People Power

Resolving the cost and pressures of staff turnover

In Best Practice, Business Processes by admin

Reactive recruitment isn’t ideal, but it’s an unavoidable reality. This is simply because – more often than not – an employee has resigned before you start recruiting for a replacement.

During this lag, productivity is affected with one staff member down, and further time and resources taken away from the core business to fill the position. And it’s not quick, nor easy to snap up good candidates. In 2017, LinkedIn found that 70% of companies take an average 1-4 months to complete a new hire.

According to research, the ideal time – from advertising to hiring – is two weeks. This is not just because of a losses in productivity, but because research has found 57% of job seekers lose interest in a job if the hiring process is lengthy.

So, taking too long to hire can cost you your good quality candidates, and of course, hiring too quickly or under pressure can contribute to sacrifices in quality, introducing risk, turnover, and further costs to the business.

If you don’t have time and resources to focus on getting good quality candidates into the business, consider a Workforce Solution or Labour Hire partner. Some unique benefits to working with a Workforce Partner are:

Flexibility: Labour Hire companies usually have a pool of pre-qualified talent. This offers you rapid recruitment in the case of an emergency backfill, a short-term project such as an STO, or when you need very specific skills for only a short period of time.

Quality: Your recruiting partner will often have areas of specialisation and screening processes that provide you with recruits of the highest caliber. Some providers have their own certification or training to ensure the highest satisfaction from their candidates.

Time: Providers have a pool of pre-qualified, ‘job-ready’ candidates ready to work for you, significantly cutting time-to-fill a position.

Simplicity: Of course, outsourcing makes the task of recruitment much simpler.  But, depending upon your desired structure, the contractor may be hired by your Workforce Partner, and not your company. This removes your requirement to pay superannuation and obligations such as workers compensation or professional indemnity insurances.

Services Guarantee: Often, providers will check-in to measure satisfaction with the recruit they’ve provided, with option to select a more suitable candidate.

It’s often said that employees are the greatest asset to a business. Indeed,a good quality source of talents can significantly reduce the cost of turnover and recruitment to the business, and pump up service quality and culture with high-quality candidates.

> Find out more about APS People Power Services.