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New PI Worldwide Survey Reveals Majority of Organizations Believe Candidate Pool is Drying UpWELLESLEY, Mass., July 28, 2015 /PRNewswire/ -- PI Worldwide, a company that empowers businesses to truly understand what drives workplace behaviors, today announced the results from a recent recruiting and retention trends survey which looked at the way employers find, manage and keep their employees. After polling human resource professionals at organizations spanning multiple industries (including business, finance, healthcare and manufacturing) the results revealed employers are struggling to find talent for open positions, with 65 percent of small, 45 percent of medium and 40 percent of large companies saying that it is their biggest problem. With the unemployment rate down to 5.3 percent, hiring and retaining talent continues to be a growing problem for employers. The U.S. Department of Labor estimates that the average cost of a bad hire can equal between 25 and 30 percent of that hire's first year earnings – reinforcing that many organizations literally cannot afford to make a bad hire. The survey data revealed that when looking to bring in new hires, most organizations are focusing on the expected areas of candidates' skills, experience, and education. However, companies of all sizes are not including "soft" criteria, such as personalities and behaviors, as part of their job descriptions. This means they are often not putting the right emphasis on equally critical areas (such as motivating drives) and an individual's characteristics that are important for success. As a result, they are inadvertently narrowing their own candidate pools by concentrating on only the "hard" criteria. "The survey data point to a growing need to supplement traditional thinking when it comes to selecting qualified candidates," said Mike Zani, CEO of PI Worldwide. "Today, most employers continue to rely on unstructured interviews and previous experience as the predominant method to determine fit. While these are important, insights from behavioral and cognitive assessments can be significantly more accurate in predicting how well a candidate will perform within a specific role, culture, and ultimately how well they will support strategic initiatives." The data also uncovered reasons why employers felt some of their new hires were not a fit, and top reasons why employees leave their jobs. Additional notable findings include: Recruitment:
Retention:
About PI Worldwide Serving more than 8,000 clients across 142 countries and delivering solutions in 77 languages, PI Worldwide empowers business leaders to truly understand what drives workplace behaviors. With scientific validation and a 60-year proven track record, our proprietary Predictive Index® system functions as the heart of our behavior and skills assessments, people analytics software, and instructor-led management workshops. Business challenges big and small are no match for our unique approach to client education and knowledge transfer, which ensures swift adoption, direct ROI, and high impact on performance metrics. Each year, 2.5 million PI assessments are administered and over 7,000 professionals are trained in our workshops. Visit www.piworldwide.com to learn how our solutions can help you find and select the right talent, reduce employee turnover, develop managers and leaders, and increase employee engagement. For more information contact: Karen Pantinas
Logo- http://photos.prnewswire.com/prnh/20131030/MM07482LOGO To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/new-pi-worldwide-survey-reveals-majority-of-organizations-believe-candidate-pool-is-drying-up-300119487.html SOURCE PI Worldwide |