Best Practices on Hiring and Keeping the Right People For Your Company
An expanding enterprise becomes successful if its vision is shared among the employees. The company's vision only comes into fruition if acted upon by the right people, hence, hiring employees is one of the crucial part of starting a business. According to Forbes article by Alan Hall, he quoted David K. Williams commentary on a single bad hire costing around $25-50,000 which includes expenses on "finding, interviewing, engaging and training new employees," not to mention "salaries, benefits and taxes" aside.
In his article, "How to Find and Hire Great Employees," Hall summed up the process into 7 C's, namely--Competency, Capability, Compatibility, Commitment, Character, Culture and Compensation. This article poses questions and challenges leaders in their ability to find and keep the best employees for their companies. Below are additional tips for consideration.
1. Determine staff requirements before the need arises. List down the need for people in advance to ensure that enough time is allotted to searching for better candidates instead of hiring one within time restraints.
2. Expand options for searching candidates. The trend grows on hiring and outsourcing talent remotely because it widens company's access to variety of talent pool. Also, it is widely known that outsourcing cuts down cost without compromising quality.
3. Align company's goals and vision to finding the right people. Most businesses tend to focus on inherent and acquired technical skills of the candidate, neglecting the general characteristics that make an employee a significant contributing part of the team. Here are several key traits to look for,
- ability to adapt and work in a specific team structure - ability to effectively communicate within and outside the organization - ability to gather and translate information - technical skills as determined by the job reqiurement - has basic know-how in computer and software programs - ability to write and proofread reports - ability to identify and resolve problems - profound value towards work and being systematic, as well as organized - ability to analyze qualitative and quantitative data - ability to inspire and influence others
4. Formulate key questions to evaluate candidates. Delve into thought provoking inquiry by engaging in a conversation which will further open up potential employees to revealing their character and long-term goals. Below are 5 sample questions based on Visualistan's article on Human Resource Management Process.
a. What are your proudest accomplishments and biggest disappointments? Why?
b. What activities energize you and drain you?
c. How would you force rank the following rewards: financial gain, power and influence, lifestyle, autonomy, affiliation, intellectual challenge, competence, recognition, other?
d. If you died tomorrow,what would you want your legacy to be?
e. What is your five-year career goal? If you don't have one, what is your "best guess"?
5. Motivate and reward your people. The market value of your skilled employees comes with a costly reward. Over the years, companies have been investing on giving out retention bonuses in an effort to keep their in-demand performing staff. The motivation though does not stop on the fat numbers alone. It is human nature to constantly seek for opportunities and new challenges. Other reasonable factors that commonly strengthens the retention percentage of employees include, type of projects to work on, people and culture in a working environment (which involves the team and other departments they will directly engage with), leadership style of immediate manager,and the nature of company as a whole.
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Sources: http://i.imgur.com/C2ESiNU.jpg https://www.forbes.com/sites/alanhall/2012/06/19/the-7-cs-how-to-find-and-hire-great-employe es/2/#2e6ba5b4916f
