A whole array of technologies are being shouted from the rooftops as the key to unlocking the potential of your company. Artificial intelligence, social media, big data and cloud computing... the list goes on and on. But you can’t forget those that hold these keys—your people! You need to hire the right people.
People are the most important aspect of your company, responsible for how you operate, how you present yourself to clients and customers, and ultimately how successful you are.
When it comes to hiring the right people in your company, look for those with similar values and work ethics while diversifying the workplace in terms of gender, ethnicity, and skillsets.
You need to create a cohesive workplace but also identify what every employee can bring on an individual level. And it can be a tricky balancing act. In this post, we’ll explore the importance of hiring the right people for your company and throw in some tips to help you out.
Why you must hire the right people
As companies grow, it can be increasingly difficult to put enough focus on the hiring process. But if you let your search for talent dip, it can have serious consequences for the business.
Financial implications
The numbers surrounding bad hires and their associated costs are quite startling. A report from the Recruitment and Employment Federation found that 85% of HR decision-makers in UK businesses admit their organisation has made a bad hire, and that a worker with a salary of around £42,000 could cost a business more than £132,000.
Where does this cost come from? You might have to pay for employee training if they turn out to be underqualified. If that doesn’t work, there are the costs associated with employee offboarding and onboarding if you need to start the process again.
A drain on employee morale
A workplace where every member of the organisation works in perfect harmony may be an idealistic one. Conflicts are bound to happen, but with the right people they won’t have a long-lasting negative impact. But bad hires can be a catalyst to a tense, disconnected and disengaged workplace. And spending time to correct the mistake of a bad hire can leave the rest of your team disheartened.
Decrease in productivity
If bad hires bring with them the potential to disengage the workforce, and it’s costing time and money to rectify their mistakes, you can be assured this will cause the productivity of workers and the overall business to fall.
Why do organisations hire the wrong people?
No company sets out with the intention of hiring the wrong person. We’ve identified the most common reasons companies don’t end up with the hire they intended, and how they can be avoided.
Hiring is outsourced
You shouldn't be outsourcing the hiring process to external recruiters. It can be tempting to, especially in large organizations, but recruiters don't know the personalities currently within your organization, or the ideal hire you have in mind. While it does take more time to hire internally, you can see it as a time (and money) saver when you pit it against hiring the wrong person and having to restart the process.
If you feel like you have no other option but to outsource hiring, make sure you take the time to find recruiters that know your industry and understand the type of person you're looking for, as well as the role.
The pool of talent is too small
With uncertainty and instability around employment levels, it can make sense for companies to make their talent search quick and painless, fearing that the ‘best talent’ will get snapped up quickly. While candidates may not take long to find a new job, you should make sure your search is as broad as possible. Post on major job boards (online and offline) to attract as many potential candidates as possible, giving you the best chance to hire the right people for your company.
You exhibit a lack of patience
In the same vein as narrowing your talent search, not giving the process enough time can result in you taking someone who is not an ideal match for the role. Patience can be a difficult principle to live by, especially if you feel like you need a new member of staff to start immediately. But you should give yourself as much time as possible to conduct the hiring process, so you can wait until the perfect hire finds you!
5 tips to hire the right people
People are the most important aspect to the business. So, we thought it would be a good idea to get some first-hand insight from the leaders that have made Fifty Five and Five what it is today. Here’s their most important advice to help you hire the right people.
1. Avoiding unconscious bias
Chris Wright – Founder, Fifty Five and Five
“When decision-making, our brain tends to try and make shortcuts to make us take on less decisions. This is objectively a good thing, but there’s a negative side, too. This can cause an unconscious bias to hire ‘the same type of people’ because you know it’s worked in the past. In a diverse workplace, everyone brings a uniqueness, whether in terms of background, culture, life or work experiences, and so on. I think diversity is vital to valuing people as individuals, rather than a ‘group of workers’, which will help the business grow naturally.”
2. Onboarding and offboarding is vital
David Tippleston - Account Director, Fifty Five and Five
“Try and put yourself in the shoes of a new hire. It's your first day in a totally new environment with new people. It can be overwhelming, particularly if you’re trying a completely new or different role, even more so if it’s your first ever job! As an employer, you can’t assume that new employees will know exactly what you expect of them. So, you want to get on the same page as quickly and clearly as possible. The right onboarding process can help new hires feel welcome and help them integrate into the workplace. Formal induction programmes exude professionalism but are also a great way for new hires to get the ‘lay of the land’. Communication is of course the key in this – weekly reviews are important as the new hire gets the hang of their role and can be extended to bi-weekly, monthly, and so on as time progresses.”
3. Cast as wide a net as possible
Stephen Reilly - Head of Content, Fifty Five and Five
“The employees you hire are crucial to your success. But finding the right ones is not always easy. You need to consider skills and experience, obviously. Yet, I think personality is an even bigger factor in how successful a new hire will be. You can always teach the right person the ropes. And that right person will have a positive long-term effect on the rest of the business. Cast your net wide. Don’t rely strictly on experience written in a CV. Look for a mix of candidates. Talk to as many as time will allow. Advertising job openings on the major online job boards has worked well for us at Fifty Five and Five, as you can get a wide and varied selection of candidates to choose from. The challenge is narrowing those set of candidates down until you find the perfect fit. Create a shortlist based on specific criteria. Use the face-to-face interview as well as you can – meeting people is where you’ll get the best idea of whether a candidate is right for your company.”
4. Understand assessment criteria for the role
Barnaby Ellis - Head of Creative, Fifty Five and Five
“The key to hiring the right people is in having assessment criteria for the role and then mapping candidates’ answers against it. This way, you will remain consistent in your approach and you can compare the performance and competence of a wide range of interviewees. What’s more, having an interview assessment form makes it easy to compare notes with colleagues who may have interviewed other candidates for the same role.”
5. Look for a strong culture fit
Martina Greco – Performance Marketing Manager, Fifty Five and Five
“I’ve noticed throughout my career that employees who can identify with their company and are a good culture fit tend to experience heightened job satisfaction and bring more to the business. You can have the most qualified candidate out there, but if they don’t feel connected to the needs and values of your company then work and morale may suffer. This isn’t to say that everyone you hire should be the same, rather that you should look for individuals who fit naturally with the nuances of your business.”
We’re ready when you are
For more information on what to look out for to hire the right people, get in touch with us today.