In today's labour marketplace, increasingly employers are recognizing the will need to concentrate on employee retention. A lot of market specialists have estimated the expense of hiring an employee at 150% to 200% their annual salary. Ironically recruitment and placement agencies are not immune to the pressures in the existing job marketplace. In spite of this growing concentrate on retention, not all placement agencies have had achievement in retaining their best headhunters.
We lately had the pleasure of meeting Dan Campbell, the CEO of Employ Dynamics in San Antonio exactly where he spoke at the 2007 Staffing Globe Convention. Employ Dynamics gives staffing solutions by means of its 15 offices in Georgia, Nevada, and North Carolina. The organization has been recognized by Staffing Sector Report for 3 years in a row as 1 of the quickest-increasing private staffing firms in America, and by the Atlanta Organization Chronicle as 1 of the most effective areas to operate and 1 of the 50 quickest-increasing private firms primarily based in Atlanta. Employ Dynamics began in 2001 with seven personnel, 37 clientele, and 1 million in debt. Final year Dan's recruitment and staffing agency exceeded $50 M in revenues. The secret to his achievement is maintaining his best headhunters delighted.
In San Antonio, Dan spoke about employee retention as the crucial to achievement in increasing his recruitment and placement agency. He shared quite a few fascinating suggestions on how he retains his best recruiters. 1 such thought entails providing an employee a Rolex watch upon his or her 5-year service anniversary. On day 1, new recruiters at Employ Dynamics are asked to browse a catalogue of Rolex watches and pick a watch of their decision. Soon after the employee tends to make his or her choice, a image of that watch is then placed at the employee's workstation. Management then explains to the new employee that the watch they chose will be theirs upon their five-year service anniversary.
Although Dan spoke, the owners and managers of recruitment and placement agencies frantically wrote down the information of the Rolex watch plan. Having said that, it would be a grave error for other recruitment firms to blindly copy the Rolex watch plan if they never have the other pieces of the management puzzle in spot given that they could be inadvertently generating a program exactly where recruiters only remain for an high-priced watch. Of course Employ Dynamics has identified the ideal formula to employ, train, create, recognize, reward and retain it is best recruiters. And their achievement in retaining their best headhunters is not merely due to the watch plan given that if their recruiters hated coming into operate, they would not remain no matter how good of a watch they get.
Employ Dynamics understands the worth of retaining very good recruiters and has identified their personal formula for retention. Great recruiters not only make their quick-term sales targets, but also develop lengthy-term achievement for your recruitment and staffing small business. Retaining very good recruiters suggests you save the expense and work linked with hiring and instruction new employees. The other added benefits include things like developing lengthy-term relationships with your employers and candidates. By possessing your recruiters remain with your organization, you have a greater opportunity of that they will get to know your client's distinctive culture, particular desires, and so on. Likewise, recruiters that remain with your organization will get know your candidate's profession targets, preferences and values. All of this suggests creating greater matches, delivering a greater service and gaining a competitive benefit in the recruitment and staffing marketplace.
In summary, the lesson right here is not so substantially a lesson in how to decide on the varieties of service anniversary gifts that you give to your personnel as substantially as a lesson in upper management embracing retention as not just a plan but a crucial strategic initiative. Just as the worth of the watch to the new employee is not merely as a watch but as a symbol to them of the employer's brand guarantee.