Why Hire High-Potential Employees?

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(gentle music) In these lessons, you'll learn about the complexities of the 21st-century workplace and how they relate to recruiting. You'll also learn about the value and drawbacks of hiring high potential employees. Finally, you'll gain a better understanding of high potential employees motivators by discovering why they join a company and why they may decide to resign. The job market often changes at a rapid pace. To keep up with the competition, you'll need to ensure that your organization is flexible and has leaders who can help you successfully adapt to new job market trends. You can develop these kinds of leaders by hiring high potential employees or individuals who possess the qualities necessary to become a leader in your organization. Recruiting and retaining high potential employees is important for any 21st century workplace. According to a 2021 hiring report from monster.com, one in four employers with available positions in their organizations were having trouble filling those jobs. This was likely due to the growing competition for talent in the job market during the COVID-19 pandemic. To fill open positions in your organization with the best possible candidates, it's important that you understand the time and resources necessary for the recruitment process. You may also need to adjust your hiring strategy, if you specifically want to recruit high potential employees. If you want to attract high potentials, you can start by offering your candidates a comprehensive employment package. According to the same 2021 hiring report from monster.com, only 50% of employees feel fairly compensated for their work. It's important that your base salary accurately reflects the market rate for the role. During the recruitment process, it's best to highlight any available employee benefits such as health insurance, or retirement programs. You may also want to discuss any other employment perks, such as paid time off, opportunities for remote work or other relevant employee programs. Remaining transparent about these benefits can help you stand out among the competition when recruiting for quality candidates. One major reason for increased competition in the job market is high turnover rates. Your turnover rate refers to the number of employees who leave your organization during a certain period of time. High turnover rates result in consistently larger candidate pools, which ultimately increase the competition for talent. In 2020, the US Bureau of Labor Statistics reported the average time an employee spends at a job is 4.1 years. For employees between the ages of 25 and 34, this average drops to 2.8 years. High turnover rates can create several challenges for employers. You may find yourself recruiting for the same role every few years. And the recruitment process requires significant resources. When experienced employees leave your company, it will require time and money to replace them with the best possible candidates. Other turnover costs may include preparing office spaces, printing new materials and purchasing necessary supplies and equipment for new hires. There may also be productivity costs associated with onboarding and training your new employees. If you want to recruit and retain high potential employees decreasing your turnover rate is important. Technological advancements have also had major effects on the competition for talent in the job market. And these impacts shouldn't be underestimated. Technology has created many opportunities for recruiting top talent that weren't previously available to employers. And this increased talent pool creates heightened competition for high potentials. In the past, if candidates were tied to certain geographic locations, they would likely need to limit their job searches to those specific areas. Thanks to new technology and the growing possibility of remote work. Location is no longer an obstacle for many individuals. Without that limitation, employers can recruit from anywhere which significantly increases the talent pool. Because of this your organization can have numerous opportunities to recruit high potential employees. If you want to successfully hire high potential employees for your organization, you'll need to understand the complexities of the 21st century workplace. And be prepared to expand the necessary resources for recruitment.