The answer is they have put in place policies and procedures that allow them to attract, hire, and retain highly productive employees who then help their organizations increase revenues and decrease expenses. But can an organization attract and retain highly productive employees when . . . Unemployment rates are at historically low levels. It is difficult to attract enough applicants much less attract enough qualified applicants. Stiff competition forces low wages and minimal benefits.
Employee turnover is high.
Finding and retaining plenty of productive people does produce profits. Retention and productivity rates increase when job expectations through effective job descriptions are clear. Prospective employees can then have confidence they can do the job and this helps the employer have confidence the employee will be productive. Employee turnover is extremely costly. Skills simply mean the applicant can do the job.