A survey of human resources and personnel management professionals by a top law firm shows that attracting the right talent is a major concern.
The law firm of Burr & Forman LLC says that 72% of the surveyed HR professionals from both large and small companies who report they are working harder to recruit the right people. In addition, 37% say their firms are offering better compensation packages in order to attract the top talent they need.
“While many studies have shown that company culture is a more important issue for Millennials than past generations, only 26% of companies reported that they highlight company culture in their efforts to attract top talent,” Burr & Forman notes.
The law firm also points out that 65% of those responding cite retention as their greatest human resources concern. “Not only is a high turnover rate bad for morale, but it is costly to train and process new employees,” Burr & Forman says.
From the law firm’s viewpoint, employee retention also is key to ensuring successful implementation of employer policies and procedures.
“Not only does high employee retention lower the cost of training new employees, but satisfied employees are more likely to communicate with their employers and raise concerns or complaints in time for the employer to appropriately address the issue,” Burr & Forman explains.
This is vital because 70% of companies report they had an increase in litigation alleging race, sex, transgender or other discrimination. “Having the right policies and procedures in place is key to both preventing and defending these types of cases,” the firm says. “However, the rights policies and procedures can only go so far if employees are not adequately trained on the policies and procedures.”