Workplace 101: A Profiles Global Business Blog

Do you remember your first day of school? That moment standing at the bus stop, lunch box in hand, waving your mother good-bye, and your heart beating faster than ever. Well starting at a new job feels the same way. We’ve all been there – dressed in your finest business attire with butterflies in your stomach as you enter through the doors of a brand new job. But did you know it’s estimated that 45% of new-hires fail within 18 months?

Harvard Business School Prof. Advocates Developing Talent From Within

You might laugh at the thought of being able to hire new employees right now. But there are companies hiring these days, and you will eventually need to replenish or add jobs, too. When the time comes to fill your vacant positions, will you promote from within or hire outside talent? Is your talent management strategy to coach or poach?

Employee turnover is inevitable. We know this. Sometimes it’s management and sometimes it’s beyond an organization’s control. But one thing is certain: employee turnover isn’t cheap. With high employee turnover rates, you’re not only losing employees, but you’re losing profits!

Robert Half recently surveyed 1,400 chief financial officers (CFOs) to publish their report CFO Concerns: What Are the Top Challenges Facing Today’s Financial Executives? Suprisingly, they identified retaining and motivating top talent as a top concern right up their with managing healthcare insurance and controlling costs.

We all like a good scary movie every now and then (well most of us do anyway!), but nothing is scarier to a CEO than hiring someone who appears to be perfect for the job, and then finding out quickly that he or she is a nightmare. Everyday we see organizations use hiring practices to avoid.

Steve Cardy thought all hope was lost as he joined a new company that was facing abysmal employee turnover levels of 600 percent. He was recruited to his new position with the sole purpose of growing the company. Experienced in the hospitality industry, not staffing, he knew he had find a solution and quick.