The Value of a Good Hire
A couple weeks ago, we discussed the cost of a bad hire, it was our top rated blog in recent history. That makes it apparent that employers are concerned about the quality of their new hires and their existing staff. It’s a tough labor market! Let’s look at the value of hiring the right person for your business and some simple tips to make that a reality.
Every small business has limited payroll dollars, so just like small investors, we all need to get that absolute most out of our new hire. A good employee who stays with you for years can add thousands, and tens of thousands to your bottom line. Especially if it’s a key position. Here are 5 steps to be sure your next hire is your best hire:
Know exactly who you are looking for
Understanding your workplace culture is critical to finding the right person to be a productive fit. If you aren’t sure what your culture is, think about it. Get some help from your own employees if necessary, to understand what it is. If you don’t have one that can be defined, create one!
Precisely define the position
Most small business employees wear a lot of hats, In some businesses, too many. By developing a precise organization structure, and clearly defining what each team member should be doing, and how they work with other team members will help you find the exact person you need. Don’t be fuzzy on this.
Create a structure hiring process
Hiring starts with step one and two above, and progresses to job ad creation, placement, on to initial contact with qualified candidates. Take this process seriously, make it the primary responsibility of you or someone in the company until you find the right person. Create a plan and stick to it. For more info, check out our blog Hire Like the Pros.
Research the market for rates, benefits and other open positions
Its likely that you are hiring someone that closely matches other positions in local businesses. Make sure you know what the typical pay is in your area for that job. Local information is important. A customer service rep in North San Diego will differ greatly from the same position in Murrieta, or Corona. Stay in the pay range or you won’t attract top performers.
Hire a professional recruiter
Yes, this can be initially expensive but again, what’s the value of the right hire? Sometimes using someone who is a pro at hiring, knows how to help you structure the position and can identify what and who you need better than you, can really pay off. Don’t be afraid of the investment!
Whether your company is growing, or you’re replacing an employee, look back at your historical record of hires, employee retention and quality of recent hires. If those records show high turnover, mediocre hires or flat out disasters…sorry…but you’re doing it wrong.
If you need help, Infinium has hiring solutions that can help you structure a practical hiring process or simply offload the burden of finding that right person. We want to help you make sure it’s the right person.