“We lost a project worth a million dollars just because we did not have the right team in place,” rued the CEO of a 280-employee IT services company.” I had just then finished debriefing him and his team on the existing maturity of their people practices. One specific highlight was on their “offer-to-joined” ratio. We were analyzing the reasons as to why so many offers were rolled out but only a few accepted and to aggravate matters, even a smaller percentage of them actually joined!
Three key findings stood-out post this analysis.
The prospective employees wanted –
We then proceeded to evaluate the total time & effort put in by various teams right from Recruitment, Team Leads, Project Managers, the Human Resources Manager to Vice Presidents and in some cases the CEO as well. The time cost per annum towards recruitment alone amounted to about 10% of the total revenues of the company at that point in time. This lost productivity simply meant money down the drain because the positions were still open. It proved a double whammy – lost productivity & their inability to capitalize on new business opportunities. My simple question to the CEO & his team – Could not we use these insights to be proactive and create solutions for the above challenges?
Solutions like –
Fortunately, the team promised to work in this direction.
Let’s consider a few questions –
If you do not have answers to the above questions, it could prove to be a triple whammy rather than just a double whammy. It means you will not just lose productivity and business but also risk losing the team that you currently have.
Don’t believe me?
Well… Here’s the threat faced by a CEO of another client from his HR Manager “I will put down my papers rather than promise to get you a project manager in flat two weeks!” To capitalize on a new business opportunity, this CEO wanted to ensure that a new project manager joins them within two weeks. What I responded to him is a subject matter for another post; however, I would be curious to know what your response would be. Do share your views and perspectives.
Look forward to hearing from you.
Ronald Raj
CEO Coach & Business Growth Expert
P.S: Free Download: Want to unlock 10X Growth for your Business?
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