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Unlocking Success: The Impact of Effective Recruitment Strategies

Explore the importance of recruiting the right people for organizational success. Learn about the pivotal role of recruitment in individual and organizational performance, succession planning, and long-term business success. Gain insights into employee recruitment research and the costly implications of poor hiring decisions. Discover key recruitment predictors and strategies for consistently making effective hiring choices. Delve into the impact of recruitment on employee turnover and organizational performance based on extensive research findings.

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Unlocking Success: The Impact of Effective Recruitment Strategies

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  1. The Right People Jim Collins, Harvard Business Review, says: “The old adage people are your most important asset is wrong, the right people are your most important asset”

  2. The Right People But even this is wrong, Bob says: “The old adage people are your most important asset is wrong, the right people in the right jobs at the right time are your most important asset”

  3. Great (INTERNAL & EXTERNAL) Recruitment Drives: • Individual & organisational performance • Succession planning (today’s recruits, tomorrows leaders) • Long term business success

  4. Employee Recruitment Research • So many studies, so many remaining questions • Multi variable process, risk is high • Getting it consistently right is hard • Mistakes are very costly

  5. Poor Recruitment Costs • More than 80% of employee turnover is caused by bad hiring decisions* • It costs 1/3rd of annual salary to replace a turnover (does not include intangible damage around loss of revenue, increased business costs, decreased employee morale)** * Harvard Business Review ** US Department of Labor

  6. Recruitment Predictors (Validity Scores)* • Age -0.01 • Interests 0.10 • Education 0.08-0.10 • Years of Experience 0.18-0.20 • Interviews -Unstructured 0.09-0.18 -Structured 0.26-0.34 • Reference Checks 0.26-0.38 • Past Performance 0.35-0.46 • Job Knowledge Tests 0.36-0.48 • Realistic Job Previews 0.36-0.48 • Assessment Centres 0.37-0.51 • Psychological/Aptitude Tests 0.51-0.54 *Source: various USA longitudinal research studies in particular from Michigan State University

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