12 Things That Great Hiring Managers Know That Make Businesses Thrive

Management Professor Peter Cappelli of Wharton claims that “Businesses have never done as much hiring as they do today. They’ve never spent as much money doing it. And have never done a worse job of it.” But how can that be? Aren’t the old adages of ‘practice makes perfect’ and ‘quantity produces quality’ true in hiring? Perhaps not.

The fact is that recruiting and hiring talented people for your organization has never been more complicated, costly, time-consuming or important for your business’s success. Employee job satisfaction, organizational performance, profitability, marketability, and growth are all the result of sound recruitment strategy and great hiring practice.

But hiring is more difficult than ever, and the impact of both good and bad hires has never been bigger. According to a Glassdoor study of 84,000 interviews in 25 countries, the average length of the hiring process took roughly 24 days in the US, while jobs in Energy, Utilities, Tech and Defense are likely upwards of a month.

Making matters worse, and putting greater pressure on the Human Resource Departments, Internal Recruiters and Hiring Managers responsible for getting hiring right is the fact that, “Hiring talent remains the number one concern of CEOs in the most recent Conference Board Annual Survey and is the top concern of the entire executive suite”, according to a Harvard Business Review report.

Add in the fact that statistics presented by Leadership IQ show that the Overall Failure Rate for new hires within the first 18 months is 46%, and the cost of each new hire comes in at a US average $4,425 per job according to the Society of Human Resource Management, with that number being excessively higher for managerial roles.

Also, it costs one-third of an employee’s annual salary to hire someone to replace them based on a 2017 Employee Benefit News report, making the replacement cost of an employee earning a median salary of $45,000 a ...

Continue reading