A single bad hire can cost between $60,000 and $120,000–that’s not exactly the way you want to spend precious dollars in a difficult market … l am sure some of you reading this have experience this pain.
Business owners are facing a down economy in which scores of job seekers clamber over each other in order to land scarce positions. The influx of new candidates into the marketplace makes it even more difficult for executives and hiring managers to find the perfect people for open, high-impact positions.
So how do you avoid the wrong hire?
Here are 4 strategies to review….
1. Don’t settle. Almost every tip I’ve provided works in both a good and lousy economy. But let’s be honest: When the good times roll, it’s easier to find someone and say “good enough.” But in a down economy, you should never do this. Take the time you need to find the right candidate, either active or passive, and make the right hire.
2. Look for repeated patterns of success. Don’t just look for tactical job responsibilities and skills–find the applicants who have repeatedly made a mark and exceeded expectations, time and time again. Drill down in the interview to ask those questions; find out how they measure their own success and whether their employment history tells a story of a superstar.
3. Define the requirements carefully. This sounds ridiculously easy, but it’s amazing how many business owners will embark on a search without determining exactly whom they want to hire. It’s important to detail the specific job requirements and desired personal characteristics, creating a “position bench-mark” that can be used in screenings and interviews to determine if a candidate can fulfill the requirements of the job. Needless to say, it’s also critical to determine if the candidate will be a cultural fit as well.
4. Find a recruiting platform that allows for pre-screening. When you do need to wade through resumes, use a recruiting system with pre-screening questions and candidate rating capabilities. This allows you to focus on the exact capabilities you need and only review the candidates who have passed the initial screening, saving yourself massive amounts of time. Behavioral Profiles work! We use the DISC method which provides us with the confidence to provide a full year guarantee on our candidates.
There’s no question this is a great time to hire people. But don’t make the mistake of thinking it’ll be easier. The exceptional hires are out there, but just as in the old days, you may need to do some detective work and actively seek out the people who will make your company great.