In today's fast-paced business environment, the pressure to fill vacant positions quickly can lead to costly mistakes. In this episode of Monster in My Closet, hosts Anil Saxena and Morgan tackle the critical issue of ignoring red flags in hiring. They cover long-term negative impacts of compromised hiring practices. Morgan advocates for a thorough vetting process, emphasizing quality over speed, while Anil underscores the need for robust contingency plans and ensuring candidates fit the company culture. Overall, Seeing Red provides practical advice on maintaining team chemistry and avoiding the pitfalls of desperate hiring decisions. Read on to discover their key takeaways and learn how to refine your recruitment strategy for long-term success. These show notes include:
The United States Department of Labor suggests that a bad hire can cost your business 30% of the employee’s first-year earnings.
Takeaways
Impact of Compromised Hiring: Poor hiring decisions can lead to significant long-term costs and difficulties in removing unsuitable employees.
Prioritizing Quality Over Speed: It's crucial to thoroughly vet candidates, even under pressure to hire quickly, to avoid future issues.
Diverse Talent Pipeline: Continuously building a diverse candidate pool helps ensure quality hires.
Behavioral Interview Questions: These questions reveal candidates' true behavior and fit more effectively than traditional ones.
Consensus Decision-Making: Involving multiple interviewers from different roles ensures a comprehensive assessment of candidates.
Contingency Plans: Having backup plans for critical roles can mitigate the impact of unexpected departures.
Cultural Fit and Chemistry: Ensuring new hires fit well with the team and contribute positively to the overall culture is essential.
Continuous Networking: Regularly engaging with potential candidates, both inside and outside the organization, prepares you for future hiring needs.
Avoiding Desperation: Maintaining a calm, strategic approach to hiring prevents costly mistakes and promotes long-term success.
Behavioral interview questions
Behavioral interview questions are designed to assess how a candidate handled specific situations in the past and how they might approach similar situations in the future. For more information see our full blog with over 50 Behavioral Interview Questions. https://www.medusaas.org/post/50-behavioral-interview-questions
The four question Morgan always ask in an interview
What brings you to the job market?
Why [company name] and why [this role]?
Do you prefer working alone or in groups and why?
If you could have any superpower, what would it be and why?
Full Story: Betting on how long a jerk will be employed by a company
There are many books about the cost of Jerks in the workplace. My favorite one is The No Asshole Rule by Robert I. Sutton. When this book came out it was mandatory reading for my IT team. My team knew firsthand the cost of employing Jerks and after years of witnessing and being subject to corporate bullies, we’d taken on an informal, multi-year, “Jerk” case study. In this case study we determined there were key indicators observable in the first few weeks of employment that correlated directly to an employee’s longevity in the company. Based on interactions with certain people and groups we could predict with 95% accuracy (down to the number of months) how long a Jerk would remain employed at our company.
Over the three year study, 20 new-hires were identified as Jerks. Each Jerk was given an anticipated corporate life expectancy ranging from 3 -18 months and tracked throughout that time period. By observing available metrics and comparing our case study Jerks to average employees we could determine a Jerk-cost-of-ownership. Here’s how our data broke down:
IT on boarding activities for Jerks took four times as many man hours compared to other employees and required extra involvement from Sr. Managers and HR officials.
On-going support of Jerks was disproportionate to other employees; Jerks opened 2-3 times the number of help desk tickets as other employees.
Jerks often requested outrageous exceptions to corporate policy, standards, and procedures. We called these “Cut my milk!” requests (see reference section)
Jerks go out kicking and screaming, requiring 10-20 additional days to successfully exit and close up loose ends upon termination.
So how much does a Jerk cost? We’ll never know the full cost of employing these Jerks, but with this sliver of insight from one IT department’s perspective we calculated each Jerk cost the company $131,500. In total, 20 Jerks across a three-year period cost the company $2,630,000. While this case study started out as an entertaining way for an IT department to cope with bullies, over time the data accumulated and the story it told was quite sobering.
Wrap-up
In conclusion, effective hiring practices are essential for building a strong, cohesive team that drives long-term success. By prioritizing quality over speed, leveraging behavioral interview questions, and maintaining a diverse talent pipeline, you can avoid the costly mistakes of compromised hiring. Implementing robust contingency plans and ensuring cultural fit further safeguards your organization from future pitfalls. Remember, hiring the right people is not just about filling roles quickly; it's about finding individuals who will enhance your team and contribute positively to your company’s culture and goals. By following the insights shared in this episode of "Monster in My Closet," you can refine your recruitment strategy and set your organization on the path to sustainable growth and success.
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