Hiring Right – Right Now
Hiring the right employees for your company can be crucial to the survival of your business and long-term success. And, in these economic times, companies can’t afford to make costly hiring errors. Charles Schwab, founder of a successful brokerage firm, once said “all successful employers are stalking men and women who will do the unusual, who attract attention by performing more than is expected of them.”
To really see why it’s important to make sure you’re hiring the right employee for your organization, you need to know what hiring the wrong person can do to your company. According to a study conducted by The Recruiting Roundtable, a division of the Corporate Executive Board, 50 percent of organizations and new hires regret their decisions to hire or accept, which cost employers millions of dollars each year in lower productivity and performance and higher employee turnover.
A Harvard University study reported that average corporate turnover is more than 15 percent, and 80 percent of turnover is due to hiring mistakes. Experts say that it cost 20 percent of an employee’s annual salary to replace an entry-level worker and fives times the annual salary to replace executives.
So, to hire the right employee for your company, there are several things you should do before you offer a candidate the job.
Determine your needs. Before you start the interviewing process, you must first decide what it is you need in a candidate. Write out a job description detailing the exact requirements and qualifications you’re looking for in an employee. Make sure to list the qualifications in order of importance to help you prioritize the qualities you’re looking for. Job descriptions need to be comprehensive and concise to help you stay focused and on task. You can use this job description as a checklist for qualifications each applicant meets. Make sure the candidates you consider have all the qualities at the top of your list.
Advertise the job. Once you have completed your job description, advertise the announcement using various outlets such as your company’s internal Web site, print media, local staffing agencies, online job boards, professional clubs and social networking sites such as LinkedIn. Another great way to advertise your job announcement is through word of mouth.
Screen the applicants. Once you’ve advertised your job announcement in several different mediums, you may receive a number of résumés to sort through. It’s OK to have a bigger résumé pool to sift through. It may require more time, but it may also include a greater number of qualified applicants. So, screen each résumé based on the qualifications and requirements you determined in your job description. Narrow the pool down to your top 10 candidates so you can set up initial interviews.
Schedule the interview. Once you have the top candidates who meet your specifications, the next step is interviewing to find the one who will complement your team. Depending on how many applicants you actually have in your top list, you might want to consider scheduling a phone interview first to weed out the less qualified prospects. This accomplishes two goals: saving time and reducing costs. You can usually get a good impression of the applicant by the way they handle themselves during a phone interview. Once you have narrowed down your list to the top candidates you want to see, schedule face-to-face interviews.
Ask open-ended questions. When you conduct an interview, make sure to ask questions that force applicants to provide more than just a “yes” or “no” answer. But, don’t do all the talking. Allow potential employees to discuss and explain previous work experiences and accomplishments. Experts say allowing job candidates to speak freely more than triples your chance of hiring the right employee for the job. Not sure what questions to ask? Use questions that start like this: “Explain a situation…” “Tell me a time…”
Asking open-ended questions will help you prompt the interviewee to speak freely and openly.
Follow up. After you’ve found the top candidates who you can see yourself offering the job to, check references. This may be the most important step in the hiring process. When employers make the mistake of hiring employees without checking out their résumés factuality, it can be costly. If the applicant lied on their résumé and aren’t qualified for the position, productivity can go down. Also, checking references may do more than verify facts – it can provide insight into prior performance as well. Many employers will not speak negatively about a past employee, but, employers usually have no problem extending their recommendation for a high performer.
In today’s economy, it’s more important than ever to make sure you’re hiring the right person for the job, and hiring right the first time can be beneficial to your organization. So, follow these steps when looking to fill an open position in your company. It can mean the difference between short-term and long-term success.
Tweet
Leave a Reply