Will Your Perfect Candidate Be Gone in a Year?August 26th, 2014 | Articles, Hiring Resources | No Comments »
After all the time and money spent searching for the perfect candidate, it all paid off. You unearthed an exceptional professional who couldn’t be any closer to fitting your team’s needs. However, certain studies show that, no matter how perfect the fit appears, the risk that your new hire will leave within a year is high, burdening you with the need to reinvest all of that time and money.
1 in 3 New Hires Want Out
This isn’t a freak occurrence.
At the end of 2013, CareerBuilder conducted a a survey of 3,008 workers to pinpoint why employees leave in the New Year. Their findings show that of those on their job hunt, 35% have only been with their current employer for less than two years. Basically, that’s a little over one out of three new hires already looking elsewhere.
The financial expenses of that early onset wanderlust can be costly. According to the Center for American Progress, workers making between $30,000 and $75,000 a year will cost employers 20% of their salary when they leave. What happens if that empty chair remains open for a prolonged period of time? Businesses can be slammed by a cyclone of costs and losses.
How do employers stop this pricey talent drain from happening? They put themselves in the candidate’s shoes and ponder whether that candidate will be satisfied one year or more into the future.
Are Your Employees Bored at Work?
Many bad candidates are easy to spot, but some masquerade as the perfect fit. It’s not an intentional deception. They want the job and are more than qualified for the work. In fact, these candidates are often the archetype for an ideal fill.
With that level of perfection, however, is a much higher risk of turnover.
Employees that are a 100% fit tend to become easily bored. As they already possess all the required skills, each challenge isn’t really a challenge at all. Their creativity is never forced to stretch and they never get the sense that they’ve made professional growth.
Then, they want one of two things: increased responsibilities (and pay) or a new company to advance their careers.
CareerBuilder found that 45% of employees looking to change jobs do so because they are dissatisfied with growth opportunities, and 35% do so because they feel underemployed. Those are both strong signs of workplace boredom. Worst of all, it’s not limited to entry level positions as it can even happen to high-paid executives.
“Underqualified” Candidates Can Be Your Hardest Workers
The possible solution is easy enough, although it has fallen out of practice: hire employees who can grow into the position. Enough businesses have been burned by premature employee departures that some are wary about hiring and training “underqualified” people. However, the risk has a much greater payoff.
When employees who are both hardworking and creative find a task to be out of reach, they bridge the gap. They research new methodology and tirelessly approach problems from different angles until they achieve success. There is a perceptible sense of self-growth through this trial and error, a feeling which is often worth more than money.
When hiring candidates with room to grow, employers can also focus on making a strong cultural fit. Employees who feel at home in a company are far less inclined to leave for higher pay and will stay in a company for much longer.
So is hiring an employee with room to grow the ultimate solution? Not always, but you’ll see far less employee turnover than with the alternative.
by James Walsh