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The 8 Commandments To Hire Game-Changers

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Did you know that as much as 80% of employee turnover can be attributed to bad hiring decisions? Or that the true cost of a bad hire could be 5X their annual salary?

That’s why finding and hiring only the best and most relevant talent -- truly ‘game changing’ talent, needs to be the top priority for every Business and Talent Acquisition Leader today.

In our upcoming webinar, Belong partners with Tarun Davda, Managing Partner and Alex Peter, Vice President, Human Capital at Matrix Partners India, to understand how hiring decisions at the senior level have directly impacted business goals within their portfolio companies.

With their hands-on, collaborative approach, Matrix Partners India has helped top companies like Quickr, Practo and Ola scale their teams, and take their business to the next level.

Published in: Recruiting & HR
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The 8 Commandments To Hire Game-Changers

  1. 1. WEBINAR HOST FEATURED GUEST FEATURED GUEST Aadil Bandukwala Social Talent Evangelist Belong.co @aadil Tarun Davda Managing Director Matrix Partners India @tarun_davda Alex Peter VP Human Capital Matrix Partners India @alexpeter1201
  2. 2. According to the Harvard Business Review, as much as 80% of employee turnover is due to bad hiring decisions. Source: http://insights.dice.com/report/the-cost-of-bad-hiring-decisions/ In fact, according to a study by the Society for Human Resources Management, the true cost of a bad hire could be 5X a bad hire’s annual salary!
  3. 3. Often the best solution to a management problem is the right person. EDWIN BOOZ “
  4. 4. The Current Recruiting Process Calls for an Overhaul
  5. 5. Show me a successful CXO and I will show you his obsession with hiring. ALEX PETER
  6. 6. Most successful Founders / CEOs spend as much as 30% of their time in Org Building. Some of the best ones spend as much as 50% and consider it their #1 Strategic Priority and Focus TARUN DAVDA 9
  7. 7. THE NEED BUSINESS IMPACT Stay Ahead of Competition Keep Attrition & Engagement in Check The Secret to Success - A Well Thought Out Hiring Plan Reduce Your Time to Fill Expect the Unexpected Avoid Panic Hiring
  8. 8. Most start-ups fail because of their inability to build great teams. TARUN DAVDA
  9. 9. As many as 80-85% candidates seeking high-level jobs and 40-45% looking for ones lower down the order are using the online medium to hardsell their professional and academic achievements. However... Source: http://bit.ly/29LqHSt
  10. 10. 53% of all job applications contain inaccurate information 49% of the hiring managers surveyed had caught a job applicant fabricating some part of his/her resume. Source: http://bit.ly/2aqt2U8
  11. 11. Reference Checks & Background Checks Two Different Worlds Altogether BACKGROUND CHECK Objective Look up and gather job-relevant criminal, commercial, and financial records of an individual Modus Operandi Check Employment Records, Educational Records, Criminal History REFERENCE CHECK Objective A means of protecting against in another type of liability – that of hiring a poor performer. Modus Operandi Validate Candidate’s Personality via Peer Recommendations, Leadership abilities & Like Quotient
  12. 12. Development can help great people be even better - but if I had a dollar to spend, I'd spend 70 cents getting the right person in the door. PAUL RUSSELL “
  13. 13. It costs $7,000 to replace a salaried employee, $10,000 to replace a mid-level employee, and $40,000 to replace a senior executive. Source: http://bit.ly/29R7zrV
  14. 14. 66% of employers said they experienced negative effects of bad hires. Of these employers, 37% said the bad hire negatively affected employee morale. Another 18% said the bad hire negatively impacted client relationships. And 10% said the bad hire caused a decrease in sales. Source: National Business Research Institute: http://bit.ly/29JgM4n
  15. 15. BLIND REFERENCE CHECKS The New Age Talent Advisor’s Shining Armor Help Filter Profiles that *Look Great* but in reality aren’t Helps put a Structured SWOT together Helps you focus on the Fit Helps the interviewer prioritize where to focus and probe during the interview Recruiting Process at Matrix Role Definition Talent Advisor to source profiles. Run BRCs If good, schedule interviews Else, back to sourcing.
  16. 16. 46% of 2000 new hires failed within 18 months for attitudinal reasons.* A candidate’s past workplace behavior is a clear indicator of his or her future workplace behavior. References provided by former supervisors and co-workers can help predict the likely success of a potential employee. Source: *Hiring for Attitude” by Mark Murphy, 2012, LeadershipIQ
  17. 17. DOWNLOAD CHECKLIST http://belo.ng/brc-checklist
  18. 18. Hiring Above the Mean vs Hiring Above the Min TARUN DAVDA
  19. 19. 75% of the demand to hire new employees is simply to replace workers who have left the company. 43% of respondents cited the need to fill the positions quickly as the main reason that bad hires are made Source: http://bit.ly/2adiCek
  20. 20. Hiring Above the Mean Vs Hiring Above the Minimum A Players Bring in A Players. B Players Bring in C Players. Which results in a significant drop in average capability.
  21. 21. I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies. LAWRENCE BOSSIDY “
  22. 22. Be a Trusted Talent Advisor to Your Business Leaders Build the Opportunity Description, not the mandate. Establish Candidate Persona Partner with Hiring Managers on the what’s and why’s of their Ideal Candidate Persistence yields Results Go beyond *just skills*.
  23. 23. Leaders don't flock. You have to find them one at a time. ROSS PEROT “
  24. 24. Embrace the Sniper Approach from Guerrilla Warfare Increase probability of hiring A-players Minimize the chances of Bad Hires Case Study: Hire 5 Leaders in 45 Days: CFO, CMO Head of Customer Success Head of Operations & Strategy Head of Digital Marketing
  25. 25. Hiring is now widely recognized as a core skill that a founding team must have, in addition to product-tech and sales - marketing. DAVID SKOK “
  26. 26. Recruiting & Deal Sourcing draw similar parallels DEAL SOURCING Successful VCs have a specialized Outbound Origination Program Successful VCs Create investment opportunities, instead of waiting for opportunities to appear Use Deal Signals to Source Deals RECRUITING Forward thinking firms are embracing Outbound Hiring for Niche & Senior roles. Successful firms use unique practices like leveraging Hiring Managers Networks to find Hidden Gems Use Passivity Signals & Machine Learning to track Top Talent Movement
  27. 27. THE 8 COMMANDMENTS TO HIRE GAME-CHANGERS 1. Optimize your hiring strategy 2. Recruitment is everyone’s priority 3. Know your candidate 4. Validate decisions with data 5. Never settle for good enough 6. Invest in people, not resumes 7. Know your target talent pool 8. Always be learning
  28. 28. WEBINAR HOST FEATURED GUEST FEATURED GUEST Aadil Bandukwala Social Talent Evangelist Belong.co @aadil Tarun Davda Managing Director Matrix Partners India @tarun_davda Alex Peter VP Human Capital Matrix Partners India @alexpeter1201

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