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| MEDIA » ARTICLES |
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| Hiring Leadership Talent: 10 Steps to a Successful Hire |
By Bill Holland
November 2011
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10 Steps to a Successful Hire  |
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Most small business leaders would agree that you can’t gamble when it comes to hiring executive talent. A fifty percent failure rate is often cited for new hires. Fifty percent! That’s a chance number. That’s like making a bet on a flipped coin. With the time and expense involved, as well as business setbacks due to lost productivity, are you willing to make a heads or tails hiring decision?
Risk taking is certainly critical for any business; there’s no room for growth without it. However, when it comes to hiring people to run critical aspects of your business, you can’t afford to gamble. Of course anything can happen and there’s no guarantee that it will work out for certain even if you follow the most rigourous hiring process. But there’s no doubt that making an informed decision tremendously mitigates the risk of a miss-hire.
Small business leaders would agree that talent management is one of the most important investments they can make. Yet, so many organizations lack a dedicated effort in this regard. Talent management takes a back seat to escalating business problems. When there are fires to fight, recruiting, hiring, retaining and developing talent lose priority. The irony is that many problems can be avoided or at least better managed if the right people were in place to begin with.
There are a number of reasons why small business leaders neglect to focus on the hiring process. For instance, there’s no doubt that there are tremendous time, resource and money commitments involved. It’s also likely that they simply don’t know how to effectively recruit or assess candidates. This kind of inexperience leads to decision making based on first impressions and intuition rather than evidence. And even if the hired candidate proves to be a good fight, they might be a flight risk if care isn’t taken to support their success and keep them engaged.
When it comes to talent management, there are many moving parts involved. There are a great deal of details to consider and it’s not surprising that best practices aren’t often followed. The reality is that it will never get less complicated. In fact, it’s getting more complicated as businesses have become more global, virtual and knowledge based. The good news is that small business leaders can take advantage of a wide array of resources to help them understand and carry out the various components of a successful hire.
To this end, we’ve developed a resource to guide small business leaders through the process. On the next page, you’ll find a summary of our Hiring Guide, which includes a discussion of the 10 steps to a successful hire:
Click here to download the 10 Steps to a Successful Hire.
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