Making the wrong hiring decision can be incredibly costly. The U.S. Department of Labor estimates the cost of a bad hire can be up to 30% of a first-year salary and up to 50% for managerial roles. When companies are in growth mode, it can be tempting to justify or write off these costs as unavoidable inefficiencies, and therein lies an opportunity. HR professionals can differentiate themselves by ensuring they hire for success. When the job market slows, however, hiring for success becomes critical.
At a basic level, making the wrong hiring decision often means the job won’t get done as well as you want it to get done. Maybe the new hire wasn’t as well-qualified as you thought, or the internal promotion isn’t a good personality fit for their new team, and now you’re seeing mediocre job performance.
Harvard Business Review has reported that employees who are a good fit for a job are more than twice as productive as those who are not a good fit. In other words, a poor hiring choice means you’re likely missing out on a lot of potential productivity.
Making the wrong hiring decision can be incredibly costly. The U.S. Department of Labor estimates the cost of a bad hire can be up to 30% of a first-year salary and up to 50% for managerial roles. When companies are in growth mode, it can be tempting to justify or write off these costs as unavoidable inefficiencies, and therein lies an opportunity. HR professionals can differentiate themselves by ensuring they hire for success. When the job market slows, however, hiring for success becomes critical.
At a basic level, making the wrong hiring decision often means the job won’t get done as well as you want it to get done. Maybe the new hire wasn’t as well-qualified as you thought, or perhaps, the
promotion isn’t a good personality fit for their new team, and now you’re seeing mediocre job performance.
Harvard Business Review has reported that employees who are a good fit for a job are more than twice as productive as those who are not a good fit. In other words, a poor hiring choice means you’re likely missing out on a lot of potential productivity.
You probably wouldn’t want to handle your investment portfolio on a gut feeling, so why should hiring and selection decisions be any different? The bottom line is that your hires are enormous investments, in both time and money, and they promise incredible returns, but only if you’ve done your homework.
Finding the Right Fit
This is where the Job Fit approach to hiring and selection comes into play. And it’s your ticket to reducing turnover, replicating top talent, and discovering the next generation of leaders.
Job Fit measures the congruity between an open position and a candidate's innate talents and tendencies. Three key areas measure it: cognitive abilities or thinking style, behavioral traits, and the candidate's interest in a job and work environment. Establishing Job Fit helps you place new hires into positions where they’re likely to do well and perform at their full potential.
The Job Fit approach helps you see beyond the resume and interview, taking a deeper look into personality traits, abilities, and behaviors. It helps determine the following:
If the candidate can do the job
How well will the candidate do the job?
Whether the candidate will enjoy the job
All three of these factors are vital for success. The job must match the employee’s abilities, provide stimulation that connects with the employee’s interests, and the cultural demands of the workplace must match the employee’s personality.
Make all that happen, and productivity will be far higher, while turnover will be far lower. Job satisfaction will increase, job stress will decrease, and there is bound to be less workplace conflict. You’ll save money, too, when you make the best decision from the start.
So, how can you start implementing the Job Fit approach into your hiring and selection process? Use a Job Fit assessment along with the Occupational DNA Process.
These data-driven assessments help you measure and better understand what core characteristics are needed to succeed in a particular role and how candidates compare against your requirements. Will they be able to perform at your expected level? What are their strengths and possible pitfalls?
With this level of understanding, your talent acquisition team and hiring managers can better predict a person’s job suitability, making better matches between people and jobs. This data-driven approach increases consistency in the hiring process and, ultimately, success.
To learn more about the power of Job Fit and how to achieve it in your hiring practices, we would like to invite you to schedule a webinar with John Beck, CEO of The Assessment Company and author of Breaking the Code: Hiring Strategy, Occupational DNA, and The Modern Organization.
After your meeting, John will personally autograph and ship you a copy of Breaking the Code just for joining.
To schedule your one-on-one with John call -1800-434-26300 or visit www.theassessmentcompany.com
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