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Effective Hiring Practices: 360° Hiring
May 20th, 2010Effective Hiring Practices:
360-° Hiring: Hiring for Long-term Success
How many times have you made the “wrong hire”? Have you ever had to fire someone, or have him or her quit, within months (or even weeks!) of the start date? Regardless of the reason—have you ever actually calculated the costs of turnover? Dr. Brad Smart, in his book “Topgrading” did. He calculates that for someone with a base compensation of $100,000 or less, that the cost of leaving is 14 times salary! The higher the pay scale the more dramatic the problem: the cost of leaving increases to 24 times salary when all salary levels are included.
What can you do ensure hiring success? The Collaborative recommends what we call 360-° Hiring—a proven approach that minimizes the risk of a mis-hire. This is a six-step process that ensures a complete candidate evaluation and alignment with the position.
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