The business Startup Wise Guy

by jack c, chu, mba, ccim

6 WAYS TO HIRE GREAT EMPLOYEES AND ENSURE THEY ARE THE RIGHT FIT FOR YOUR COMPANY

You have built your business and taken it off the ground. Now, the next step is to hire people. As a solo entrepreneur, you can only do so much. 

According to the research conducted by Korn Ferry, about 35% of companies in the U.S have outsourced the majority of the hiring process to “recruitment process outsourcers,” which in turn often use subcontractors. 

The issue with this is that they don’t know if they produce satisfactory hires or not. Only about one-third of U.S. companies report that they monitor whether their hiring practices lead to good employees. 

So, hiring top performers can be a huge concern, especially when there is a probability that the person might not be the right fit.

So, here are 6 things you should do during the hiring process.

  • MAKE REALISTIC REQUIREMENTS

Adding what attributes a candidate should have is a big challenge. You should prioritize “must-have” qualifications, then helpful and less-important qualifications. 

  • RECOGNIZE THE ASPIRATIONS OF APPLICANTS

An ideal candidate helps in the growth of the business, and not just the job opening. Consider people with wider skill sets and those who can bring fresher ideas and perspectives into your business.

  • RECONSIDER PASSIVE CANDIDATES

More than passive, active candidates report that they are passionate about their work, strive to improve their skills, and are overall satisfied with their current jobs. They seem interested in moving because they are ambitious, not because they want higher pay, which is the main focus of passive candidates.

  • CONVINCE FEWER PEOPLE TO APPLY

The goal, most probably, is to get better hires cost-effectively. So, the aim should be to scare away candidates who don’t fit rather than squeezing more candidates into the recruiting funnel.

The goal for any company should be that the preview of the job should make it clear what is challenging about the work and why it’s fun so that candidates who don’t fit will not apply.

  • GO BEYOND THE STANDARD REFERRALS

A downside to referrals is that they can lead to a homogeneous workforce because people whom we know are more like us, which can lead to a lack of diversity.

It is always good to have people from different backgrounds to gain a wider perspective on a topic.

For example; you can do editing tests and accounting tests and can create different imaginary scenarios to help you make good hiring decisions. Ask them how they will deal with challenges at work and how they can adapt to your company.

  • ALWAYS MEASURE THE OUTCOME

Employers should follow suit and monitor recruiting channels and employees’ performance to identify which source produces the best results. This will help you understand which channel produces the best employees at lower costs.

CONCLUSION

While hiring, focus on how passionate the candidate is. However, experience matters too, as you may end up with a team of inexperienced people, which can decrease your business’ efficiency.

You need to hire the right team, and not just the right person.  Hire a mixture of candidates who can learn from others and teach others as well.

About the Author

Jack Chu

Jack Chu is a business/investment executive leader possessing a breadth of expertise in all aspect of business globally and Nationally. In his 45 plus years in business which includes merger and acquisition, real estate, operation management and business startups in the field of energy, telecom, internet and F&B industry.

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