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Cost of a Bad Hire

Tuesday, March 15, 2016  by julie

 

Can your organization survive making bad hires?  The Harvard Business Review points out that as much as 80% of employee turnover is due to bad hiring decisions.  According to a study by the Society for Human Resources Management (SHRM), it could cost up to five times a bad hire’s annual salary.   Other experts will say the cost of replacing an employee, even if you let that person go within 6 months, will cost you two and one-half times the person’s salary. 

Surveys on the 'cost of a bad hire' state the top factor leading to a failed hire, aside from performance issues, is a poor skills match. The second most common reason was unclear performance objectives.

So how do you avoid falling in this trap???  Hire an executive firm, like B&B, that invests time to learn your business model, culture, and partners with you to develop the right job description (with short and long-term initiatives) and a candidate profile.  

Further, the Brandon Hall Group suggests the following steps an organization can take to minimize bad hires:  

  • Organizations that lack a standard interview process are five times as likely to make a bad hire
  • Organizations that invest in a strong candidate experience improve their quality of hires by 70%
  • Organizations that invest in employer branding are three times more likely to make a quality hire


How can we help you avoid a bad hire?  Contact us to learn more about our approach to recruiting.  

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Career Options

Tuesday, March 8, 2016  by julie

 

Every year you should evaluate contributions made, skills developed, knowledge gained, and career options. Many career driven professionals create scorecards that can support career planning, measure personal development, and identify opportunities for improvement. Being aware of career options, whether with current employer or externally, is more prevalent as the economy moves forward and the need for talent increases. Here are a few key factors to consider:

  • Business Model: Do you align well with the business? There are a lot of business models and as companies mature, models change and evolve. Many vertical manufacturers now outsource segments of manufacturing, therefore have moved from production to more of an assembly and supply chain model. Companies that were more R&D focused have become commercialized; others have become more decentralized, matrixed or global. Validate that your knowledge and skills align well with current business model and pending changes. Talent needs to adjust and contribute to move forward and achieve career aspirations.
  • Culture: Do you align with the existing culture? There are multiple obstacles in life and being employed in a culture that encourages and supports your development is critical for career progression. 
  • Leadership: Since 2007, many businesses have had significant change in leadership due to ups and downs in the economy, acquisitions, retirements, reorganizations, technology shifts, and markets served. Regardless of size and type of business, leadership needs to be measured and is second in importance for career development behind culture and engagement.
  • Value of Function: Not all functions are valued the same in every company. Is the value of your function and role aligned to your career goals? Functions (e.g. engineering, marketing, quality) fall into three categories: strategic, tactical, or required. Strategic is influencing the current business model and future events. Tactical is supporting current operations as well as evolution and change. Required is supportive, protective, and necessary but rarely value adding. Some companies view IT as a strategic component while others view IT as a required resource or a process for tactical delivery. 

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Recruitment & Performance Management Analytics

Tuesday, March 1, 2016  by julie

Recent studies have found businesses that excel in talent management and recruitment achieve earnings of 15-20% higher than their peers. Recruitment can have a direct and very positive impact on revenue creation and profitability. Here are some factors that are value-adding to the recruitment and performance process:

  • Measure if new hires meet expected performance levels and change recruiting and evaluation processes as needed; this requires evaluation of soft and hard skills as well as on-boarding process and commitment of both company and recruit.
  • Identify best sources for hiring at various levels; engage those sources to be current with business evolution (i.e. promotions, new products/services, awards, expansion), best practices, culture, and other insight that supports reasons why talent would be attracted. 
  • Measure time to fill a position; validate internal vs. external supply chain challenges to expedite hiring process.
  • Analyze characteristics of new employees that resign in first 100 days to best understand opportunities to improve recruitment and on-boarding process.
  • Proactively review characteristics, behavior, and work history of talent that has added value to leverage future recruitment and evaluation processes.
  • Identify opportunities to reward performance; this can be pay-for-performance, special awards, promotions, recognition announcements, or time off. Top performers need to be acknowledged and recognized.


As a business partner, Bohan & Bradstreet proactively supports the recruitment of talent for our client companies through alignment of talent needs with candidate capabilities and expectations.

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Interviewing Preparation

Tuesday, February 23, 2016  by julie

If you are going to interview with a company that you sincerely might be interested in, then you need to invest the time and prepare for the interview. Here are some basic things that need to be accomplished:

Research the company……try to understand their business model, products and/or services, recent news & events, vision, and philosophy toward employees, customers, and their business.

Research who you will be interviewing with……get to know where they went to school, prior employers, and career track….any parallels to your background might be a plus.

Prepare a list of questions……questions should be centered around learning more about the business model, how leadership manages and communicates, core functionality, and opportunities to contribute.

Prepare a list of examples that illustrate you knowledge and abilities that would apply in the role that you are interviewing for…..example would be if the role requires multi-tasking, then an example how you multi-task, prioritize tasks, and meet time deadlines would be very appropriate. 

Prepare to be asked questions….many questions are specific, however, be well prepared for questions most common to many interviews. Here are 15 to ponder:

 

Why are you interested in working for our company?

What are your five year goals?

Why do you want to leave your current employer?

What are your top three strengths?

What are your weaknesses?

What can you offer us that someone else can't?

Tell me about an accomplishment you are most proud of.

Tell me about a time you made a mistake.

Give me three to five adjectives that best describe your personality.

Share a time when you went above and beyond the requirements for a project.

What efforts have you made to fortify your education and gain knowledge?

How flexible are your work hours?

Tell me about a time when you disagreed with your boss?

If I called your boss right now and asked what can you improve on, what would your boss say?

What motivates you?

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Recruitment & Performance Management Analytics

Tuesday, February 16, 2016  by julie

Recent studies have found businesses that excel in talent management and recruitment achieve earnings of 15-20% higher than their peers. Recruitment can have a direct and very positive impact on revenue creation and profitability. Here are some factors that are value-adding to the recruitment and performance process:
  • Measure if new hires meet expected performance levels and change recruiting and evaluation processes as needed; this requires evaluation of soft and hard skills as well as on-boarding process and commitment of both company and recruit.
  • Identify best sources for hiring at various levels; engage those sources to be current with business evolution (i.e. promotions, new products/services, awards, expansion), best practices, culture, and other insight that supports reasons why talent would be attracted. 
  • Measure time to fill a position; validate internal vs. external supply chain challenges to expedite hiring process.
  • Analyze characteristics of new employees that resign in first 100 days to best understand opportunities to improve recruitment and on-boarding process.
  • Proactively review characteristics, behavior, and work history of talent that has added value to leverage future recruitment and evaluation processes.
  • Identify opportunities to reward performance; this can be pay-for-performance, special awards, promotions, recognition announcements, or time off. Top performers need to be acknowledged and recognized.

As a business partner, Bohan & Bradstreet proactively supports the recruitment of talent for our client companies through alignment of talent needs with candidate capabilities and expectations.

Every year you should evaluate contributions made, skills developed, knowledge gained, and career options. Many career driven professionals create scorecards that can support career planning, measure personal development, and identify opportunities for improvement. Being aware of career options, whether with current employer or externally, is more prevalent as the economy moves forward and the need for talent increases. Here are a few key factors to consider:

  • Business Model: Do you align well with the business? There are a lot of business models and as companies mature, models change and evolve. Many vertical manufacturers now outsource segments of manufacturing, therefore have moved from production to more of an assembly and supply chain model. Companies that were more R&D focused have become commercialized; others have become more decentralized, matrixed or global. Validate that your knowledge and skills align well with current business model and pending changes. Talent needs to adjust and contribute to move forward and achieve career aspirations.
  • Culture: Do you align with the existing culture? There are multiple obstacles in life and being employed in a culture that encourages and supports your development is critical for career progression. 
  • Leadership: Since 2007, many businesses have had significant change in leadership due to ups and downs in the economy, acquisitions, retirements, reorganizations, technology shifts, and markets served. Regardless of size and type of business, leadership needs to be measured and is second in importance for career development behind culture and engagement.
  • Value of Function: Not all functions are valued the same in every company. Is the value of your function and role aligned to your career goals? Functions (e.g. engineering, marketing, quality) fall into three categories: strategic, tactical, or required. Strategic is influencing the current business model and future events. Tactical is supporting current operations as well as evolution and change. Required is supportive, protective, and necessary but rarely value adding. Some companies view IT as a strategic component while others view IT as a required resource or a process for tactical delivery. 

facebooktwitterLinkedInStumbleUpon top Top


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