My father was one of the best story tellers I ever knew, legendary in some circles. When I was a child, he asked me, “Who has the most important job in the castle?” I answered, “the king.” “No,” he said. “The king dies and his son becomes king. The most important job is the kingmaker. It’s their job to select and train the best person to run the kingdom.” It was one of those ah-ha moments, when I realized that having the job of putting the right person in the right position is key to the success of any kingdom.
The days of powerful kings are long gone, but the principles of the kingmaker still apply to today’s business world. Getting talented people in the right positions and retaining them for the long haul is critical for success, and one of the biggest investments a company makes. It is a process that requires successful human capital management as well as effective selection and retention strategies.
The cost of losing an experienced, seasoned employee can be substantial. It’s a generally accepted figure in the HR industry that the cost to replace an exempt employee equals 150% of their annual salary. An average replacement cost for an employee earning $50,000 per year would be $75,000. With the national employee turnover rate at 14.4% annually, a company with 100 employees with average salaries of $50,000 would spend more than $1million on turnover costs, a substantial and often unnoticed hit on profitability from employee attrition.
Finding the right candidate for a position is a complex assignment. Not only does the candidate need the necessary skills, they need the proper disposition and expectations that will enable them to become part of the organization. Only then can they be expected to remain with the firm for the long-term. Identifying these traits is the key to successful hiring. Trellist Resource Management has helped many enterprises find the right candidates for some of their most difficult to fill marketing, design, and technology resource needs. By applying 15 years of industry experience, a rigorous screening process including industrial psychological testing (as appropriate), and a thorough understanding of our clients, Trellist will continue to recruit and retain the right people; one of whom may someday become their “king”.