By Stacey Hawley, The Credo Company
Companies endeavor to hire the right candidates, with the right skills, right qualifications and right cultural fit, for their organizations. Finding the right candidates is critical. Recruitment is costly. Turnover is even more costly (typically two times the annual salary and benefits of a role).
Hiring the wrong candidate lowers morale and decreases productivity. To source the right candidates—the first time—companies focus on developing robust recruitment and interviewing processes. However, this does not increase a company’s chances of attracting (and signing) the right candidates.
A solid compensation program is critical to success. Why? The right compensation programs ensure the company’s expectations and the candidate’s expectations match. Attracting—and signing—the right candidates starts with employing the right compensation programs and processes.