For today’s employers, finding and retaining great employees has become a huge hurdle. Sifting through a candidate pool of successful professionals means parsing through diverse skill sets and knowing which ones make a good match.Executive SummaryThe old ways of finding and retaining the best employees are flawed. Now, new hiring practices could help you revitalize your workforce, according to WAHVE CEO Sharon Emek, who reviews the benefits of blind hiring and skills testing, as well as innovative staffing practices like remote work arrangements.
Moreover, the standard tools and measurements used in the hiring process are coming up short on a number of fronts—from hidden or implicit bias in the interview process to the inaccuracy of competency measurement methods. That means a lower rate of employee engagement.
That lack of engagement is expensive. According to a 2014 Gallup study, just 30 percent of the U.S. workforce is engaged while on the job. The cost of that disengagement: $450 billion to $550 billion annually in lost productivity due to absenteeism, accidents and more, Gallup revealed. If they stay, that is. Nearly half of actively disengaged millennials say they would leave their current employer should the job market improve; 36 percent of baby boomers and 44 percent of generation Xers would make the same switch (Gallup State of the American Workplace 2010-2012 study, p. 37).