Your people are your most important assetThe success of any business depends on its people, so really get to know the people in your organization. The better you know your company’s products or services, processes, and employees—the better you can predict how a prospective candidate might fit. Employees are a company’s greatest asset, therefore hiring the right people is critical to helping your organization achieve its mission.
The stakes are high because the cost of recruiting, onboarding, and training the wrong person, followed by termination and another round of recruiting, can cost a company as much as three times the first year’s salary for the position in question.
But it’s about more than saving money on human resources.
The wrong hire can disrupt productivity, sour the attitude of your teams, or even cause turnover of other valuable top performers. So, what's the best way to minimize the odds of making a bad hiring decision?
Your solid plan for success
Your ability to attract and keep the best people will determine your company’s future success. But hiring talent is not all about who offers the highest salary. It’s about offering each employee the training, environment, and experience that ensures they are happy, engaged, and motivated.
If that sounds straightforward, it’s not. A 2016 study by the Hay Group revealed employee engagement levels around the world.
While 72 percent of US workers were engaged, figures for the UK (65 percent), France (61 percent), and South Africa (68 percent) were less optimistic. And different surveys use different measures.
US research company Gallup keeps a daily track of employee engagement and according to a 2016 report, just one-third of US workers are engaged at work—a figure that has barely changed in more than a decade. The over-riding message is that companies need to understand how their best people work (and grow).
A smooth hiring process
Working with hiring managers, plan a smooth recruitment process—for internal employees and applicants. You should also ensure a full and thorough onboarding process and provide regular feedback. Monitoring the progress of your hires and providing support where it's needed will help employee retention.
The good news is with the right HR software, you can equip your business with everything you need for a happier, more productive workforce.