Recruitment and Hiring Practices are the Second Biggest Threat to Business!
In a survey of 850 executives that forms the research base for 40 STRATEGIES FOR WINNING IN BUSINESS by Bud Haney and Jim Sirbasku, two-thirds said that their organization’s inability to attract and keep the best people is the second biggest threat to their business. The biggest threat is competition.
Wait a minute! If your organization consistently had the ability to attract and keep the best people wouldn’t this give you a competitive edge and at the same time help you solve problem number one?
The only way to compete is with the best people. Here are some proven approaches for hiring and keeping the best:
- Build a recruitment strategy that operates all the time - not only when people leave. If you shop for talented people only when you see turnover, you will be presiding over a system where jobs either stay open too long or you hire in haste (and repent later). Remember this equation: Open positions = poor productivity in the workplace. Poor productivity = both customer and employee dissatisfaction. Jobs left open too long = a financial drain, not a savings. Jobs left open for extended periods also may create even more openings as your overworked better performers leave.
- Be a matchmaker. Make sure of the person-to-job match from the very start; do not hire someone who "sort of" works and hope for the best. Do not rely on your instincts. Do not hire someone because he or she is charming or just like you. Smart business leaders use assessments to guide them.
- Know your employees. Find out what their dreams are, and help them realize those dreams by developing their skills. Knowing what they want starts at recruitment and continues throughout an employee’s career.
- Cross-train. When superb workers know how to do many things, you can place your employees strategically. Challenging your best people in this way lets both people and organizations grow.
- Find creative ways to reward excellence. If the bonus pool is limited, you can make the award more meaningful by giving it to those whose performance is stellar. Spreading it out equally among all employees, even those that did not perform so well, diminishes the meaning. Your best people expect to be recognized. Also, be innovative beyond financial rewards. If you know what your employees value, figure out ways to see they get it. Some ideas: Extra time off, challenging training for new jobs, flexible hours.
Pareto's principle has been around for more than a century. In sales, urban legend applies the principle in many ways - 20% of your sales people will generate 80% of your sales. Or 20% of your account...
Reliance on resumes as the admission ticket actually forces bad choices about which candidates to admit into your pipeline and which to exclude.
Different approach to recruitment and hiring results in enormous productivity improvement, sales gains and triple-digit ROI.