Hiring is more of a headache than ever, so say many companies who receive HR
services from my firm. This might come as a surprise considering that there’s no
longer an overheated talent market in which companies desperately compete for
top talent. But instead, business owners are facing a down economy
in which scores of job seekers clamber over each other in order to land scarce
positions. The influx of new candidates into the marketplace makes it even more
difficult for executives and hiring managers to find the perfect people for
open, high-impact positions.
And yet, hiring the right person is more
important than ever. A single bad hire can cost between $60,000 and
$120,000--that’s not exactly the way you want to spend precious dollars in a
difficult market.
For the most part, the way
to make the right hire is the same as it’s always been:
1. Define
the requirements carefully. This sounds ridiculously easy, but it’s
amazing how many business owners will embark on a search
without determining exactly whom they want to hire. It’s important to detail the
specific job requirements and desired personal characteristics, creating a
“hiring scorecard” that can be used in screenings and interviews to determine if
a candidate can fulfill the requirements of the job. Needless to say, it’s also
critical to determine if the candidate will be a cultural fit as
well.
2. Look for repeated patterns of success. Don’t
just look for tactical job responsibilities and skills--find the
applicants who have repeatedly made a mark and exceeded expectations, time and
time again. Drill down in the interview to ask those questions; find out how
they measure their own success and whether their employment history tells a
story of a superstar.
3. It’s the network. With so many
resumes flooding in for each open position, you should rely on inbound
candidates even less than you ever have. Your friends and their friends know the
fantastic players who are searching for their next opportunity; tap into them
and save yourself a lot of paper time.
4. Find a recruiting
platform that allows for pre-screening. When you do need to wade
through resumes, use a recruiting system with pre-screening questions and
candidate rating capabilities. This allows you to focus on the exact
capabilities you need and only review the candidates who have passed the initial
screening, saving yourself massive amounts of time.
5. It’s still
about the passive seekers. I personally recently hired a VP of
Marketing for my company, but when I first came across him,
he was already installed at another company. I courted him for months, persuaded
him and eventually he came to work for me. In essence, I treated this executive
search as though it was occurring during a gangbusters economy where talent is
scarce. The reality is, the truly premium talent is still scarce, and always
will be. If your bar for talent is as obscenely high as mine, passive seekers
can make or break your search.
6. Don’t settle. Almost
every tip I’ve provided works in both a good and lousy economy. But let’s be
honest: When the good times roll, it’s easier to find someone and say “good
enough.” But in a down economy, you should never do this. Take the time you need
to find the right candidate, either active or passive, and make the right
hire.
There’s no question this is a great time to hire people. But don’t
make the mistake of thinking it’ll be easier. The exceptional hires are out
there, but just as in the old days, you may need to do some detective work and
actively seek out the people who will make your company great.
Burton
M. Goldfield currently serves as president and chief executive officer
of TriNet,
an HR outsourcing company. In this role, Goldfield is responsible for setting
TriNet’s overall corporate strategy and directing business operations; he also
provides strategic guidance in regards to TriNet’s human capital
offerings.