Hiring the right fit employees can make or break your company. While you might want to duplicate yourself, think again. You might not be the best fit for the job at hand.
Before you hastily recruit someone on your team, first take a moment to determine just how much your hiring process costs you. Consider interviewing time, advertisement costs, and salary. It’s no wonder business owners want to be more diligent in evaluating their new hires. If that person turns out to be a mismatch for the position, you’ll eat through any return on investment through your costs in training and coaching them.
Take a moment right now to calculate the following costs:
1. Advertisements/Postings. Calculate the amount spent on an advertisement or posting.
2. Your Time. Calculate the amount of time you spend on those tasks you are currently doing that could be delegated. The more you procrastinate on hiring someone, the more this cost adds up.
3. Interviewing. Calculate the amount of time for just the three top candidates multiplied by your hourly rate. If your other team is involved in interviewing, calculate their time, too.
4. Onboarding. Calculate the amount of time spent training a new team member.
Once you add up all of costs, you can see how much you spend on the hiring process. My Profitability Lab Clients are always surprised at their findings. The costs to hire fell between $5,500 to $15,000. Those costs to hire can be a major hit to your bottom line. When you consider these costs, you want to make sure your selection process is well defined.
There are ways to improve the odds of a good fit for your new team member. It is possible to consistently hire the best person for the job, regardless if you’re hiring a new graduate, seasoned employee or an independent contractor.
Attracting and hiring the best fit is a matter of understanding the work requirements for the position.
Well, no. Hiring involves more than understanding the work requirements for the position. You can try different people in a particular job until you find one that is the perfect fit but that is a costly endeavor.
To have a distinct advantage in hiring the best fit, develop a hiring process that includes:
1. Identifying the key tasks performed by the position.
If there are multiple people involved in the hiring, it is helpful to define the key tasks so it’s clear on the skill set that would best fit the position.
2. Identifying 3-5 performance metrics.
One of the first things you will do is evaluate how that person is performing in the first 30 days. In order to provide relevant feedback, it’s necessary to know how the person will be evaluated when that time comes. Identify objective measurable items. Your new employee will want to know what’s expected of them, too!
3. Identifying How You Need the Position to Be Executed
The “right job” cannot be defined simply in terms of the education, training, knowledge or work experience required. For many jobs those are important considerations, but not the only ones.
What makes a particular position the “right fit” is when you match the individual’s innate wiring with the drivers which the job itself demands for effective performance.
For example, a sales manager who had the requisite experience, education and training was transferred from an existing business line where he cultivated long-term relationships with vendors to a new division where everything needed to be developed from the ground floor.
The nature of the job was to grow this brand new division from scratch. The sales manager was naturally wired to improve existing systems. Despite him trying really hard, he was heart attack waiting to happen.
In this example, he brought the right experience and knowledge to do the job, but something was missing.
The job required someone to react and quickly adjust to changing conditions and develop practical ideas. The job also required a decision-maker to quickly build an organization and apply pressure for results and in a more selling than telling way.
The sales manager executed the tasks methodically and depended on the structure, which didn’t yet exist. The way he innately wanted to execute the requirements of the job to get the results were completely opposite of what the job required.
Regardless of how much money he was paid or how great a job seemed relative to his experience, he wanted out! The business was suffering from missed deadlines, too.
For business owners, matching the environment of the position with the candidate’s natural wiring before making the offer can mean the difference between success or failure in the job. Natural wiring tells us the environment in which someone thrives.
Confirming how the position needs to be executed and matching the position with the candidate’s natural wiring (i.e., communication preferences, most productive work style, thinking processes, and how they are best engaged in decision making) enables employers to custom fit a candidate to a job that naturally motivates them to succeed.
Learn more about your and your team’s wiring by attending our Wired to Win Workshop on September 21-22, 2017 at Excellerate Associates in Canton, MI.