How does 2016 look for you so far? If you’re like 62% of the businesses out there you have plans to hire at some point this year. Based on recent global studies LinkedIn’s reported that this hiring growth is expected to be an increase from 2015.
Growth in hiring is typically a good thing. Hiring itself is another matter altogether.
Successful hiring can make or break the performance of a company. Unsuccessful hiring on the other hand can create all sorts of fun challenges for folks like you and me. In fact, Harvard Business Review recently published information indicating that 80% of employee turnover is due to bad hiring decisions.
What does this mean? First, let’s look at the potential tangible repercussions.
According to Dice, one of the larger online job boards, a poor hiring decision for a candidate earning $100,000 per year could cost, on average, $250,000, and that expense comes right off the bottom line. That’s scary stuff! Basically, if the hiring decision you make to ends poorly you can expect that mistake to represent 2.5 x the cost of whatever the salary is of the person you are hired.
Now let’s look at the intangible costs.
Turnover has a nasty habit of sullying a company’s culture. It also can damper the spirits of those that stick around while creating a poor company image within the eyes of the local market.
Long and short, your ability to make the right hiring decisions this year will be crucial to the success of your business, your fellow employees, your newly hired employee and your own career.
Rather than fearing the hiring process and potential consequences, let’s look at hiring as an opportunity to WIN by making the ‘process of interviewing’ say UNCLE! Going into hiring with an open mind, a plan and clear direction will enable you to succeed more often than not.
These 15 tips can help you improve your chances of making better decisions for yourself and your company (for the full article and descriptions of each of these 15 tips click here):
1. Why Would Someone Pick You/ Your Company?
2. Character Over Competency
3. Behavioral Based Interviewing
4. Know What You Want Before You Interview
5. Consult Others
6. Make Sure You Know And Understand Your Vision
7. Best Foot Forward
8. Tell Them Your Leadership Philosophy
9. Interview Tests
10. The Reference Trick
11. Put Yourself In Their Shoes
12. Overqualified For The Job
13. Know Your Non-Negotiables
14. Challenge Your Own Mindset
15. Don’t Hire If It Isn’t What You Want
Do you have your own tips for making a successful hire? If so, feel free to share in the comments section of this article.
About the Author
Travis Smith is the founder and managing director of Square-1 Engineering, a medical device consulting firm, providing end to end engineering and compliance services. He successfully served the life sciences marketplace in SoCal for over 15 years and has been recognized as a ‘40 Under 40’ honoree by the Greater Irvine Chamber of Commerce as a top leader in Orange County, CA.