Every organization wants to hire the best employees that work collectively to achieve organizational goals. Finding and hiring the right talent – who correlates with your company’s vision and becomes a loyal employee – is key to a successful business. However, hiring is a back-breaking task that can leverage hefty costs if done wrong. For instance, a report from the U.S. Department of Labor suggests that the average cost of bad hiring could reach up to 30% of the employee’s first-year earnings. Another report claims that bad hires can cost $240,000 in expenses – broken down into costs related to hiring, pay, and retention.
The cost of a bad hire gets worse as it tends to hinder the overall productivity levels of the workforce. A report by Robert Half International claims that 34% of CFO’s agree that bad hires cost them productivity as managers spend 17% of their time supervising poorly performing employees.
These statistics point to one critical factor – HIRE THE RIGHT EMPLOYEES! The right employees are critical to your company’s growth and impart benefits that go beyond cost savings.
But how do you find the right employees for your company? Let us discuss this in detail.
How to hire the right employees?
Hiring the right employees requires you to put in considerable time and effort. While experienced recruiters can tell instinctively if the candidate is a right fit, one should not solely rely on their gut feeling. They should follow a well-structured process to evaluate the candidate for the vacant position.
Here are some important things to consider when hiring an employee:
- Assess your culture
First and foremost, before you even start looking for candidates, assess your company’s culture and needs. One must have full clarity and understanding of a company’s vision, mission, and values as it helps in evaluating if the individual can fit in. For instance, if your company acknowledges DE&I (Diversity, Equity, and Inclusion) as a value, you should start looking at candidates from diverse backgrounds.
- Create detailed job descriptions and conduct structured interviews
Be wary of the job requirements and have a holistic idea about the responsibilities that new hires would be fulfilling. Attributes like – role responsibilities, experience required, skills levels, and others should be mentioned clearly in a detailed job description. Moreover, conduct well-structured and unbiased interviews backed by behavior-based interviewing techniques. It will help you compare the candidates and get to know their mindsets.
- Maximize the reach of the job posting
Amidst a talent shortage, everyone is competing for top talent. Thus, it is important you increase the reach of the job posting to avoid missing connection with potential matches. For instance, social media platforms like LinkedIn are wonderful places to broaden your search. According to a report, about 40 million people conduct job searches every week and approximately 3 people get hired every minute on LinkedIn.
- Notice red flags
Interviews are a two-way process that can help you understand the candidate’s work style, attitude, and personality. Some candidates may exhibit adverse signs during the hiring process which can help you evaluate their ill-suitability. Some red flags to watch out for are –
- The candidate is making excuses about previous experiences or their availability.
- The candidate is delaying communications with you.
- The candidate is more focused on benefits and compensations, rather than on the nature of work and growth.
- The candidate has a laid-back attitude about the process and fails to meet the deadlines of the assignment.
- The candidate did not do research about the job or company.
- The candidate has provided dodgy and unresponsive references.
Many times, employers consider long employment gaps as a red flag. However, it is a tricky situation as some candidates may have genuine reasons like family commitments and long-term injury or illness that forced them to take a break. Thus, it is best to have a clear conversation about the issue.
- Look for motivated candidates and strong work ethic
Money should not be the primary motivation. Look for candidates whose inspiration is not limited to receiving the paycheck and has an inherent motivation to perform beyond their job description. Moreover, hire honest people who stand by integrity and a strong work ethic.
- Look beyond their resume
Judging the book by its cover is not the best idea and the same is the case with hiring. One should look beyond the resume of the candidates when making a decision. For example, try to learn more about their goals, interests, ambitions, and priorities in life. For instance, a candidate looking for new challenges is likely to effectively manage dynamic working conditions.
- Select people who take responsibility
People who take responsibility for their work are often the ones who propel your company’s growth initiatives in the right direction. They are accountable and make the team stronger. They push themselves and encourage the team to work at peak performance to deliver high-quality products and services to customers.
- Hire one who advocates for the business
Employees are like the goodwill brand ambassadors of your company. The right hires are passionate about their work and share the same (passion) with other team members. They advocate for your business in the market, drive awareness, and lead purchases and key partnerships.
- Take opinions about the candidate
Different opinions provide different perspectives. A candidate does not work with a single person. Thus, it is always best to include multiple people (who will work alongside him/her) in the interview process and ask for their opinions about the candidate.
The importance of hiring the right employees
Hiring the right employees is the key to maintaining, sustaining, and preserving workplace culture. Moreover, they assist in building progressive relationships with your customers and boost your company’s reputation in the market. Some of the benefits of hiring the right employees include:
- Saves time
The right employees are hard to find, especially when the business world is dealing with a massive talent shortage. However, being patient and hiring the right person saves you and your organization a lot of time. A bad hire may leave your organization in no time which will force your HR team to again spend days searching for a replacement. Moreover, potential bad hires often exhibit an unresponsive attitude. They require frequent follow-ups and retraining becomes very time-consuming.
- Business growth and reduced turnover rate
The right employees grow with you and take responsibility for their work. They contribute to the overall success of your organization and may emerge as the leaders of tomorrow. Moreover, they are less likely to possess job-hopping traits which reduce your company turnover rate. A company with a low turnover is likely to experience less disruptions.
- Team building
New hires take their time adjusting to the new environments and may temporarily disrupt the workflow. However, once they feel adjusted, the right hires contribute to the team to their full capacity. They foster team building and do not exist in a vacuum. They add new skills and experiences to the team, induce inspiration, and encourage all the team members to keep a high morale.
- Maximizes productivity
The right hires increase your company’s overall productivity in many ways. First, they save you time in the hiring process which can further be devoted to other important tasks and growth of the core business. Moreover, they work to fill the gaps with their experience and knowledge. Good hires are responsive and intend to make a difference quickly.
- Reduced costs
Though we have already stressed this benefit, its importance to the business makes it worth mentioning again. The right employees save your company from high turnover costs, which can make up almost 25% of the salary of the role you are filling in.
How Pyramid Consulting can help?
Pyramid Consulting is an award-winning global staffing company and your go-to workforce transformation partner. We are committed to the satisfaction of our clients & our customers and unleash the power of people, businesses, and brands to move society forward.
We provide staffing services like contract hire, contract-to-hire, direct hire, managed teams, and employer of record in multiple industries including banking and finance, telecommunications, healthcare and life sciences, retail, and insurance.
We help you build a productive and growth-oriented workspace that complements everyone’s work ethics and culture. We work with procurement, human resources, business users & diversity teams to meet client needs and help you build a workforce for tomorrow!