The media industry has built a bit of an unfortunate reputation for itself as having a notoriously high attrition rate, which is a serious problem that needs serious solutions.
This problem can be attributed, at least in part, to a transient millennial workforce who are collectively willing to weather minor disruptions to make the relatively easy jump between media companies in return for a small annual pay increase. It would, however, be unwise to assume that this is the sole reason for such significant attrition issues.
Filling vacancies efficiently is, of course, critical to the bottom line of many businesses. However, if you're not also thinking carefully about whether each new hire will perform well, enjoy the role and stick around for long enough to make a meaningful contribution, you're going to run into an array of issues that will cost time, energy and resources to address.
Speed of hiring is important. Sure! But, just taking someone's CV into consideration is very one-dimensional recruitment. It's 2019, not 1986... Yes, CV's still play a part, but you now have so many other information sources, tools and technologies to help you make better, informed hiring decisions.
If your retention percentage is sitting at around the 75% mark, it can be easy to fall into the mind-set that your recruitment process is doing well enough to not need a great deal of consideration, at least in the short term.
But if you turn this on its head, it suggests that you are willing to plough ahead knowing that your recruitment process has a 25% chance of failing every time you post an advertisement for a new vacancy. Risky decisions are made across the business landscape every single day but your recruitment process shouldn't be one of them.
The associated costs of hiring mistakes are so often accepted as being a 'cost of doing business' but this really doesn't have to be the case. As many as two in five hires turn out to be a poor fit within 18 months and as one in five HR decision-makers aren't familiar with the true extent of the costs of every mis-hire, this figure shouldn't necessarily be all that surprising.
Inefficient hiring processes have also resulted in 88% of business leaders allowing a toxic employee to stay within their team for far too long. As this is something that can have long-term team-wide implications, why wouldn't you want to utilise advanced behavioural testing to drastically de-risk your entire hiring process?
Take a few moments to think about some of the ways in which the industry has changed over the last 10 years. We're willing to bet that you can reel off at least a handful of significant changes that have required you to refresh your process and explore a variety of new avenues that have delivered long-term gains for your business.
Now, how many changes to your recruitment process have you made during that same period of time?
If your recruitment process is broadly in line with the way it looked a decade ago, now is the time to think about how advancements in technology could help you to make positive changes that will reduce your attrition rates and attract the best possible candidates for every single vacancy.
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The solution we provide for businesses focuses on the behavioural fit of each candidate to each specific role. Removing ‘gut instinct’ from the equation, this recruitment method delves deeper to deliver a far stronger match. Not only will your business benefit from hiring an individual with the right experience, skill set and personality to make a valuable contribution to your organisation, but your newest hire will also enjoy working in their new role and really thrive amongst the wider team.
And they will stay.
The differences between our recruitment process and traditional recruitment practices are myriad. Not only do we have a 96% retention rate, but we’re so confident in our services that we also promise up to 12-months unconditional free replacement, which is something that no other media recruitment firm would even consider offering.
To find out more about how we can improve your staff retentionCheck out our cutting-edge NTHi platform