Hiring is a notoriously tedious process; not only is it a lot of work but it can also be difficult to know how to choose the right candidate for the position. When faced with hiring, many managers want to get the process over as quickly as possible, but this can only compound, rather than solve, their staffing problems.
The hiring process can have a huge impact on the future of your business. While there is something to be said for the value of speed, the rapidity with which you hire should never compromise the process itself. Hiring decisions should never be taken lightly, and having a firm hiring process in place can ensure that the company’s interests are always kept in focus.
From the application process to the interview and screening stage, a great process is vital for numerous different reasons.
Qualified Employees
A careful vetting process is necessary to ensure that the employee you end up hiring is completely qualified for the position. While a candidate can look great on paper or inperson, that doesn’t necessarily mean that he’ll be a good fit in the position.
One of the most common mistakes made during hiring is relying too heavily on likeability as opposed to suitability. There’s a lot riding on the ability to find quality employees. New hires who aren’t up to their immediate tasks usually require additional training (above and beyond onboarding). This means further delays in terms of how long it will take your company to be up and running as usual. Ensuring that a candidate has the necessary skills and qualifications through thorough vetting can make all the difference.
Higher Retention
The better your processes for hiring, the better your retention rate will be. High turnover rates can be detrimental for a company. Not only are they bad for morale, they also draw out the length of time in which the position is not reaching its maximum potential.
One of the biggest reasons new hiresdon’t work out is because they weren’t well suited to the company itself. Do their career goals match up with those of the company? Do you share similar values? Cultural fit may seem like a mere buzz term, but it can have a real impact on your work environment.
When the process for hiring is thorough, everyone is better off. A thorough process should include an honest assessment of the candidate’s fit with the company.
Cost Effectiveness
One of the most persuasive arguments in favour of the importance of the hiring process is the cost effectiveness of doing it right the first time. Hiring is really expensive, but it only gets more expensive when the process is not properly executed.
Many of the problems mentioned earlier aren’t just bad because of their impact on the work environment or the role itself, they also come with a hefty price tag. For example, high rates of turnover are incredibly expensive. It means going through the hiring steps, from job listings to interviews and paperwork, all over again, while also providing another round of onboarding.
Having to re-train new hires because they weren’t qualified enough for the position to begin with is equally expensive. There are hidden costs here as well. When you have to hire multiple times, or re-train multiple times, you’re taking the role you’re meant to fill out of commission for much longer. This represents a decrease in productivity, and that means additional money.
We cannot stress enough how important the hiring process is when it comes to saving money.
