Increasing Profitability Through Hiring
Leading organizations recognize that the people behind their company – from C-level through administrative and support staff – are the key to reaching the next level of success. They realize that if they optimize their investment in human capital, they will establish a loyal team of employees who are as committed to the company’s success as the company is to theirs.
Take a hard look at the workforce team that got you “here.” Can they take you “there”? This is the first step toward maximizing the strength of the relationship between people and profit – and making the best possible hiring decisions.
Follow the SIR Principle
The most important factors driving employee performance are significance, integrity and relationships. If your company culture falls short, you are spending time and money training talent for your competitors.
- Significance is the need to be part of something bigger than you are. Employees want to know that what they do every day makes a difference. If they don’t feel a sense of value and contribution, their productivity and engagement falter.
- Leadership accessibility is critical. Your employees want you to listen to them. Don’t meet with them only when there’s a problem. Invite and encourage them to participate in decision-making processes. They don’t want to be told what to do, they want be asked what they think.
- Your relationship with your team should be based on trust and integrity. Be transparent in telling employees how they and the company are doing. Let them know that management cares about them and acknowledges their life outside of work. The best contributors value personal growth and balance.
Hire for Profitability
Hiring for profitability starts at the top: with landing the leadership team you need to make it happen. From there, follow all the right steps to recruiting for both skill set and cultural fit. Once an A-level employee is on board, make it a top priority to meet their needs and help them fit in.
- Don’t recruit people exactly like you. Instead, hire for diversity and innovation. Look for different views and ways of looking at customers and their buying patterns, motivators and influencers. For instance, if you’re an extrovert – and most people in leadership positions are – pay attention to the introverts. They may be the smartest people in the room, so make sure their voices are heard. If you take a more holistic management approach, seek out the superstars who are more linear in the way they analyze situations.
- You can always develop skills, but cultural alignment can make or break your hiring success. Beliefs and perceptions drive values – and values shape the culture of your organization. It’s the assumptions and perceptions held by employees that drive profitability. Research has repeatedly emphasized the importance of culture and its direct connection to your corporate bottom line.
Don’t Shortcut Your Hiring Process
You may have heard it before, but it bears repeating: Never cut corners when it comes to talent recruitment.
- Create, update and publish job descriptions – and follow them. If you don’t, your wants may change as you interview different candidates and before you know it, you’ll lose focus on what you really need.
- Prescreen candidates. One approach would be to implement an email questionnaire and for those with favorable responses, follow up with an Intranet assessment tool.
- Thoroughly check references. Approximately 35 percent of job seekers claim untrue achievements on their resumes and a staggering 70 percent exaggerate their credentials.
- Conduct behavior-based interviews. Use the information you garner to verify and supplement resume data.
- Give employees a gauge to measure their success. What do you want them to accomplish in 30, 60, 90 or 365 days? Clearly spell out your expectations and stay with them through this transition.
The search consultants at BrainWorks can help you equate your hiring strategies with long-term profitability and business success. Contact us today to learn more.