Our Perspective on Search Practice Today
Today's Challenges in Staffing and Search
As the economy and businesses begin to rebound, Talent Engagement and Management is at the top of the C-suite’s agenda… while still being plagued by the need to innovate, do more, and gain speed to market – all with less – of everything. With increased focus on “hiring right” to develop higher productivity and return on investment (ROI) and/or assets (ROA), hiring managers are under acute pressure to be more discerning than ever on when, for what, and who they hire, with reduced budgets as well as discretionary on-boarding and training time. They need to hire right - the first time.
And, as demand for products and services increase, the accompanying resurgence in recruitment is occurring with vital focus on talent excellence, rapid productivity, and rapid cycle time. However, at the same time, internal staffing expertise is strained and their external networks are fragmented from reductions in force during the past few years, exacerbated by fatigue from increased pressure to keep up with increasing demand for products/services while also managing higher applicant volumes from those who are un- or under-employed in the market. Additionally, hiring managers' skills in interviewing and selection grew stale the past couple years. Yet, executives agree that hiring right is one of the most important investments of organizational resources and statistics say you'll fail about fifty percent (50%) of the time.
The Current Staffing Statistics Say...
- employee turnover averages 46% within first year of employment (eBullpen, LLC);
- 58% of high priority hires fail within the first 18 months (Michael Watkins, Genesis Advisers' Chairman);
- 40% of newly promoted managers and executives fail within the first 18 months of starting a new job (Manchester, Inc.); and
- 50% of new executive hires fail within 18 months (The Corporate Leadership Council).
Most every organization continues to want to hire the top 15-20% of the market… the vast majority of whom are still gainfully employed. However, many in the top talent ranks are more reticent to make an employment move since they now feel that “the devil they know is better than the one they don’t.” While these individuals may be fatiguing from the continual demands of “do more with less,” they more likely have strong internal networks and know how to leverage their current organization’s systems and practices to maximize their performance, and ultimately rewards. Making an employment move into unknown internal networks, systems, and practices reduces an individuals’ ability to leverage performance for rewards and job satisfaction, in addition to putting the individual in a potential LIFO (last in, first out) position. There’s also the word (true or not) on the street… after years of reductions in force, restructures, financial and/or ethical news, information or rumors about your organization’s future direction, stability, or quality of leadership may be discouraging the interest of desired talent. Meanwhile, many employers have implemented retention initiatives to dissuade movement by their talent. Therefore, objective and more insightful rationale will likely be required to entice top performers to make an employment move in this market. The Human Resource Consortium’s senior talent management team sees this reality as requiring ever more exceptional practices in talent acquisition and selection, as well as on-boarding, to elevate talent and retention, accelerate performance, effect more rapid cycle time and provide more reasonable cost.
As a result, we’ve added four, best in class staffing experts - each with more than fifteen years of proven innovation and effectiveness in corporate staffing leadership roles and in external search to deliver grounded, state of the art methodology and unheard of value in search practice at a more reasonable cost.
If You Could Improve Your...
- firm's staffing rationale to leverage and/or upgrade hiring criteria,
- internal selection capability to hire right the first time,
- speed of recruitment cycle,
- new hires' productivity, performance and retention during the first year of employment through highly effective on-boarding support, and
- cost in agency fees by 5-8%
To what degree would that elevate your ROI/ROA
considering your firm's time, talent, brand, and financial resources?
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| The HRC's High Value Search Practice |
