“Even before The Great Resignation began, research indicated that a single hiring mistake at the management level could cost a company $1.5 million or more, annually — an average of 1.5-2 times the employee’s salary. Poor hiring decisions also decrease organizational productivity and workforce morale.” Replacing a member of the C-Suite can cost even more!
How do you and your organization prevent costly mistakes? A combination of pre-hire preparation, and post-hire strategic retention. Here are some tips:
1. Assess why the position is open, and if the position description needs to be altered.
Has someone left? If so, why? Has someone been promoted? If so, will they have input into hiring their replacement? Is it a new position due to growth? The answers to these questions will help shape the new position description because…
2. You must know exactly what you’re looking for.
If you don’t have a clear sense of the ideal candidate, you won’t know them when you meet them. It’s important to get buy-in from various stakeholders, and rank attributes in order of importance. What’s absolutely necessary? What would be the icing on the cake?
3. Don’t rule out expert help.
Consider an executive search firm. If you need to get this hire right, it will take time and expertise. Do you have the time and expertise required to devote to a thorough search? Do you have extra resources to re-start the search if you get it wrong?
4. Employ best-practice retention strategies.
Focus on onboarding, and be sure to check in with your new hire often. Also, look for our upcoming guide on retaining talent!
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