This year has been a turn-around year for many companies. As the economy has turned towards recovery mode, companies have begun hiring and looking for growth opportunities. Along with this growth comes the need to find the right talent to ensure positive movement. When considering hiring moves that benefit a company, upon conducting background checks on each prospective applicant, the three things that every human resource professional needs to concern themselves with the most are:
1) Finding the right talent
2) Creating opportunities
3) Managing labor and benefit costs.
For those companies that were hit hard during the recession, the need to remain “lean and mean” is still at the forefront of the hiring mindset and remains the goal of every finance department. With this thought, as hiring new employee’s moves forward, employing the right people becomes more essential than ever. As people look to get back to work, the candidate pool for jobs may still be larger than the pre-recession pools, so there is the added importance of targeting candidates that bring the best mix of education, experience and skills, as well as successful completion of a background check. This is where the mindset of any hiring manager should be if the need to remain “lean and mean” is the directive that is given.
Creating opportunities is an important tool for any company, particularly if they want to keep the best talent in their particular industry. With more of the “Baby Boomer” generation postponing retirement due to the hard losses experienced through the recession. The standard protocol has been when someone retires, another is promoted to take their place through advancement. Due to the delay in retirement, HR professionals are now tasked with creating opportunities for the most valuable of staff members. These opportunities would be designed to encourage the best employees to stay rather than look elsewhere for a better job.
No company ever wants to lay people off. This is viewed as a last resort; however, many companies did not have a choice during the recession in order to allow them to stay afloat or ahead of their competition. One of the ways to avoid employee layoffs is to trim benefit packages, so in essence, the challenge for a human resource professional is to develop a strategy that will satisfy the bottom line, meet operational goals and encourage people to stay in the employ of the company. The benefit of working to retain employees is to avoid the cost of hiring, as advertising for a position, conducting a background check, bringing people in for an interview and all the other factors that go into hiring new talent can prove to be quite costly.
HR professionals are challenged to think outside the box in many of the areas they manage. Once the right talent has been identified and brought on board, it is the best interest of a business or company to work to retain those individuals. Creating opportunities and providing the foundation for the best employees to want to stay can impact the long term effectiveness and presence of a company in the market place.