Accuchex Blog

The market for workplace talent changes over time with the ups and downs of the job market and economy. But regardless of what phase the market is in, have an effective hiring strategy is a must.

Business owners are always striving to keep costs down while looking to generate greater profits. But one of the areas of cost that is often miscalculated is the cost of employee turnover. And it is greater than you think.

According to work management company Wrike, employee turnover is costing U.S. companies over $160 billion a year. And Harvard Business Review notes that high performing employees can deliver up to 400 percent more than the average co-worker. Consequently, the loss of a high performing worker can vastly increase the costs that result from their departure.

Improving economic indicators, lowering unemployment rates, and a notable surge in business growth and expansion means more hiring. But, for many companies, the hiring process could use some help.

In larger companies, the HR staff is often responsible for a number of the recruiting and hiring functions for new employees. While there are some aspects of these functions that are fairly universal and never really change, there are other aspects that should change or even be added to the process.

Most businesses provide employee performance reviews at least annually. Unfortunately, too many fail to be consistent or default to an impersonal template approach. Yet, strategic performance reviews can be a tool to create a powerful workforce environment.

Everyone wants to know "how they're doing" on their job and in their workplace. Ideally, an employee performance review can provide that assessment. When done well and consistently, reviews can help workers perform better and feel more engaged in their own performance and success. 

The work of recruiting and hiring new talent can be difficult to do well. In addition, tools and tactics evolve over time as well as HR trends.

In larger companies, HR staff are often responsible for a number of functions including the recruiting and hiring of new employees. While there are many aspects of these functions that are well established and never really change, there are other dynamics that do change or didn't exist previously.