Now that we are opening up again, we need to turn our attention to the future. One of the pandemic consequences employers will face in 2021 is finding the talent needed for their organization. Every day there is a story about the “Great Resignation.” According to the U.S. Labor Department, a record-setting four million Americans quit their jobs in April, the most in 20 years! Wow, what a difference a year makes. I think about the impact the “Great Resignation” will have on many companies, especially small to mid-sized companies. Businesses will feel the ripple effect of this job market for years.
Do You Have the Right Talent on Your Team?
My question to you this month is, are you ready? Will you look at this massive shift in the talent pool as an opportunity to ensure you have the right people on your team to take you to the next level? The pandemic has exposed pain points in recruiting and onboarding in many businesses. Inconsistencies and lack of structure in the hiring process can lead to costly hiring mistakes. The Department of Labor estimates that a bad hire can cost an organization up to 30% of the employee’s first-year salary, and I think it’s much higher. If you are hiring for multiple positions in your organization, you see how quickly the dollars can add up. And that does not measure your frustration level or that of your team when you don’t have the talent you need to perform the role. Mix in a few dissatisfied customers, and you have a recipe for disaster.
You may be thinking, “great, we made it through COVID-19, and now I may have multiple people giving notice. When will this get easier?” Thankfully our team is prepared to help our clients through the post-pandemic seismic job shifts.
Make Smarter Hiring a Priority
While hiring can be challenging, we have a tool, PXT Select™, that can aid you in your hiring decisions to move you from hiring solely on gut instinct to a fact-based organized, and effective hiring process.
PXT Select is a skills assessment that will establish greater consistency when making talent decisions, including compiling a list of interview questions essential when interviewing multiple candidates.
The PXT Select provides comprehensive reports that will measure a candidates ability in three crucial areas:
· Can they do the job? Thinking style, how they process information and problem solve.
· How will they do the job? Behavioral traits like how assertive, sociable, and decisive they are.
· How long will they do the job? Is this position aligned with the candidate’s interests? If it isn’t, the person will leave, and you will be back to square one in hiring.
Let’s consider an example. We have a client who has been using PXT Select to hire their customer service team. Ethos customized a PXT Select model for the position and had candidates complete the assessment. Once completed, we overlaid the results to see how closely the candidates aligned with the position’s profile. Based on the results, it helped our client avoid a poor hiring decision. The favorite candidate talked a good game, but in the end, his interests did not align with the position, and he would not have stayed in the job. Most people hire on “gut” feeling alone. The PXT Select reports are a tool that will give you more confidence in your hiring decisions.
Interested in future-proofing your business and hiring smarter? Don’t let a lack of the right talent hold your business back. Contact support@ethoshcs.com to discuss the different reports available on the PXT Select platform and how we can help you invest in your team.