It costs so much more to replace a great employee than to simply keep them happy. How much emphasis do you put on employee satisfaction?
Over the last several months I have seen two common patterns that are certainly costing company growth and profits. First, CEOs recruiting for critical positions are not performing their due diligence to clearly define the roles they are trying to fill and what success will look like. Second, there is much confusion inside companies as to roles and responsibilities (particularly at the leadership level) and few accountability standards in place to see that roles are functioning well. This is costing most business significant growth and profitability.
As an executive and business coach I had two separate clients, one in Miami and one in Fort Lauderdale, facing the same issue last week. Both were dealing with inconsistent performance by an employee in a key position. Was it a management issue, recruiting issue, or process issue? My conclusion was that it’s an issue I find common in many companies in South Florida: companies do not spend enough time on job design, causing them to not hire the right person. This article identifies the questions that must be answered before recruiting and hiring commences.
As a business coach in Miami, I find that many companies fail to achieve their growth goals because they are unable to staff key positions with the right people. Typically, business owners will blame this on talent pool issues, administrative issues, or place the entire burden on the human resource person. However, the real issue is related to strategy. Failure to choose and properly execute the right strategy costs companies a lot of money. The cost of hiring new employees is not readily apparent when looking at your financial statements.