We have all hired the wrong person before. Rather it was because we needed a warm body in the seat or we chose the candidate based on emotion instead of their skills and experience. According to a new CareerBuilder survey, each bad hire cost a company almost $15,000.00. Learn how to choose the right candidate the first time.
Let’s look at the process we created when I was in the wireless industry. I came to my leadership team and told them we have to do something right away to reduce our turnover rate. At the time it was at 90% the previous year. Yes, we were in retail but this turnover issue was costing our company many dollars in training, operations and revenue loss from our business. My HR director set out a plan to create a process that would help our Store leaders learn how to hire the right candidate versus just someone to fill the spot on the team. The process I am going to share with you is a process we implemented and we keep updating to improve a process we call it: Success in Hiring.
You start by using our downloaded resource: The Hiring Filter , which is a form that allows you to evaluate each candidate based on five core competencies you selected for that position. Then, after all interviews are completed, you can compare the candidates equally based on their interviews..
When using this form, you will list the five core competencies you selected from the list of 60 core competencies from our form.
Then begin by thinking back to your best and worst team members. (If this is a new position, leave this section blank.) You will then compare and rate each of those team members using your selected five core competencies. Next, total each team members’ score. To finish you will add the two team members’ scores and divide by two. This number will indicate your minimum acceptable score.
As you interview each candidate, write down his/her name and use the scoring scale with 5 as the best possible and -1 as the worst. Candidates that score a 5 are those who will increase your confidence and excitement and have an exponential impact on the growth of your business. Those that score a -1 actually will have a negative impact on your business. They detract from your current level of capability taking you off track and depleting everyone’s confidence.
After completing the first round of face-to-face interviews, you are ready to review The Hiring Filter™. Which candidate(s) scored above the minimal acceptable score? Now decide who your ideal candidate is, or move to the next round of interviews. If you decide to do additional interviews, repeat the steps above evaluating your candidates using the five core competencies but always start the candidates back at zero for each round of interviews.
Don’t forget to do a Reference Check.
Just as an interview you need to prepare questions in advance and remain professional throughout the process. Before you begin asking questions, share the necessary qualifications for the position you are filling so the reference understands what you need. Important questions to ask are the following:
Is the individual rehirable?
Was the individual punctual and dependable?
In your opinion, does the candidate possess the skills to fill the position?
Does he/she work better in groups or alone?
How well does the individual communicate?
Create an offer letter that helps with retention of your perfect candidate.
Remember to stay in contact with your final candidate(s) because testing, background checks, and/or references can take time. You do not want to lose the right candidate for your organization by not communicating the hiring timeline.
When making an offer, make it a Win-Win
An offer establishes how much the organization values the individual. Make a fair offer. It has to be a win for them and your business. Once a verbal offer has been accepted, you need to put everything in writing. Make a final offer letter and send two copies to the candidate along with his/her job description. One is for the individual to keep; the other is to be returned to the company.
Include the following:
-Base salary
-Additional income opportunities
-Health benefits
-Vacation time
-Retirement Benefits
-Non-compete (if applicable)
-Paid Expenses
Once the candidate has accepted and signed the final offer, you will notify the candidates not selected with a letter thanking them for their time to complete the interview process. We have included some candidate responses in the downloads.
If you were wondering, after implementing the Success in Hiring process we reduced our turnover ratio from 90% to 33% the year after our implementation. I know this system works, give it a try.
If you haven’t already opted-in to receive the full Success in Hiring video series and downloads, you can go to this link or at Successinhiring.biz. Our Success in Hiring System will cover the complete hiring process: Recruiting, Interviewing, Hiring, Onboarding and Coaching. My purpose is to help business owners succeed in business and life. If you find value in this article please share it with your business associates because learning how to hire the right candidate saves you money and time.
Downloads:
PDF-https://drive.google.com/file/d/1kmlS5KPkFFparpXdRFX7qdLUh6u4rXnp/view?usp=sharing
Hiring Filter-https://drive.google.com/file/d/1gGRFP14B3OVfjVNCbu1TXpoxSJHDqFMT/view?usp=sharing