Consistently Hiring Top performers is the single greatest factor separating great companies from the rest!
Human Capital is your greatest corporate asset. Great managers recognize and respect this fact. Unfortunately many companies spend more time selecting the right copier than hiring the right employee. Most organizations have no process and virtually no training for managers in what is arguably the most important thing they do.
As a rule, managers do not focus on recruitment, candidate selection and interviewing. In reality the hiring “process” is often looked at as a distraction. Managers focus on urgent fire drills that inevitably pop up. In most instances these urgent fire drills relate directly to the quality of the individual whom they hired in the first place! The only way to really break out of this vicious circle is to invest the time in hiring great candidates from the outset. Exceptional managers have learned to avoid six key
- Hiring from a position of desperation
- Ill-defined selection criteria
- Superficial questioning techniques
- Too much reliance on the interview
- Bypassing the reference check
- Failure to validate using objective testing
Great leaders realize that there is no time in their business career when they have more to gain (or lose) than when they are selecting talent. Only when your hiring managers adopt this “Top-Grading” paradigm can you begin to reduce your turnover rates.
Over 40% of newly hired candidates leave within the 1st year of employment. While this is bad enough, what about those employees who stick around, consistently performing at 80% or less of their capacity? Frankly this impact is even more costly than those who leave. To demonstrate the cost of disengagement or under performance, consider your company’s revenue per Full Time Employee and calculate a modest 5 or 10 percent improvement in performance. Hopefully, this number causes you to redouble your commit to a rigorous, repeatable and extensive hiring process.
So, what is the number one reason hiring fails?
We fail to identify critical characteristics of top performers so, we are unable to pre-determine whether the candidate fits the key attributes which the job requires.
Assuming this makes sense, The question then becomes: “How do I know what the job truly needs?” Most businesses are quick to answer this question with, “we have a job description… somewhere,” or “Let’s take our top performers and try to clone them,” or “I know what it takes, I’ll just tell you…” This approach limits objectivity and promotes bias, leading to fatal flaws resulting in under performance, marginal engagement and years of lost opportunity.
If we do not know, in advance, the crucial elements of a job’s success, how do you expect to find them in a twenty-minute interview? The simple answer is… you can’t. There is no shortcut
Create standard, scale-able processes
Use effective interviewing questions
Establish rigorous criteria and standards to minimize “false positives
Profile a “good fit” to the job in advance
Utilize a valid, reliable and OBJECTIVE testing instrument