Industry News

• According to a recent study by the Corporate Executive Board - losing a high-potential employee can cost an employer up to 3 1/2 times that employee's annual compensation, when considering expenses, such as replacement costs, and contributive costs, such as business relationships and financial contributions.
• One in three employers globally report experiencing difficulty filling jobs due to lack of available talent, the highest percentage since before the recession in 2007, a ManpowerGroup survey found.
• "Leaders of companies that go from good to great start not with 'where' but with 'who.' They start by getting the right people on the bus, the wrong people off the bus, and the right people in the right seats." (Jim Collins, Good to Great)
• 89 percent of new hires lack the institutional knowledge required to get up to speed quickly and become effective on the job within their first 90 days. (DDI White Paper)
• "Most managers today spend 2 percent of their time on recruiting, and 75 percent of their time managing their recruiting mistakes." ( Richard Fairbank, Capital One CEO)
• The average manager's hiring success rate is about 50 percent. So, in effect, most managers would have the same number of successful hires if they flipped a coin. (Who book)
• It has been estimated that between 30 and 50 percent of newly hired executives will fail and depart within their first 18 months on the job at a fully loaded cost of up to 10 - 15 times their salary. (DDI white paper and Who book).
• Manpower's 2010 Talent Shortage Survey revealed that 31 percent of employers worldwide are having difficulty filling positions due to the lack of suitable talent available in their markets, an increase of 1 percent over last year's survey. The immediate problem is not the number of potential candidates - it is a talent mismatch. There are not enough sufficiently skilled people in the right places at the right times.
• Employers are seeking more specific skill sets and combination of skills, and it's not just technical capabilities alone. It's a combination of critical thinking skills or other qualities that will help drive the company forward. (Manpower's 2010 Talent Shortage Survey)
• Some 27 percent of employees deemed "high potential" said they plan to leave within the year. That rate of dissatisfaction is rising "precipitously" as the economy stabilizes, says Jean Martin, executive director of the CEB's Corporate Leadership Council, up from just 10 percent in 2006 and increasing at twice the rate of the general employee population. (How To Keep Your Star Employees)
• Companies that have no formal process for executive onboarding experience failure rates in excess of 50 percent when it comes to retaining new executive talent. (Egon Zehnder International, Inc.)
• Fewer than 33 percent of executives are satisfied with their onboarding process Korn/Ferry International. (2006, June 22). Korn/Ferry survey: Retrieved March 13, 2008)
• You don't want to hire someone destined to fail, wasting their time and energy (and yours). Being open is the best way to avoid that. Prospective associates will walk away on their own if they don't believe they can fit in with your culture. (Alan Lewis, Grand Circle Travel)