Good cultural matches leads to higher retention. Develop your team from within.
Today’s #hiring process is all wrong.
Businesses across the board are in search of “experienced hires,” but researchers have found this doesn’t necessarily equate to satisfactory results.
The problem, according to Harvard Business Review contributor, Peter Cappelli, is that “#employers spend so much on something so important while knowing so little about whether it works.”
But one of the reasons hiring has become so hard, he argues, is that #retention has become tough.
This assertion has taken on even more relevance in 2021, with The Great Resignation underway and droves of #workers quitting on a daily basis.
In her story for BBC, Kate Morgan emphasizes how employers have played a big part in why they’re walking away. “Foremost, workers are taking decisions to leave based on how their employers treated them — or didn’t treat them — during the #pandemic,” Morgan writes. “Ultimately, workers stayed at companies that offered support, and darted from those that didn’t.”
This is important because I believe it directly ties into the way we approach hiring.
One of the biggest problems I see leaders make in their pursuit of expanding their teams is focusing solely on filling #jobs rather than holding on to — and promoting — talent from within their organization.
A company that doesn’t keep one eye on #retention and the other on hiring will always be chasing its own tail — attempting to fill-in positions people keep leaving.
Consider these two steps for healthy hiring practices
For me, hiring involves a two-pronged approach. The first has to do with always trying to keep great employees in the company. At Jotform, we’re lucky to have a low staff #turnover with an annual churn rate of only 5%. This is key because I believe a calm, warm, non-threatening environment is massively important for both productivity and #longevity — for new and old hires alike. Because of this, we constantly seek out more feedback from our teams — sitting down with some top employees and asking for their candid thoughts. We also take the time to create an anonymous survey to better understand their needs.
The second part of this equation involves a long-held practice of mine:
Hire slowly + grow slowly
It’s really as simple as that.
Focusing on conscious, deliberate growth over the “hire fast and fire faster” rule that many startup experts adhere to — is what’s helped me build a successful business. Here are some other keyways to approach healthy hiring:
Develop your #team from within
According to Cappelli, most companies are shocked to learn how few of their openings are filled from within. “Is it really the case that their people can’t handle different and bigger roles?” he posits. “The common-sense explanation for this is that few enterprises really know what #talent and capabilities they have.”
Instead of spending significant resources on hiring talent from the outside — encouraging team members to apply for new positions can give your #business a competitive advantage. For one, they already have a strong sense of your organization’s culture.
And two: you’ve spent considerable time developing trust; you know how they #work and what they can bring to the table.
By Aytekin Tank November 10, 2021
Opinions expressed by Entrepreneur contributors are their own.