It’s no longer news that today’s job market is very tight. Finding good candidates for almost every role is harder than ever. Job boards, staffing agencies, company websites, social media, and referral programs are all flooded with open positions.
For most businesses budgets aren’t suggestions or wish lists, they are real guidelines with an absolute upper limit on how much can be spent. On the other hand, even though nobody wants to go over budget, they also don’t want to be too far under budget. Being under budget by too much usually means that opportunities for growth or improvement have been missed. Missing such opportunities can make CEOs and lines of business execs crazy.
For hundreds of years – possibly longer – organizations have made critical HR decisions based largely on instinct and intuition. Where should we find talent for our business? What’s the best way to attract those people? What kinds of benefits and perks should we offer to keep them? What kind of training and develop should we use, who should we offer it to, and what are the results? All of these critical questions, and many more, were often answered based on gut feelings and anecdotal experience.
In today’s tight labor market where matching talent and outcomes has become critical for achieving high levels of performance, an organization’s workforce is arguably its most important asset. Indeed, organizations routinely exclaim that their people are their most important asset. However, very few businesses carefully plan, measure, or optimize this all-important resource.