We’ve all heard of that old adage, "there’s plenty of fish in the sea", but what if none of those fish have what you need? Have you ever found yourself with a job opening, hundreds of resumes at your fingertips, but not one candidate with the skills required for the position? Many companies struggle with that same issue and it’s not just those in need of STEM (science, technology, education, and math) skilled people either. Companies are seeing a dramatic deficiency in candidates equipped with basic skills such as written and verbal communication and advanced leadership. According to Ed Gordon, author of “Winning the Global Talent Showdown” and the upcoming “Future Jobs: Solving the Employment and Skills Crisis,” if we do not address the skills gap, our country has the potential to see 14 million to 25 million vacant jobs by 2020 that we won’t be able to fill.
Hiring a new employee is certainly not an easy task and can prove costly for companies who choose the wrong candidate. According to Society for Human Resource Management (SHRM),a poor hiring decision could cost up to five times a bad hire’s annual salary and the higher the person’s position and the longer they remain in that position, the more it will cost to replace him or her. And a recent survey by Career Builder found that 41% of companies surveyed estimated that a bad hire costs more than $25,000, and 25% said it costs more than $50,000.
With only a few days until the end of the 2012 Summer Olympics, I’ve been stunned by the shear excellence of these athletes. Their strength, passion, and talent are apparent; each one of them striving to win the gold. The goal of an HR manager is not much different than an Olympian’s coach; they want to recruit and work with talented individuals who they can develop into top performers. There are a number of recruitment lessons to be learned from these talented athletes and the Olympic Games; here are just a few.