The future of your business is dependent upon your ability to hire top talent. Every new employee will either contribute positively to customer satisfaction, growth and profitability, or, on the other hand, have a negative impact on the business.
Missed our video on the subject? Watch it here.
In hiring, we have to fight the tendency to judge people according to whether we simply like them or not, as opposed to making sure that the candidates we’re interviewing are being graded on job-relevant characteristics. By adopting a structured and comprehensive hiring process, you’re taking the first step in positioning your business for success by attracting the right talent. This type of talent will help build company culture; drive sales, production, customer support; and ultimately position you as a leader in the industry.
Failing to instill the right hiring process will do the exact opposite, resulting in underperforming employees and wasted resources, e.g., time and money. A well-defined hiring process will streamline how you find and qualify candidates and reduce your hiring costs
Predictors of an Informed, Objective Hiring Decision
According to recent studies, there are a number of factors that contribute to making an informed hiring decision. They include whether the candidate has:
- A formal education 1%
- Positive reference checks 7%
- Emotional intelligence (self-awareness and control) 10%
- Intelligence (ability to learn) 12%
- Taken a behavioral assessment 23%
- Adhered to a structured interview 34%
Each of the above elements that you incorporate into your hiring process will help you make more effective hiring decisions. However, it is also important to remember that we are dealing with human beings. To quote Forest Gump, “Mama always said, you never know what you’re gonna get.” Therefore, we need to do everything possible to make an informed hiring decision.
Think of it this way: every hire is a risk. Our job is to do everything possible to decrease the risk and increase our probability of success.
3 Tips to Hire the Right People for the Role and Your Company
Identify and implement a structured hiring process.
The structured process must incorporate a step-by-step process, including how you identify (source) candidates, pre-screen them with the utilization of knowledge, skills and behavioral assessments, an objective interview format and analytical (data) hiring decision.
Train all managers and ensure they are in alignment with the process.
When even one of your managers is not in alignment and doing their own thing, it undermines the entire purpose and effectiveness of the process and therefore minimizes your chances of success.
Ensure all candidates go through the process.
Too many times, I see companies skip steps in the hiring process. Sometimes it’s because the hiring manager knows the person personally or they came highly recommended. Sometimes it’s because they don’t believe the role requires the process or because they are intimidated by the candidate and do not believe they’ll be willing to go through the full process.
I don’t care if the candidate is your own mother: everyone must go through the process to minimize the risk of failure and increase the probability of success. On multiple occasions, I’ve realized that if a candidate is not willing to go through the process, then they will also likely be unwilling to go above and beyond with anything else the job requires.
Learn more about how the XP3 Talent System can help you increase your ability to hire top talent here.