| The hiring retention success rate is
disheartening with some studies reporting a rate lower than 50%. Through more than 50
years of combined experience 50+ in helping organizations improve their business
performance, we (Tony Kubica and Sara LaForest) have uncovered three reasons why most
companies and organizations fail to hire and retain top talent.
The First Reason Why Most Companies Hiring Retention Rate
is Less Than 50%!
In the movie "Field of Dreams" , Ray Kinsella
(played by Kevin Costner) hears a voice as he walks through his cornfield-"if you
build it, he will come". Over the years it has since become part of our lexicon of
misused quotes. It has even seeped into the talent integration and talent management
world.
Many CEOs, executives, managers and HR directors believe if
you hire them (or promote your employees) they will contribute. Well, to use another well-
known phrase-"not exactly".
Why would you believe that hiring or promoting employees
into a new job or position will result in immediate success?
The Second Reason Why Most Companies Retention Rate is Less
Than 50%!
Many executives, managers and HR managers fail to plan out
completely:
- The job requirements
- What needs to be done
- What skills, behaviors and attitudes are required for
success now
- What role adaptation is anticipated for the future
If you fail to map out exactly what you are looking for as
well as the position you are hiring for - you might as well spend your money on a trip to
Las Vegas to roll the dice! The chance of winning is about the same - or maybe slightly
better in Vegas (and likely you will have more fun).
The Third Reason Why Most Companies Retention Rate is Less
Than 50%!
Most companies are still hiring and promoting candidates
using the standard elements:
- An application
- A resume
- An interview (or two, potentially including a panel)
- Perhaps a background check,
- And references.
However, these really only tell you only what the candidate
wants you to know. Meaning, good creative writing and strong impression management skills
do not necessarily equal the most suitable candidate for your organization. Just because
candidates can report experience and expertise on a resume does not mean they have the
personality and character attributes to do the job and it doesn't mean that they are the
right fit for your company.
For example, we saw one of our clients hire a department
director who was charged with turning around an under- performing department. He appeared
to be well- qualified, coming from a department that recently had undergone a very
successful turnaround. He was the assistant director.
But, he floundered in the new job. One of the reasons is
that he was too empathetic and had a very high- interpersonal sensitivity toward others.
Simply, he could not make the tough people decisions. Nowhere on the resume, during the
interview, nor with the hand- picked references did this come out.
To Integrate Your New or Promoted Talent Effectively, You
Need to Start Considering the "Talent Integration Potential"
This means, you need to look specifically to how a
candidate fits the prospective role and how suitable the candidate is to your
organization. Just as you cannot fit a square peg in a round hole (without damage), you
cannot make successful a person who does not have the basic ingredients for success in the
job you need done.
This does not mean the person cannot be successful. It just
means they cannot likely be as successful in a particular job or perhaps even in your
organization.
So, how can you know?
4 Ways to Uncover If a Candidate is Perfect For the New
Role & For Your Organization
1. Use behaviorally- based interview questions that probe
their history of actions and outcomes respectively
2. Include some culture- based questions to help you determine values and motivators as
compared to company values and attributes
3. Include/give them time for a scenario based problem to work and resolve and report back
on
4. Have top candidates complete personality- based and job performance indicators that
measure a candidate's potential for success in different business environments and roles.
(Though such an assessment should never be used as the sole criteria for selection. As
part of a selection set, it can be an invaluable tool to avoid hiring the wrong candidate
for the job.) It can also be used as a tool to support and coach the new employee in areas
that need to be addressed to ensure a fast and effective integration into a new job and
organization. |
