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Friday, June 16, 2006

Finding and Keeping The Right People

According to a recent survey by Right Management, the most common mistake organizations make when hiring or promoting managers and executives is failing to define and assess those roles most crucial to successful performance.

  • 43% of companies cited inadequate definition and evaluation of roles critical to successful performance as the number one mistake businesses make in hiring and promoting managers and executives.
  • 41% cited insufficient grooming of high-potential employees through coaching, mentoring and training programs.
  • 29% cited using overly subjective criteria and unreliable assessment tools.
  • 27% cited too much focus on the basic requirements of the jobs to which people are being hired or promoted - such as managerial and interpersonal skills - and not enough emphasis on less apparent talents, such as morale or team building.
  • 10% cited giving inadequate consideration to people from outside the organization.

More reasons why it's critical to find - and keep the right people:

  • It costs an average of 2½ times an individual's salary to replace an employee who doesn't work out, including recruitment, training, and severance costs, and lost productivity, according to a survey of 444 organizations throughout North America released by Right Management earlier this year.
  • More than four out of 10 organizations (43 percent) said it costs at least three times the employee's salary.

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