This Pre-boarding/ On-boarding module of Stewart, Cooper & Coon’s consultative resources is most effective when considered with these other available modules:
In today’s global business environment, it’s increasingly difficult to gain a competitive edge, but it’s not impossible. Top talent, potentially the most powerful source of competitive advantage, is available – more so in today’s economy and competitive profile than ever before. Let’s begin with a few facts. Statistics show that…
- forty percent (40%) of externally-hired senior executives fail in their new position within the first 18 months of transition.
- The aggregate cost of a failed recruitment is estimated at a staggering twenty-eight (28) times the base salary of an executive.
- We believe that companies typically spend less than 25% of the time and resources required to conduct a thorough recruiting process.
- Job descriptions do not highlight skills and value systems needed for the company strategy and the current team mix.
- Internal candidates are not always spotted, owing to a lack of talent intelligence inside the company.
- Hiring managers are not trained to partner with their retained search firm. Sometimes, they economize and choose to work with a recruiting partner that underperforms.
- Informal interviews do not work: only 10% of interviewees respond honestly.
On the other hand, clients who choose to implement the thorough recruiting practices required by Pre-Boarding typically:
- Raise the probability of hiring an A-player from 25% to 90%.
- Reduce the failure rate in the first 18 months from 40% to 10%.
- Each failed executive costs you between 15 and 28 times his or her annual salary. If you reduce the failure rate from 4 in 10 to 1 in 10, you save on three hires who are successful instead of unsuccessful.
But how should organizations be designed to make new hire talent their key source of competitive advantage? Pre- and on-boarding are best defined as recruiting for, identifying and selecting top candidates – and then assuring their successful launch into their new roles and responsibilities such that contributions and intended outcomes and performance results are immediate. Stewart, Cooper & Coon can show your organization how to combine the right pre-boarding and on-boarding mix through management/ leadership and best practices, so that you gain that critical performance edge. We offer a blueprint that succinctly maps out the best approaches to identifying, organizing and leading a talent-focused organization, from the very beginning. The features needed to create a talent-focused organization help to determine which approach best fits your business; a high-activity approach that has long-term employment relationships and high levels of employee engagement from the start.