When we are in an "employer's market," with lots of potential candidates available to fill the open slots occurring at some companies, how do you go about finding the right one for your company? Hiring a new employee is a task most executives look forward to with great anticipation, but also with a certain amount of apprehension. How does a hiring manager differentiate a dream employee from a nightmare in their stack of applicant resumes?
From a cost standpoint, it's difficult to put an actual figure on a hiring mistake, but by some estimates, the cost of turnover can amount to as much as two to three times the person's annual compensation. Consider some of the numbers you can verify: the cost of advertising the position, the time spent on screening and interviewing potential candidates, the money and time spent on training and re-training, and the salary and benefits paid to an individual who is not performing up to expectations.
Wrong hires are not going to provide the productivity you need or the level of service your customers expect. You may lose business as a result, and it only gets worse. Morale may drop among other employees forced to work with the new hire and their job performance may also suffer, which may mean even further loss of customers and business.
Behavioral tools, such as PeopleKeys 4D Report to assess "soft skills" and workplace behavior (personality, values, team orientation, behavioral attitudes) that correlate to actual job-specific traits necessary for optimal performance. Additionally, these tools can have a performance benchmark applied to determine whether new hires fit in a specific behavioral range for the job role. Based on predictive analytics, behavioral interview questions can be generated with the report for hiring managers to remove bias by asking more in-depth questions to target key areas that could cause stress within the new work environment.
Get your copy of the article "Hire Right the First Time," featured in Competitive Edge magazine and written by Dr. Bradley Smith, President of PeopleKeys. Discover step-by-step how you can implement predictive hiring in your organization's hiring process today!