Most organizations would offer the opinion that having Top Talent on board is a valuable investment, but when it comes to cutting costs or reprioritizing organizational focus, recruitment isn’t always given the credit it deserves. Although companies always want to make sure they attract and retain people that can help the organization function at its best, bringing in the best of the talent pool can be more than just a bonus to the team.
Consider these reasons why attracting the right talent can benefit your organization:
Cost Reduction: The average cost of one bad hire can be up to $15000 (Career Builder). Turnover can be a huge expense to any organization, and if you are able to recruit and onboard Top Talent successfully, you can save significant dollars on overhead in the long term. Moreover, high-level talent can also bridge the gap between inefficiencies in your team and systems. Those that bring excellence to the organization often offer opportunities to optimize areas that may be performing at a less than ideal level, maximizing resources and fine-tuning operations.
Productivity: Studies have shown that high performers can be 400 percent more productive than average ones (Herman Aguinis and Ernest O’Boyle Jr., “The best and the rest: Revisiting the norm of normality in individual performance,” Personal Psychology, Volume 65, Issue 1, Spring 2012, pp. 79–119, onlinelibrary.wiley.com.) Business studies come up with similar results demonstrating that (especially in highly complex organizations), having Top Talent on board can increase productivity dramatically, enhancing business performance and success.
Brand Credibility: When you attract leaders in your field, you build a reputation of value. If Top Talent is motivated to come on board with you, others will take notice, and this nurtures a sense of value in your brand as an employer. This, in turn, helps attract further talent that can bolster a culture of excellence.
Company Culture: According to Cubiks, 90% of recruiters have rejected a candidate based on their lack of cultural fit. 25% of candidates said that finding a better company culture is among their top reasons for looking for a new position (LinkedIn). When there are strong team leaders on board that can relate to a culture, demonstrating excellence in their areas of expertise, it raises the bar across the team and encourage more contributions from the rest. When exciting things are happening in your organization, there is an energy that is created among your teammates that can create a culture of innovation and engagement. Top Talent can inspire others to excel, and push themselves to be their best.
Transformational Change: Staying ahead of the curve and ensuring leadership within your industry doesn’t just come from owner decisions. Having intelligent, innovative talent on board can be a catalyst for transformational change – in a good way – bringing new insights and ideas to the forefront of strategic decisions that can help keep your company on the edge, taking valuable risks and creating leading edge offerings.
Attracting Top Talent is not an easy feat, and with a constant “war for talent” showing itself in industries across the board, having effective recruitment strategies is crucial. Successful recruitment takes into account a wide variety of factors, to effective job descriptions and research, to marketing plans and employer brand strategy. At Kelowna HR, we have built a reputation for comprehensive, market-responsive recruitment practices that attract the right talent to the needs of organizations, aligning objectives with high level talent.
If you or your organization are looking to maximize your talent pool and enhance the success of your efforts, we’d love to assist in ensuring you are drawing in the best of the best to your company. Call us today to discuss your recruitment needs.