8 Ways to Hire the Best People
As any business grows, hiring becomes one of the main issues for an organization. As the functions go from a single founder running everything to where authority and responsibilities have to get delegated to human beings, it becomes a matter of urgency and importance to find the right people.
In fact, hiring the wrong people can be very costly. The latest research has shown it costs on average 20% of the employee's annual pay to replace them. Many industries a looking for talents right now, for example, the housing and real estate industry, the health industry, the legal industry, the dental industry, the elder care industry and more.
That means if you're paying someone $50,000 a year, it'll cost $10,000 if they leave. The costs factored in are recruiting, hiring, training, development and lost experience.
Here are some ways that you can hire the best people for your business from the beginning. This will minimize turn over costs and bring people on board who will become a valuable, contributing member on the team.
1. Screen Faster
The most difficult task when you post a job opening is sorting through all of the applications and resumes. There's no possible way you can interview them all. In many cases, it's impossible to even interview all of the candidates that look good on paper.
There are a lot of pre-assessment tools out there that can automate this tedious part of the hiring process. If you have a platform that can spit out all of the top candidates for you, it'll save you a lot of time and energy having to do it manually. In addition, doing this part of the process manually will inevitably cause you to miss some great potential candidates.
2. Get To Really Know The Candidates
A resume and application will only tell you what the candidates know about themselves. Further, it will only tell you what the candidates want you to know about themselves.
Having an assessment tool that will help you get to know your candidates before they even interview you is critical. These tools will help you understand their personality, how they'll fit with the rest of the team and your culture, and their potential for growth and advancement.
3. Standardize The Interview
You may have multiple hiring managers all doing their own interviews. Without a standardized interview process or guideline, each manager is free to ask what they wish.
Interviewing well is a skill set and there is the research behind what questions should be asked and how they should be administered. Most hiring managers neglect all the scientific research that has gone into conducting great interviews. Standardizing allows every interviewer to leverage this research without having to do the work themselves.
4. Customize Hiring Profiles
In addition to the conventional job description, why not also list out other criteria you're looking for in the new hire? You can customize a hiring profile that includes what personality types you're looking for in a particular role.
You can even customize the cognitive ability a hire should have for specific positions. Not all roles require the same profiles and customizing each one will make sure you get a good fit for each function.
5. Job to Hire Fit
Utilize tools that will enable you to consistently assess whether the candidate will be a good fit for a particular role. By doing an assessment on the candidate and having a customized hiring profile, you will have the data to see if they will be a good fit before they even step into the interview.
For example, you don't want a shy, super detail-oriented person doing sales for you. They may not be a great fit for sales, but they may be great for the back-office operations in your warehouse.
By making sure your new hire is a good fit for the role, you will set them and you up for success.
6. Cultural Fit
In addition to the job to hire fit, you also want to make sure they hire will fit in culturally. I'm not talking about diversity. We should all strive for diversity and inclusion in the workplace.
I'm talking about things like work culture and basic values. Do you run a fast-paced, intense, workaholic culture? Then you don't want someone who's laid back and wants to work 37.5 hours a week and no more.
Do you have a laid-back culture where you value relational connection and a healthy work-life balance? You may not want to hire a candidate from a Wall Street investment bank looking for his next mountain to conquer.
Even if that ex-investment banker produces a ton of results for you in the short term, it'll affect the culture in your company in the long term. And although he may start with a sprint, both he and you will get frustrated by the cultural mismatch.
7. Employee Referrals
Have you done a great job of hiring the best people so far? If you have, you can multiply that effect by getting referrals from your current employees.
Surveys consistently show that referrals from current employees make the best new hires. You still have to go through the assessments such as legal check etc.. But it'll be a lot more likely they'll be a good match for you if one of their close friends works for you already.
8. Take Care Of Your Current Employees
Taking care of the great employees you currently have is one of the best ways to get more of them. With the advent of the internet, it's fairly easy to see reviews on what it's like to work at various companies.
By providing a great work environment for your team, you will attract more A-level players to your organization.