5 Tips to Hire High Performers
Poor performers come at a high price for all companies. Zappos CEO Tony Hsieh once estimated his own bad hires had cost the company, “well over $100 Million.” 27 percent of employers in the U.S. who reported a bad hire said that a single bad hire costs more than $50,000 (CareerBuilder survey of 6,000 hiring managers and HR professionals worldwide, 2013). While most companies are not at the size and scale of Zappos, hiring poor performers has a snowball effect in all companies. As if the financial implications of hiring the wrong person were not enough, the impact on morale, lost time, culture damage, and missed opportunity can far exceed financial losses.
Realizing the cost of poor performers is eye opening and important for leaders, managers, and all employees to understand. However, don’t invest too much time dwelling on your losses, stay forward thinking and try a different approach. Put some processes and programs in place to support employee’s stages of learning.
Try using these 5 tips to increase your odds of hiring, onboarding, and retaining high performing employees:
Create a Hiring Process to Find the Right People
Hiring new team members does not have to be like running with scissors. With some coordination and planning the candidate interview experience can improve, and the overall hiring and decision-making process can be streamlined. Rather than a random list of questions, create interview guides and categorize questions by competencies for various positions within your organization. This will speed up the interview preparation process and help your team find the right questions to ask candidates for different positions.
Onboard for 6 Months+ to Build New Employees Engagement
Many new hires aren’t fully invested when they start a new job. According to a survey by BambooHR, a human resources software company, 31 percent of new hires quit within the first six months of being on-boarded. With so many new hire’s deciding to stay long term or go within the first six months of employment, a six month or even longer onboarding process is key to develop buy-in, engagement, and retain new employees.
Establish a Mentor Program
According to the Association of Talent Development, 71 percent of Fortune 500 companies offer formal mentoring programs. Workplace mentoring programs utilize resources your company already has in place. They can make your company more appealing to recruits, engage new employees, increase employee satisfaction, and help retain top talent.
Provide and Communicate Clear Responsibilities
According to the article by Harvard Business Review, The biggest mistake you (probably) make with teams, “The leader’s role is to ensure that the roles and responsibilities of the team members are clearly defined for the specific project at hand (members’ roles may change from project to project to provide variety and broaden experience). Conversely, leaders should help team members understand the project’s importance and ultimate objective yet leave the exact approach to the discretion of the team.”
Invest in Tools and Training for Your People
Incorporating ongoing training programs that develop soft and technical skills benefit the individual, demonstrates your commitment their growth, and can improve the performance of the employee and company.
Learn about Cohesion’s IT Staffing Solutions, to see how we can help find you the right people for your business.