because of complacency and bad hiring decisions.
Employees that have been hired without a proper approach will always lead to troubles for employers. Apart from affecting the workflow and output through bad work, they also affect the team on the whole. Besides looking for ways to leave early, they also motivate others to do the same. In the process, they could end up creating a group of rebels against the company. Teams might, especially, find it difficult to achieve their goals if their morale is down and productivity is affected.
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It becomes especially important for hiring managers to take note of hiring trends and follow a strategic approach to hiring. It includes everything from incorporating their company values into the job advertisements to aligning the communication methods with potential employees. Employees leave companies due to several reasons, with some of the most common ones being due to disgruntle with their employers. As much as hiring the right talent is important, equally imperative is retaining the best-performing talent. It is something where most employers fail because most of them have a feeling that talent can easily be replaced.
Without a consistent approach and a lack of understanding on hiring trends, there is always a possibility of companies simply filling vacant positions because they have to. The problem starts right at the interview stage when the candidates get enough time to judge their potential employers. If companies do not align their hiring principles with their company objectives or are bad at communicating with candidates, they can potentially lose out on good candidates. Further, there is every chance of bad talent seeping in through a lackadaisical approach. Companies must get their hiring algorithms in place to avoid such situations.
According to recent job trends, the employer brand is another factor that plays a huge role in attracting the creamy layer of the talent market. It does not get built overnight, but it can definitely lose its worth due to one or two instances of negative publicity. As we live in a digital world, the problem only gets escalated since everything is online and available for everyone to see. It is absolutely important for employers to treat the candidates with the utmost respect. Even if they do not get hired, they would at least recommend the employer to their peers if their interview experience was positive.
Going past the hiring stage, the next big thing is the all-important employee onboarding process. It still is an area where many companies lack behind. It is rightly said that the experience of employees during their onboarding process will largely decide for how long they will stay in the organization. Thus, it becomes vital for hiring managers to have a formal set up where the new employees are guided through company policies, work culture, performance evaluation models, and some quick tips to socialize.
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Companies that have faced a high employee turnover rate can sit down and analyze what went wrong to reshape the hiring trends. It will only help them to plan better and come back stronger as a forward-looking organization that values course-correction and shapes future employment trends in a better way. There cannot be a better time for companies to change the employment trends in India.
Reference: Why 95% of Companies Make Bad Hires & How to Avoid It, Suzanna Colberg | furstperson.com