Keys to Acquiring Your Most Valuable Business Asset: The Right People
-Jim Collins
Finding the right people with the right skill set to carry out your company’s duties can make or break your organization. Hiring a candidate based on merit alone is simply not enough if the culture, values and vision of the organization are not fully embraced by the new employee(s). Therefore the need for employees who are good fits for your company is crucial in today’s war for talent with an increasing dependence on key workers with complex skills in problem solving and other high-level capabilities.
To narrow in on the very involved, and at times complex and overwhelming, hiring process, we recommend utilizing the Smart Hiring Model, a 5-step approach to hiring in which not only the organization itself is taken into consideration, but also the needs and values of your future employees.
The Smart Hiring Model
Let’s dive in deeper to see just how this model can help your organization be smart and flourish in the hiring process…
First: Understanding Your Organization’s Needs
This step requires a deep understanding of your organization’s mission, vision, values, culture, strategy, environment and market so that a candidate who can bolster these components may be identified and added to the team. This is the stage in which the organization (aka your company) will deep dive into the specific job duties that will be required, and best practices and competitor strategies to develop the position best suited to provide additional synergies to the organization. The roles and responsibilities of the hired employee will be outlined in this stage as well.
Second: Candidate Experience
This stage is about matching up the candidate’s experience with the company’s ideal qualifications, keeping in mind the potential for the candidate in the organization to create new synergies. Key success factors in this stage include a candidate’s tactical skills, industry experience relative to the position, key accomplishments and level of educational attainment. Keep in mind that a candidate may have additional skills—that may not have been looked at during the first stage—that can add to the company’s capabilities.
Third: Candidate Personality
Although not easy to identify during the hiring process, a candidate’s personality is key in determining his/her success in a position within your company. This stage enables the organization to take a step back and outline the projected attitude, work ethic, character and team-oriented nature of the ideal candidate. Generally, most positions require a team-oriented, passionate individual who has a positive attitude and a great deal of integrity. These character traits, if not easily readable during an interview, should be foreshadowed through a candidate’s previous work experiences, items on his/her résumé, or a point referenced in a cover letter.
Fourth: Cultural Fit
Each organization has a specific and unique culture associated with its practices, people and communications. An organization’s culture is a highly important factor for a candidate to consider as he or she is searching for a new position; therefore, it is in the best interest of a candidate to be transparent in this area. If a candidate does not hold the same values and decision-making abilities, it could cost your company big in hiring costs. It is therefore crucial to be proactive in this stage and to outline your organization’s culture upfront to test if it aligns with the prospective employee’s.
Fifth: Understanding a Candidate’s Needs
It is clearly imperative to rate a candidate’s ability in respect to the organization’s needs, but candidates have needs of their own. In this stage, it is important to do an environmental analysis of the industry to examine competitive compensation, rewards and other benefits offered to employees in the same or similar positions. Additional factors in this stage that need to be taken into consideration include the corporation’s ability to provide a work-life balance, the company’s reputation, the current employees’ branding and where the company is in the market place. Taking into account all of these factors, a fair and vision-aligning compensation plan can be developed to persuade ideal candidates.
AND…
Retention
Now that you have found the ideal candidate, the HR process does not end at his or her hiring date. In order to keep your most valuable asset engaged and contributing to your organization’s success, it is best to make sure your new employee successfully integrates into the firm’s culture. You must keep consistent communication with him/her during the onboarding process. It is also advised to develop 30 and 90-Day Plans in addition to providing consistent training and development opportunities for your employee to reach his/her full potential. Finally, make sure to create a consistent feedback loop so that he/she is not kept in the dark on his/her progress within the organization.
