Though the iconic book Good to Great is now 10 years old, Jim Collins' imperative to start the process by "getting the right people on the bus" has never been more fitting. As economic growth stalls, companies everywhere strive to improve productivity, while being mindful of additions to full time headcount. But to prosper, companies need the best team they can build. Those adaptable, self-motivated, A-team members who enable your firm to respond quickly to changing conditions and produce great results. Today Collins' dictum to start with the right talent seems more prescient than ever.
· Despite the number of people available in the job market, it is arguably more difficult to "get the right people on the bus" today. With unemployment hovering in the 9% range nationwide, each new job posting brings a flood of resumes, most unqualified.
· Getting the "wrong people off the bus" is more difficult and costly than ever. Estimates for the cost of a bad hire range from 2.5 to 3 times the positions' salary (ADP).
· Demand for skilled talent will continue to rise. By 2015, 76% of U.S. jobs will require highly skilled workers, compared to less than 50% in 1991 (American Society for Training and Development). With baby boomer retirements in full swing, skilled talent will be in short supply.
· HR departments took significant hits during the recession, and most have not rebuilt their teams, resulting in limited internal resources to conduct searches.
How is your company doing? Do you have the right people on the bus? Are you on the right bus yourself? Call us today if you'd like to continue the conversation on sourcing and hiring the right people to go from good to great.