It is essential for any startup to identify and appoint the right talent because only the right people have the potential to keep a startup running smoothly and successfully in a highly competitive business environment. When recruiters and HR professionals fail to identify the right fit, it results in cash burn, and if the employee has a client-facing profile or represents the business in any way, it can also adversely impact brand identity.
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With low unemployment and a robust economy, finding the right people to hire has become more difficult. Forty-five percent of employers say they are unable to find people with the skills they need. That represents a large increase in unfilled jobs and the toughest hiring environment in a decade. Right now, there are more than 6.7 million job openings in the United States.
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Move over personal brand — the career brand is here!
"Your unique career path is a big part of who you are today," says official LinkedIn Blogger Ian Brooks. When it comes to taking your career to the next level, personal brand isn't enough. It's time to start thinking about what's next for your role. Enter the career brand.
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Companies incur significant expenses during the recruitment and hiring process, with various sources attaching figures as low as $5,000 or as high as $11,000 to the cost of hiring a single employee. At the same time, one 2014 study found that 17% of new hires quit within their first three months. Another 2018 study conducted by the Work Institute found that 40% of employees left a company within 12 months, with 50% of that turnover happening in the initial three months of employment. When employees leave the company within the first 90 days, the money spent to recruit, interview, and hire them is lost, and there could be additional losses in productivity for the teams.
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