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Hiring For The Succession Plan

When a company hires someone who does not succeed, it can cost 3-6 times the amount of the hiring salary. Besides salary, taxes and benefits, there are an immense number of hidden costs related to hiring the wrong person for a key role; from the loss of new business and business in general, to the impact on employee performance, productivity and morale.

When a company hires someone who does not succeed, it can cost 3-6 times the amount of the hiring salary. Besides salary, taxes and benefits, there are an immense number of hidden costs related to hiring the wrong person for a key role; from the loss of new business and business in general, to the impact on employee performance, productivity and morale. A deeper look reveals more impact specifically directed at the hiring manager (ultimately accountable for the failed attempt) loss of reputation amongst peers and staff as well as credibility as a leader capable of surrounding himself with winners. Let’s not forget to mention the risk related impacts when a poor hire
terminates; legal, hr, intellectual capital, unemployment, etc.

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Media from the Wall Street Journal to CNN, “Good to Great”, “Top Grading”,
and hundreds of CEO’s with whom I’ve spoken, agree that one of the top
strategic initiatives of many companies is hiring not only new talent, but also
the right talent. What your internal, external and Management team recruiters
need to understand and embrace is that while there is a talent shortage, growth
oriented companies are demanding more of their workforce, and are unwavering in
their expectations to attract and hire ‘difference makers.’

Companies in tune with the global demand for talent as well as the changing
demographics and psychographics affecting their workforce are painfully aware
of their inability to attract, select, retain and develop the right people on
their own.

All of this means these firms have to make investments in systems and
operating practices that elevate their ability to attract & retain the
best. Companies choosing to leverage their opportunities for innovation,
competition and achievement of corporate objectives know they need to invest in
and partner with industry experts who specialize in building hiring systems and
teams, retention programs and leadership and employee development programs.

Recruiting is where it all begins. There is no employee development program
on the planet that can rebirth a poor manager with poor competencies into a
great leader if they fundamentally do not have the right behaviors, values and
motivations. When then right core traits are present, competencies can be
learned; when they are not present, all the training in the world cannot and
does not make a difference.

This means whoever you select to conduct your recruiting needs to take their
& your profession seriously. Have an
agreement to begin with the end in mind and only select candidates that will
impact the company for the better.

That’s where assessments and behavioral
interviewing can make a huge impact in your ability to position yourself as
masterful in Talent Acquisition. When you take the step and gain the ability to
bring the future to the present and predict what will show up in the
performance review, you elevate your ability to hire right.

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Assessing the candidate starts with understanding
and assessing your firm; your goals and objectives, honing in on your road
blocks. It starts with uncovering and articulating your core values and
rewarded behaviors. You need to identify common denominators of top performers
at your company and then review competency and behavior gaps that you need filled.
Once you and your team have fully communicated where you are going, then and
only then is it appropriate to declare who you need to hire.

Then it is imperative to communicate how the
position impacts the company’s direction, core objectives and values.
Facilitate a discussion about the key performance indicators for the role and
how this performance in the role is measured. If you don’t know, and you are
stuck bring in a professional to facilitate a discussion. You certainly cannot
recruit for a job and successfully fill it with the right impact player if no
one knows what great performance looks like.

Then your job as a leader in the organization is
to analyze the role and ensure that what this role is accountable for doing
directly impacts the performance indicators, as many times when you do this you
will find that the role is doing a lot of things that never affect the
performance indicators.

Most companies know that they lack the skills to
create great job descriptions and core functions, they know they need help,
they know their hiring process does not always work and they know they cannot
afford another mistake, so don’t be afraid to get help if you need it.

The last thing you do, before you list the
requirements for filling the role is talk about the real person you need. Ask
questions like, “If I find a person with the perfect resume and the wrong
behaviors, what is the impact?” Most companies realize and have
experienced the problem of hiring the resume and inheriting a bad apple.

Actually what I am starting to hear more of is;
help me find the right person, who honors the company values and cause great
things to happen, and has transferable skills and I will teach them the
industry.

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Companies who’ve been burned by the right words
on a resume are all too well aware that people get hired for their
experience and or resume and get fired for who shows up on the job.

More questions to ask for determining the who the
ideal candidate is, are:

“So, how would the ideal candidate be
motivated?” By Money. Power. Making a difference. “What would they value?” “How
would they manage people?” Through inspiration, delegation, development. “What
management and or sales style would most work here?” “What would the ideal
candidates thinking be like?” Would they think from a place of integrity,
innovation, common sense, of high level decision making?”

Once you and your team understand who the ideal
is then set a plan of action to go out and find this person; whether you use
your internal team or enlist the aid of an outsourced firm make sure that whoever
is conducting the search is in alignment with your commitment. Be firm about
your selection criteria and follow a systematic selection approach. Don’t compromise
on behaviors, values, motivations or core required competencies yet understand
that skills and experience can be learned by a highly competent, strong willed
candidate committed to the same end game as you. Stick to this process and you will be well on
your way to building your organization with the right people and laying the
foundation for your succession plan.

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