Last week we introduced the Omnia Group <Click Here to Catch Up!>, a Tampa-based behavioral assessment and employment consulting firm. This week, we’re talking a little bit more about the importance of avoiding bad hires, and how your organization can succeed at best hiring practices!
The Cost of a Bad Hire…
Despite high unemployment rates, you may still find yourself challenged with acquiring qualified talent… especially qualified talent with the right personality fit for your team!
A recent survey by Career Builder revealed that more than half of companies in the top ten world economies have been affected by a bad hire. More disappointing news: The result of a bad hire isn’t just the headache it causes for the hiring manager; it’s a mistake that can affect the entire organization and can be quite costly. In the US, 27% of employers that took the Career Builder survey reported that the cost of a bad hire exceeded $50,000.
How does it add up that quickly? Bad hires result in fewer sales, less productivity, strained client relationships, recruitment dollars lost, training dollars lost, the cost to re-list the position and re-hire the right candidate, and more! Ouch!
Avoiding Bad Hires with HR Shield & The Omnia Group…
With HR Shield we make the employee hiring process work for you with quick access to the top 10 job interview questions, employee compensation tips, and more.
Hiring employees involves a long list of important details that, if not handled properly, can lead to poor performance and leave you at risk for major fines and potential lawsuits. Asking the right job interview questions to efficiently screen your pool of candidates and find the perfect fit is definitely a step worth taking.
Introducing new hires into your organization in a way that forms a solid foundation for a successful, and profitable, working relationship isn’t a bad idea either! Studies show that formal onboarding systems lead to employees who are more satisfied with their job, perform better and stay longer. You can count on HR Shield’s comprehensive online library and expert team of advisors to make sure you have all the help you need throughout the entire employee hiring process. From orientation and training to new-hire forms and employee compensation tips, we’re here to help!
But, what if we told you that there was an assessment tool available to utilize throughout the hiring process that was extremely accurate (93% accurate to be precise) and has a track record of cutting turnover rates in half!? That is where the Omnia Group comes in! The Omnia Group’s Omnia Profile provides employers with a resourceful tool for cutting through resume catch phrases and instead providing you with an unobstructed view of a candidate’s workplace tendencies.
The Omnia Profile takes just 15 minutes for the candidate to complete and then gives you the insight to make a more informed hiring decision. The Omnia Report includes an easy-to-read graph and a full analysis of your candidate’s personality characteristics, indicating level of assertiveness, communication style, attention to detail, and pace. As an added bonus, there’s also an outline of strengths and weaknesses, follow-up interview questions with cues to listen for in responses, and, an interview scorecard.
Finally, to be certain you are making the best addition to your team, Omnia can even provide a cultural compatibility rating, based on your specific job offerings and management techniques. Finding someone who fits the “corporate culture” has long been viewed as a key to success for executives, although the concept has remained somewhat undefined – until now! Through compatibility testing, Omnia ensures that the employee is not only a great employee, but is one that will fit well into your organization and its culture.
Looking to hire someone THIS WEEK!? No problem! Have your candidate take the test now and the results report will be ready in just 3 hours! Best of all, is Omnia’s confidence in this great hiring tool. If your new hire does not work out within the first 6 months, they will provide you with a FREE PROFILE REPORT!
Today, there are close to 38,000 defined benefit plans in the United States. While this may seem like a lot, in 1985 there were nearly 114,000! Over the years, many employers have decided to replace traditional plans with alternatives such as the cash balance plan.
What is a Cash Balance Plan? A cash balance plan offers employees of very profitable businesses the opportunity to increase their retirement savings through large pre-tax contributions. Different from a traditional benefit plan, the cash balance plan provides each participating employee with a theoretical account balance. Employees receive statements, and upon retiring the plan pays out a pension-style income, or a lump sum. Per Internal Revenue Code Section 412, an employer must make annual contributions to a cash balance plan, and these are typically a percentage of the employee’s salary. However, since cash balance plans are flexible, the employer also has the opportunity to contribute more when business is up and there is more revenue circulating.
- A cash balance plan can gives employers the opportunity to keep any excess profits earned above the annual interest credit owed to employees.
- The company will have a consistent payment flow to its retired employees.
- Cash balance plans can be used as recruitment and retention tools, as they are a nice added benefit of working with the company.
- Cash balance plans often cost less than traditional defined benefit plans.
- Greater funding flexibility than defined/traditional contribution plans.
- The employer must be prepared to make all annual contributions.
- Defined by IRS terms as “individually designed,” cash balance plans need to be submitted for IRS approval every 5 years.
- Cash balance plans typically require annual non-discrimination testing and employers must fulfill other various annual plan reporting requirements as well.
- Greater administration costs than traditional defined benefit plans.
Still, cash balance plans have grown increasingly popular and in working with an HR Advisor such as HR Shield, many of the presumed “disadvantages” can be eradicated. HR Shield offers immediate access to an HR professional, and employee benefit plan support. With employee management and administration support starting at just $49 per month, a cash balance plan may be more convincing than you think.
Call us at (877) 636-9525 or fill out this brief form and we’ll be in touch within 48 hours. We look forward to serving you!