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Employee turnover is an important statistic

General Information, Hiring Tips and Advise, Staffing Industry Facts, Uncategorized

Employee turnover is an important statistic for staffing firms—it tells you how often you will need to hire new employees. A high turnover rate means that your employees average a shorter tenure with your firm; when the turnover rate decreases, average employee tenure goes up. What does this mean for your firm? The lower the turnover rate, the less money your firm spends on recruiting, new-hire administrative costs, training, and any other costs associated with replacing employees. Lower turnover could mean increased profit margins for your firm.

The turnover rate for your company tells you, on average, how many times a single position within your company was occupied by a different employee throughout the year. Suppose you had one position and one person filling that position throughout the entire year, your turnover rate would be zero—there was no change in the person employed in the position throughout the year.

Calculating Turnover

If you had one position and two people had filled that position throughout the year, your turnover rate would be 100%. This is calculated by taking the number of people employed (two in this example) and dividing it by the number of positions or jobs (one in this example), then multiplying the result by 100. Next you must subtract 100—this 100 accounts for the person who is initially employed in the job: 2/1=2*100=200-100=100

You can calculate the turnover rate for both your internal, permanent staff, and also for your temporary and contract employees. Be sure to calculate these two turnover rates separately, as they are typically very different. In order to calculate your company’s turnover rate you first need to determine your company’s average daily employment (for internal employees or for temporary and contract employees) and the number of W-2s your company issued throughout the year to employees for the employee type for which you are interested.

In most temporary or contract staffing firms, the number of temporary and contract positions available fluctuates each day. Calculating your company’s average daily employment will help you to determine how many positions your company filled on an average day over the course of the year. You can calculate your company’s average daily employment by determining how many employees your company had on the week that included the 12th of the month for each month in the year, summing these employment levels, and then dividing the sum by 12.

Once you have determined your average daily employment, you need to determine how many temporary and contract employees you had throughout the year. The quickest and best measure of this is the number of W-2 forms that your firm issued to temporary and contract employees for the year, since each employee will be connected to exactly one W-2 regardless of the number of positions they held.

Once you have these two numbers, you can calculate your company’s turnover rate for temporary and contract employees using the following formula: (total number of W-2s issued/average daily employment*100)-100 = turnover rate.

You can use this same calculation to determine the turnover rate for your internal employees, as well.

Choosing The Right Staffing Company

General Information, Hiring Tips and Advise, Resources

Any company is only as good as its employees. This applies everywhere in your company, from your top executives to the people in the mail room. Because your employees are vital to your business, you need the right staffing services to make sure you get the right people on board.

Whatever position you need to fill, there is a staffing service that can do it. Temporary staffing services can provide flexible staffing that will work as long as you need them to-from a few days to a few months. Temp-to-hire agencies will send you temporary employees with the option of becoming a full-time worker- if the relationship works out.

Some staffing services provide high-level executives, some specialize in a certain skill sets (like graphic designers or computer programmers), and some concentrate on specific industries. There are staffing services available for accounting, HR staffing, IT staffing, medical and healthcare staffing, scientific staffing, etc to know more click here. Whatever your staffing needs may be, here are a few questions to ask to ensure you’re hiring the right staffing firm for your company:

Is the firm able to fill the position I’m looking for?

Because many firms specialize these days, its important to know if the firm you’re considering can fill the position you’re looking for. If you’re looking for a very specialized employee-someone with nursing skills, certain technical knowledge, or certain creative experience, for example-it can sometimes be better to hire a firm that specializes in placing this type of employee. Specialized firms sometimes attract more highly qualified workers than general staffing firms.

What are the firms pay rate and benefit packages?

Because the employee is officially working for the staffing firm, its the firm who will be determining his or her wages and benefits. Make sure they offer good compensation and benefits packages. The better their compensation, the higher caliber of workers they’ll attract.

Has the firm worked in my industry before?

In general, its better to find a firm with experience staffing companies like yours. Some staffing firms specialize in certain industries, and these firms may have a better understanding of what your company needs in its employees than a firm with a more general focus.
“It isn’t the hours you put in your work that count; its the work you put in the hours.”

Are they more focused on quality or quantity?

Some staffing services will spend time and effort narrowing down their candidates to find the perfect fit. Others will throw every qualified resume your way, in the hopes that one will stick. Most businesses prefer quality over quantity, depending on the position to be filled-although some prefer lots of options. Talk to the staffing services you’re considering and make sure their selection process works for your company.

Can they provide references?

Ask for references-preferably in your industry-and make sure you give them a call before you take the final step in hiring a staffing agency. An outside opinion from someone who has worked with the agency before can make all the difference in your hiring decisions.

How do they qualify applicants?

Many staffing services will test their applicants to determine which skills they have. Make sure the tests they use do a thorough job of attracting prospective employees for the skills you’re looking for.

How do they charge?

Some agencies charge placement fees while others charge a certain percentage of the employees wages. For example, if you pay the staffing agency $15 per hour for the employee, the agency might take $7.50 per hour, and give $7.50 to the employee.

Hiring the right staffing firm can make a big impact on your company-it is not a decision to be made quickly. Don’t wait until your staffing needs are urgent to check out the agencies available before selecting one to work with. Give yourself some time and ask the right questions, and you’re sure to find the right staffing agency for your business.

It’s Time To Update That Resume!

General Information, Hiring Tips and Advise, Resources

The resume is the single most important document in your job search. A resume is the simplest and concise way for you to communicate with employers and thereby give them all the initial information they need to know about you. Since the resume is such an important document, it is necessary that you should manage it in a proper manner – keeping the resume up to date.

Whether or not you’re looking for a new job, you would be wise if you update your resume frequently. Why? Because you never know when a new job opportunity will pop up that requires submitting your resume right away.

Additionally, you’d be surprised to know that as time passes you forget those professional details that so important to include in a resume – updating resume requires your attention and your time.

Why should you update Your Resume? Benefits of Updating your Resume:

It is evident that as time passes, the facts pertaining to the individual will change and will increase.
There are several benefits of an updated resume. For one, if you update your resume on a regular basis:

  1. It can change your perspective on what you have accomplished so far and what you still need to improve.
  2. You can ask friends for their resume samples to learn of some resume objectives ideas you may add to yours.
  3. An updated resume may open new doors – new job opportunities.
  4. It means more facts and figures, which will enable you to spend more time with the interviewer. The time that a prospective employee spends with the interviewer is a golden time. Even a minute more than the other interviewees can mean that you have landed the interview. In these circumstances, a fuller, larger resume would mean that you can spend more time with the interviewer.
  5. It will obviously be a mirror to the progress that you have covered in your years as a professional. This will work positively while your pay package is decided.
  6. The interviewer immediately understands that you have done your homework before coming to the Interview and will therefore take your interview in a different perspective.

Therefore, one should make it a point to put down these professional updates.

Resume Update: How to Update Your Resume?

To update your resume, you should first jot down the changes that have occurred in your professional life since you first made your resume, for example –

  • Relevant achievements
  • Major projects
  • New job responsibilities
  • New certifications
  • And of course an updated job positions.

Two points to consider when updating a resume:

  1. Once you have written these down, implement these into your resume wherever necessary. Try to add the changes using the resume format you are having, for example – if your professional details are written down in a particular manner, try to keep the details that you are putting in the same manner.
  2. When you are updating your resume, make sure that you do not warble a lot in the add-ons that you are making to your resume. Keep the information concise and to the point. Also, make sure that you are giving out only those details that are needed for the recruiter to know more about yourself on a professional basis and therefore would be beneficial for your job search. A point to jot down any changes in your personal life that may reflect on your professional life too, like: marriage, change of residence, change of contact numbers, etc.

BUILDING A TALENT PIPELINE THAT “RE-RECRUITS” TALENTED WORKERS IS ESSENTIAL.

Featured Stories, Hiring Tips and Advise, Industry trend, Staffing Industry Facts

Getting candidates’ attention has gone from hard to harder — not to mention sustaining that attention for more than mere seconds. Today, you need to keep your candidate flow strong with a continuous and thoughtful recruitment process rather than a one-and-done strategy

Resolution for 2015: Capture more candidates and reduce drop-off by continually engaging your potential talent. The key to workforce planning is all about creating and nurturing a database of pre-qualified candidates so they’re ready to be contacted and called in to interview at any moment.  An easy-to-find, branded talent network will help you capture and re-engage more candidates over a longer period of time, as it works behind the scenes to send members targeted job alerts when your new positions are posted.

Did You Know? 65 percent of candidates are likely to accept a future staffing firm assignment.

What this means: It’s great to see how many candidates are willing to accept a future assignment with staffing firms, and the reason for a majority that’s not likely to accept a future assignment is about wanting permanent work. Despite misconceptions about reasons behind candidates’ unwillingness to accept future assignments, for a majority of candidates it’s not about the pay or recruiters or other factors, but about wanting a permanent/full-time job.

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