Stop The Revolving Door - Five Keys to Hiring and Keeping Great Employees
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The document outlines five keys to hiring and retaining great employees: 1) define job requirements, 2) conduct a search of candidates, 3) interview candidates and select one, 4) onboard the new hire, and 5) set goals, check in regularly, and keep promises to help employees succeed long-term. It notes the high costs of employee turnover, especially for mid-level positions, and stresses the importance of finding the right candidate for the job through a thorough selection process rather than focusing only on a "perfect" candidate.
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Stop The Revolving Door - Five Keys to Hiring and Keeping Great Employees
- 1. Stop the Revolving Door Five Keys to Hiring and Keeping Great Employees © Keys to Performance 2011
- 2. Costs of Turnover $5,700 – $10,000 for entry level workers In excess of $50,000 for mid-level hires © Keys to Performance 2011
- 3. Five Keys Define what you’re looking for Conduct search Conduct the interview Select the candidate “Onboard” the new hire © Keys to Performance 2011
- 4. So…what are you looking for? The “perfect” employee OR The employee who will do the job. © Keys to Performance 2011
- 5. Where will you look? Many options May depend on how urgent/difficult © Keys to Performance 2011
- 6. How will you decide? Review “paper” record Narrow field Interview candidates © Keys to Performance 2011
- 7. The Interview CAN CAN’T SHOULD © Keys to Performance 2011
- 8. Lift-Off Offer accepted…now what? © Keys to Performance 2011
- 9. Keys to Success Set goals and expectations Check in often (but not too often) Keep your promises © Keys to Performance 2011
Editor's Notes
- A recent Cornell study on turnover in the hospitality industry showed that for entry-level employees, the cost to hire and train each employee was between 5K and 10K. This includes both the cost of replacing an employee and the lost productivity of new hires and short-term employees who leave within 3 months.For higher-level employees, you can use the following formula:Recruiting: 1/12 of annual salary/benefitsTraining: 1/10 of annual salary/benefitsAttaining satisfactory performance: 1/4 of annual salary/benefitsAttaining superior performance: ½ - 1x of annual salary/benefits
- Under “defining what your are looking for there are two critical factors: Defining what the job is and why it is “mission critical.”Finding the person who can and will do the job.Based on this, what does the person look like who will do the job?Nancy Stoll’s story…Moral: you may have an image in your head what this person should look like. But you need to define exactly what the person needs to be able to do the job (skills, knowledge, and attitude). If the person has the knowledge, skills, and most importantly attitude, how much does it matter what they look like?
- The second area that can help or hurt finding that great employee is the process of advertising the position. There are so many options: Family/friend referrals, Professional referrals/networking, traditional want ad, social media, recruiters, job boards…Potential pitfalls include…Referrals: if family/friend, do you “owe” them and therefore may be forced into taking someone on who is not really a good fit.Professional/networking referrals: will you still feel obligated to take a look at someone who probably is not a good fit?Traditional want ad: will the candidate you are looking for see the ad? What are your likely demographics?Social media: DittoRecruiters: how do you make sure they are legit? Anyone can call themselves a recruiter. And there is a finder’s fee.Job Boards: again, $$. And you will be swamped with applications, most of which will not be what you need.
- So now you have a huge stack of applications/resumes…You are looking for both quantitative and qualitative indicators that the applicant can do the job based on the job description you developed. Past performance = future potential!Quantitative:Years relevant experienceProduction (if important to position)Skills matchQualitative:Appearance of documents (neatness counts!)Spelling/grammarIndicators that person has put effort into application e.g. has name of hiring manager in cover letter, mentions specifics of job and their qualificationsTells you what they can do for you vs. what they want
- Many questions about interviews focus on what you can or can’t ask…what’s legal, how to prevent lawsuits, etc. Most employers know not to ask about personal issues (age, marital status political/religious beliefs etc.) There are many questions that you can ask, and it’s important to know how you should ask them.Give overview of behavioral interviewing…questions targeted to specific position that get at both skills and attitudes. Examples:Work alone or as part of a group?When you made a mistake, how did you address that?When a co-worker made a mistake that affected you, how did you address that?If specific physical requirements, ask how often performed in previous positions?
- You’ve convinced yourself that you have made the right decision. But…how can you make sure the new hire feels the same way?What do you need to do to make the new hire “stick?”Send a small informational packet, including company mission, vision, values, key contacts. High-end: welcome videoPlan ahead to make sure all needed equipment/supplies/workspace will be availableEnlist at least one employee to be the new hire’s mentor and connect them before Day 1.Org chart – no. Why? Only gives information about formal structure not about how the new hire will interact with the organization.Better: where does communication/information/work come from and where does it go? Map communication/information process so that the new hire sees how they are connected and how their work impacts others.Shirley Washburn’s story…make sure they understand why their job is “mission critical.”
- But wait a minute…we hired this person because they can do the job???Yes they can, and they also need to learn how things work in your organization.So you need to set learning and performance goals. At the end of 30/60/90 days the employee should be able to…AccuracySpeedIndependent work without coaching/feedbackTotal productionEtc…If not directly supervising, make sure direct supervisor knows what goals/expectations are and sets up schedule to review.Be specific in what you promise and clear about what you cannot promise.Susan’s story re: temp to hire. What does “get a raise” mean?