A recent survey found that 66% of employers reported adverse effects from making bad hires, and that 27% have lost at least $50,000 per bad hire. Clearly, hiring is a risky transaction.
At Aline Ayoub HR Consulting, we use the P.A.R. model to help our clients throughout their hiring process.
Step 1 – Plan
Establish where your business is going. Which areas of your business do you want to grow? What areas of business do you want to maintain but make more profitable? What areas of your business do you want to divest?
Although 92% of companies have some level of workforce planning, only 21% of companies take a strategic, long-term approach.
Strategic workforce planning should matter to you because it helps you understand where the labor market is going; it helps you assess your current talent inventory, identify talent gaps and helps you navigate through changes as smoothly as possible.
Step 2 – Assess
When your key performer leaves, what is the required time for getting the replacement up to speed? What is the cost? What is the impact of losing a high performer in terms of finance or productivity?
How do you determine how well an employee’s strengths fit with the competencies required for the open position?
Our clients gain a competitive advantage by understanding their people at the deepest level. This helps them select the right people for the right role and manage them to their fullest potential.
Step 3 – Retain
What methods do you use to target potential high performers? How do you identify and build on the strengths of your current talent? What processes do you use in developing career advancement opportunities for your key performers? In your opinion how is retention affected by employee loyalty or employee trust?
As a business owner, you need to encourage an on-going, two-way dialogue that’s based on trust about assignments and about deliverables- of course – but beyond that, about an employee’s career goals and aspirations. If, as a business owner, you don’t know how an employee would like to grow professionally, you won’t tailor opportunities to meet their needs and, as a result, you’ll risk losing them.
Call us to schedule a meeting and discuss your people problems.