How to hire the right employee - Choose the Right Person for the Right Job with Hypergrowth
Hiring is a big part of every business, but most companies are doing it badly. They hire based on skills, not traits — and fail to recruit the types of employees who drive success.
The challenge of hiring great people is significant, especially in today's candidate market. Recruiting and hiring people who can do the job right, fit your organization's norms, collaborate and grow with you, be trusted with responsibility, and contribute to your team's success... is hard.
The standard recruitment process is broken. The old ways of intuitively judging who will be a good fit have given way to more scientific-sounding algorithms that claim to predict who will be successful in the role. But according to Dorie Clark, “The secret is that it’s not actually rocket science. It’s more about human psychology, surveying applicants and testing them. The old way of hiring fails to capture your best potential employees, wastes thousands of hours interviewing those who never make it to the final round, and leaves applicants feeling like cattle. Hundreds of thousands have already paid for training programs that give them the information needed to tap into a better model for hiring—but these techniques are shrouded in mystery.
The biggest hurdle in the hiring process is finding people who are a perfect fit. We spend so much time looking for candidates who match the job description perfectly. So what happens when you bring those great candidates into an environment that doesn't allow them to be their best?
The best companies know that hiring is not done once and for all. It is an ongoing, strategic process that starts with building the talent you need today and planning for what you will need tomorrow. Get it right
The first thing to understand is that hiring is not about hiring for the job you already have. If a candidate can succeed in the individual role and does not fit, it doesn’t matter how good they are at doing their job.
Smart businesses are becoming smarter about hiring. All the money spent to hire doesn’t reap the rewards employers want. They don’t get better people or higher levels of performance—and they spend too much money doing it. But there’s an alternative—one that is more effective, efficient, and cost-effective.
When it comes to hiring, you want to make sure you're making the best possible choice. These 5 recruitment challenges faced by hiring managers can be easily overcome with a little bit of preparation and planning.
1. Senior management roles are hard to fill
The phrase 'hire slowly and fire quickly' was made for the current state of business, especially in management and leadership roles. The pandemic has extended the hiring process even further, making it difficult to find a perfect fit for your company. While it is critical to make careful and informed decisions about hiring, your approach must ultimately be built on the concept of trying and then hiring for success.
2. Not every generalist is an expert. Selecting and hiring specialists is paramount to success.
It's not just that finding someone with the exact background and experience you need is difficult — it's about ensuring they have the work ethic, skillset and personality that make them a good fit for your company. Are they going to gel with your existing team? Is their style of communication compatible with yours? Are they committed to forming relationships with your stakeholders? Will they be able to adapt'
3. Partnering with a right Talent Community that will help you expand your talent pool, fill roles fast and hire better.
It’s a common misconception that top candidates will reach out when they see an opportunity on a job board. In reality, most people don’t think about applying for jobs, and are often unaware of opportunities outside of their network. This can result in high quantity but low quality applications, which can be time consuming to sift through. Figuring out how to build and sustain a strong, results-driven culture, which relies on hiring the right people. How can they make sure they’re attracting top talent when it comes to their open positions? It all starts with understanding the pain points of hiring a new employee in today’s market.
4. Challenges of hiring in a new market: regulations, language barriers and difficulties winning local talent.
Hiring in a new country will require you to think about things from a different perspective and understand local rules, regulations and cultural differences. One of the most effective ways to build your workforce is to partner with a recruitment partner. This can save time and money, allowing you to focus on establishing your company's reputation. When you have a good team in place, you can create a stronger brand image and compete with local companies.
5. A lot of hiring companies miss out on great candidates because of their lack of focus on what a specific role requires.
With the competition for talent fiercer now than ever before, businesses want tailored and more targeted services to differentiate themselves — this extends to their hiring solutions and approach to bringing top talent in as well. Current recruitment strategies often come at a high cost, and are not a one-size-fits-all solution. With the competition for talent fiercer than ever before, businesses need to keep up with new ways of bringing top talent on board that improve efficiency, boost candidate experience and provide more business insights.
A bad hire can cost your company up to 30% annualized in turnover costs, lower productivity, and poor team morale.
Bad hires can ruin your startup, and good hires can drive it.
A bad hire can cost a company thousands or even millions of dollars. And when it happens, it’s not just bad for the productivity of your team—it’s bad for the morale of your entire company. You can't afford to hire just anyone and hope for the best. You need to hire better.
At some point or another, every recruiter will make a bad hire. A critical and expensive failure that can carry long-term consequences for both your company and career as recruiter. We failed to hire the right person for the right job. It is easy to blame yourself, but it isn’t just your fault. Bad hires happen to all of us, yet there are ways we can improve our hiring process so they don’t happen as often — or at all!
"The most important day in your life is the one on which you decide your life purpose, because that day, every other good thing will follow." -Steve Jobs
1. Hiring managers spend an average of 32% of their time on hiring, and only 14% of them feel like they make "very good hires."
Hiring efficiency is all about (i) setting up the right processes and (ii) sticking to them. Step one is not that hard; step two, however, can be quite a pain in the ass. One of the most important indicators of hiring efficiency is Time to Hire (TtH), the number of days between posting a new job opening and hiring your new colleague. This is also the biggest cause for a bad hire. Efficiency is the key to hiring better. The more efficient you are in sourcing, the more likely you will find enough good candidates, who will make it through the process and join your team. The less time spent on HR activities such as document turnaround, candidate coordination and communication with stakeholders is more time in your day spent actually doing what you need to do to grow your team.
2. The lack of data usage is a major problem companies face, especially when it comes to hiring people.
When it comes to hiring your new colleague, data beats our human brain. Why? Well, simply because data learns. A good algorithm learns from the data you feed it with and doesn’t have any bias. So a mistake is never made twice. Unfortunately, that’s not how it works in our brains. We base our decisions on so much more than objective data – we let our feelings grab a chair, we forgive ourselves for forgetting crucial information and we also have our frame of reference (i.e. our unconscious bias) standing in the corner of the room watching us. So yes, we also learn for sure, but we will always leave our door open for mistakes. Data doesn’t.'
3. You don't have to settle for bad service.
The candidate experience is a crucial element in the recruitment process. Even if you find the perfect person, it doesn’t mean they will accept your offer. A bad Candidate Experience can create an impression that the company isn’t really all that capable of dealing with an actual person, but only a set of tasks and limitations. Research has proven that negative experiences among candidates can reduce the quality of their applications and lead to lost opportunities."
The cost of a bad hire isn’t just the salary you pay, it’s all the time your team spends on training, managing, correcting mistakes and its impact on company reputation/clients;
It’s not just the cost of a bad hire that you need to take into account. In 71% of all cases, a bad hire isn’t recognized during the trial period of the employment contract. This means that you will have to deal with someone who might be a bad hire for at least 7 months (in NL it’s common to offer a new employee a 7-months contract to start with). Take 70% of this person’s annual salary and you already have the first category of financial impact: short-term euros (or dollars).
The above example is a bit extreme, but it proves my point. Even though this is a minor impact, every colleague has some sort of impact on the company. If you hire the wrong people, you increase the chance of not meeting your goals or even to ruin this company altogether.
Don't let a bad hire hurt your business. Learn how to make smarter hiring decisions, improve their effectiveness, and increase the odds that your new hire will become a great employee.
The whole idea behind HyperGrowth is to fix the way hiring works by merging the principle of hiring efficiency, data usage and candidate experience. Together with our clients we try to make sure you hire more efficiently while improving the candidate experience.
- Hiring Efficiency
Hiring Better is our mission to help you make better hiring decisions. Our matching algorithm provides you with a matching score per applicant to make it easier and faster for you to evaluate applicants (which decreases the time for evaluation); By stimulating you to only invite applicant with a high score for a first interview, the increase the conversion between the 1th and 2nd interview (in other words: you won’t spend time on applicants who aren’t a fit to speed up the interview stage). Also, our system helps your employees by providing feedback throughout their entire job application process.
- Use of Data
So how does the algorithm work? We would be happy to explain it to you. In a nutshell, we feed our matching algorithm with objective data continuously. And to ensure that we prevent ourselves from making the same mistake twice (because that’s where data beats human beings).
- Candidate Experience
This is where we take gamification to the next level: we hire gamification to assess applicants. Our games measure the personality traits of an applicant as well as his or her cognitive abilities in a fun way. We also create a unique user experience tailored to every individual who applies, so it’s easy for them to understand what we want and how they can help us find candidates who fit our culture and values best.
Don't waste another day with a bad hire. HyperGrowth is the best hiring solution for your company, designed to eliminate biased hiring and ensure that you are making the right hires for your organization.
Schedule a demo and get ready to see your days of bad hires go bye-bye. You don't have to go it alone anymore. We are here to help.