Spending thorough time and effort when making a hire may seem like a headache when a business is in dire need of talent, and fast. However, Brandon Hall Group’s 2015 Talent Acquisition Study found that a majority of organizations of all sizes make bad hires every year, and analyzed the significantly larger financial burden that ensues from doing so, proving that doing the footwork is all the more worth it. So how can companies be smarter about their hiring decisions?
The key criteria for quality of hire is new hire productivity, hiring manager satisfaction, and organizational fit. Recruiters must properly assess candidates from the sourcing phase through the entire interview phase in order to be able to properly ascertain if the candidate is the right fit.
There are several things that companies themselves or outside recruiters can do in the talent acquisition process to make the right hire:
– Focus on employer branding in order to convey company culture
– Utilize behavioral and peer-to-peer interviews
– Focus on the candidate experience to ensure he or she will perform, stay motivated, and want to stay with the organization
– Provide recruiters and hiring managers with the tools to ask the right questions to evaluate candidates
– Look past hard skills
– Assess candidates often
The solution to reducing bad hires is multi-faceted and requires a significant amount of effort in the short-run, but is an investment with a much higher return for the company’s long-term success.
Source: Brandon Hall Group Talent Acquisition Study 2015, http://b2b-assets.glassdoor.com/the-true-cost-of-a-bad-hire.pdf