Employers everywhere have experienced losses from hiring the wrong talent. According to a study by CareerBuilder, 69% of employers confessed that their companies were affected adversely by bad hires. 49% of them estimated the cost to be over $25,000 with 24% estimating it to be above $50,000. In light of these stats, a keen focus should be placed on the hiring process of talent. So how do you settle on the best hires?
One, before you can go out into the candidates’ pool, you need to have an understanding of the organization. You have to be aware of what you desire from the employees and what will determine whether a candidate is right for the company. This, however, means getting rid of the usual top-down control and command of the organization exercised by leaders. Instead, it involves empowering employees to acquire the skills that are crucial to their rise to the next stages of their careers. When employees grow, the organization grows too.
Two, when most employers are looking to attract the best talent, they do so by dangling higher wages. However, higher wages have proven not to be a solution. The right employees should not be driven to join your organization by money, but by the mission of your organization. Besides, with the right people, you will attract money, but money on its own will not attract the right talent. Money may be a commodity but talent isn’t.
Three, hiring the best talent nowadays calls for going beyond the traditional practices of hiring. Companies are now focusing on who the candidate is instead of the accomplishments of the candidate. In one case, once the professional qualifications of the candidate are established, other employees in the organization conduct their own interviews that aren’t based on the professional qualifications. The interviews are a reflection of the work environment. They aim at establishing how the candidate will respond to the emotional and mental challenges that they may face in the workplace.
If you want tested techniques, here are four steps that will ensure you have the right people for your organization:
Before setting interviews, define the goals, vision, and values of your organization.
Next, establish whether the candidates are growth-oriented, mission-driven and talented.
Interview the candidates based on their ability to face the challenges that are exclusive to your company.
Carefully decide on who best fits the company.
Hiring the best people will save your company a lot of money in the long run so settling on the best hiring practices is essential.