Of all the decisions a company makes, the choice of who to hire leads the list in importance. Capital equipment, hardware and software, your physical plant and infrastructure…all these investments are worthless without the right people to make them work.
Recent research from the Society for Human Resource Management (SHRM) places the cost of a bad hire at up to five times an employee’s annual salary. In addition to the financial repercussions, the wrong hire has a negative impact on morale, productivity, and possibly even customer satisfaction or your company’s reputation. So, be sure you have a strategy in place to minimize hiring mistakes and get it right the first time.
Build a Talent Pool
Often, hiring mistakes are the result of managers being pressured to fill jobs in a hurry. To eliminate this scenario, it’s critical to maintain a robust talent pool. This means keeping your finger on the pulse of available candidates in the marketplace.
- Use your network. Start with your own high-performing employees and encourage them to refer qualified candidates to you. Cast your net wider by attending conferences, career fairs and networking events. Recruit on college campuses and through trade schools. In addition to referring people, your current team members can be your ambassadors; for instance, send them to their alma maters, where they’ll likely enjoy and be successful at recruitment initiatives.
- Sell your company. Be a good corporate neighbor through community involvement and support. Work with your communications department to generate the best possible internal and external publicity. Take the lead in getting your organization onto “best places to work” lists.
Hire for Passion and Fit
When filling a specific position, balance the need to hire quickly with the need to hire effectively. Keep the process efficient and on track, but don’t settle for less than the best in skill set, as well as cultural fit and genuine passion on the part of the individual seeking the job.
- Hire people who feel strongly about their career paths. You can sense passion as soon as a person enters a room. They exude genuine enthusiasm, share ideas, and speak honestly about their experience and credentials. Their face lights up when they talk about the future.
- Can you picture this person working for your company? Target individuals who will fit into the day-to-day atmosphere and overall culture of your organization. For example, if yours is a company where the typical employee works independently or wears multiple hats, a candidate used to having a support team may not be your best choice.
Of course, you also need to thoroughly vet resumes, check backgrounds and references, hold interviews, and be prepared to offer candidates the right wage and benefit package, and work environment. But these strategic steps should be part of your ongoing hiring model, to ensure the best possible success rate when it comes to the nuts and bolts of recruitment.
It sounds like a lot of work – and it is. But it’s well worth it as you reap the rewards of a superstar hire. Working with a professional staffing firm can provide you with additional tips and guidance, as well as alleviate many hiring-related tasks. To learn more about this option, read our related posts or contact Select Group, Inc., today.