Your organization is only going to grow to the level of its leaders and it’s people who will become leaders. So many organizations are capped in growth because of the level of people they hire. They believe they are getting by with cheap labor, when it is actually costing them far more than they realize! Sometimes this cost can be as high as three times the individual’s annual salary and any benefits. Research also tells us that less than 25% of hires turn out to be superior performers. So, if less than one-fourth of your hires are going to work out long-term, there must be a way to swing the odds more in our favor.
A large segment of the consulting services we offer our clients are in the area of executive and employee screening. Since we are early in the year and you will make a few hires into your company this year, I thought I would share with you some of the best practices we put in place with our clients to help them gain an advantage when making the decision to replace someone or to add to their growing staff. An additional complexity to this challenge is that a great fit for one company may not be a great fit for another, so then what makes a quality hiring outcome? Here are some ideas:
1. Identify the stakeholders
These are individuals who have a direct interest in the position; understand the position intimately who manage or directly report to the position; or have done or currently are performing well in the position. Where in the structure does this position fit and how does it tie into the organization’s strategy? This is the all-important identification of the seat on the bus.
2. Develop clarity for the position with key accountabilities
These should focus on the five or six main results for which the position is responsible. This is the big picture vision for what this seat on the bus is going to produce for outcomes.
3. Develop a job description
This is also a big picture exercise, but needs as much detail as possible. When candidates and employees understand what is and what is not required of their position, companies will receive a much higher level of performance just from the clarity of this expected communication. The job description should include the desired experience level, skill sets and previous education and training required. Also, if there is any additional education or training that needs to be executed once the person is onboard.
4. Develop the key performance indicators
These are the performance metrics for the position and should match the key accountabilities and desired goal setting framework for this job. Everyone needs a scoreboard to measure his or her performance.
5. Develop a data benchmark for the position
The benchmark is assembled from data we collect from the stakeholders in the position. In this data, we identify the desire communication styles, behavioral characteristics, motivational rewards, personal skills and acumen metrics to achieve superior performance in this spot on the team. This is the data blueprint any considered candidate must match closely to be in the running for the slot.
6. Narrow your candidates to your top three
In your interviewing process, we recommend you narrow your candidates down to three prior to assessing them. This is also a good time too review your hiring and interviewing process. We recommend at least three interviews for top candidates. Almost anyone can interview well once.
7. Get data on all candidates to compare with the benchmark
When we have out top three for consideration, we then go to the assessment process. We have a proprietary talent algorithm we use as part of our process; there are many types of assessments out there, depending on what you are attempting to measure in your process. Once, we have the assessment data, we compare it to our benchmark that was created earlier to see which candidate matches the desired position the best.
8. Review the data and make your choice
After completing this several step process and we’ve reviewed the qualitative data from the interviews and the quantitative data from the benchmark match, it’s time to make the big call on who gets the job in the company.
People are a company’s greatest asset. Without great employees, you will not grow the organization to it’s full potential. Don’t allow this very important aspect of growing the business to become a last minute exercise where decisions are made just to get someone in the door versus taking the time to create an intentional and scientific approach to getting the right people on the bus and in the right seat.
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