Heralding the era of rapid economic change, hiring best talent to meet cultural fit is a huge challenge for hiring managers of reputed organisations. As the employee’s turnover tends to increase significantly, more frequent hiring can turn out to be waste of time, money and efforts.
The hiring team might need extra time, some minimal expenditure to invest in getting a new hire on board and efforts to streamline the best talent pipeline to recruit the talent with skills for the job
A new study from CareerBuilder shows that more than half of employers in each of the ten largest world economies said that a bad hire (someone who turned out not to be a good fit for the job or did not perform it well) has negatively impacted the business. This lead to a significant loss in revenue and productivity challenges.
The study also showcased that three in ten Indian employers (29 percent) reported the average bad hire costs more than 2 million Indian rupees ($37,150) and nearly half of surveyed employers in China (48%) reported costs exceeding 300,000 CNY ($48,734).
To avoid such a great loss to businesses, here are 7 C’s hiring managers should bear in mind to recruit the best talent onboard:
Candidate’s competencies like education, skills and experience are foundation stone for considering candidature of a prospective talent for business. A talent with stand out educational background, related experience and prominent skillets required for the job is in much demand over the workforce who lacks these proficiency.
Capability is slightly different from competency in terms of the wider scope of performance. When someone is only competent to a position, he/she would perform the regular tasks demanded in the right manner. However, a capable individual would go an extra mile to be responsible for the unexpected outcomes as a consequence of his decision, eager to take up new challenges and enthusiastically try to resolve problems related to the job.
Commitment towards your job and passion towards performing duties everyday is one of the quintessential qualities hiring managers look for in a new hire. Is the candidate looking for long-term commitment and career opportunities with the company or a short-term one? This is one critical question for which HR managers seek answers from the candidate during the interview. Also the talent past experience profile, mirror candidate’s commitment levels and tenure on job.
A compatible candidate would quickly adapt to new workplace culture, mingle easily with colleagues, build rapport with managers and would eventually build strong relationship with bosses and the clients as well. This new member joining the workforce could actually strengthen the bonds instead of disrupting it.
Character is what defines a human being and this is generally put to test during crisis times. Candidates with good character, and hygienic habits is an absolute condition every HR professional would expect from a prospective new hire. Be honest, truthful, humble and selfless. These are some qualities that define good character of an employee, which is needed to work in a collaborative environment.
Each business or company has its own culture based on the procedural guidelines, well-defined policies, core belief systems and vision of the founders. When the new hires come on board, hiring managers ensure that these new talents are not just easily adaptable but their vision for life is in sync with long-term organisational goals to meet business objectives.
Before hiring a talent, be sure that he is satisfied enough with the compensation offered by the company. Discontentment at work and dissatisfaction in the remuneration offered reflects on the employee’s performance, efficiencies and impacts productivity levels at work.
Churning out the best talent from the unending piles of resumes and filtering out the best ones to meet cultural fit with prerequisite skillsets to meet job demands is a crucial decision by hiring managers. Therefore a certain strategy that suits business constraints and implication of the 7 C’s above in business context, could help ease your hiring worries and get you closer to finding the best talent that exactly meets your business requirements.