I just love it when a plan comes together, as I’m sure you do too. But how often do your hiring plans fall into place? How often do you look at an employee and say to yourself, “That was a great recruitment and selection decision”?
The answer is probably “Not as often as I would like!” If you recognise this, read on. You are not alone, this may be a well-spent one to two minutes of your day.
There is an old saying, “fail to plan, plan to fail”. We see this very often in our work. But we also see many cases of organisations that use well sculpted and beautifully worded plans. These look great on paper, unfortunately, it’s the wrong plan.
It is one thing to fail to plan. But it hurts a lot more if you use the wrong plan. You will end up looking in the wrong place for the source of your people and performance problems.
Hiring Success – It all begins here.
Most hiring managers will, under pressure, admit to a hiring success rate of about 50%. In other words, a failure rate in much the same range. This 50% failure rate is having a huge negative impact on your business. Even a slight shift in your hiring success rate can have a major impact on your profitability.
The scary thing is that while most organisations experience this 50% figure, very few recognise it or are doing anything about it. Most organisations simply lower their expectations and standards so that the 50% failure looks more like 80 or 90% success. These organisations then struggle with their Performance Management Processes in an effort to make things better. A sows ear and silk purse sort of thing.
The really good thing about this 50% figure is that when you change it within your own organisation, it will give you a massive competitive edge in your market.
Hiring failures are a constant drain on resources.
Hiring failure is like a leaking ship. If you don’t keep bailing, you will sink. On the other hand, you could always try to repair the leak and save a lot of wasted effort, while your competitors keep bailing.
Why do businesses continue to ignore the leak? Largely it’s because people are used to the leak. They consider being ankle-deep, knee-deep or neck-deep in it as part of the job description. Sometimes managers don’t know that a leak exists. They just know that there is always a lot of unwanted water in the hold. They don’t know why the water is there and they don’t know how to get rid of it.
Over the coming weeks, we will tell you how to prove the true cost of your hiring mistakes. We’ll explore the most common recruitment errors. We’ll look at some of the nice things you can expect to see happening in your business when you begin to get things right more often than wrong.
Later we will look at how the successful businesses, both large and small are using new and not so new tools, technologies and techniques to significantly boost their hiring success rates. Finally, we’ll be giving you some pointers about how you can begin to fix that leak on your own.
If you recognise that 50% rate within your own business and would prefer to act sooner than later, give us a call. We have done nothing else but help companies to cut their staff turnover rates and boost performance through more effective hiring strategies for just about 30 years. It’s what we do.