The negative cost of employee turnover, and the positive value of employee retention, cannot be overlooked. Especially when it comes to sales and marketing talent. As Jim Collins outlines in his bestselling book, Good to Great, it’s critical to select the right people for the right role within your organization. You have to give them the right “seat on the bus.”
The cost of making the wrong hire is significant. Not only are there dollar and time costs to advertising a position, there are screening, interviewing, reference checking, on-boarding and training expenses. Then there’s ramp-up time for the new person to become productive in their new assignment. If that assignment is in marketing, their creativity and productivity can have an indirect effect on revenues. If they’re in sales, it can have a direct impact on revenues.
One of the biggest costs of a wrong employee is the culture cost: one bad apple can spoil the whole bunch. Or the damage can be to the new hire, who when it’s discovered they’re not the right fit, may have lost months or years of a productive career advancing time in the wrong field.
A survey by Leadership IQ reveals that 46% of all new hires fail within 18 months. This makes this issue a significant problem. With your organization’s trajectory and revenue, plus the departing and new employee’s future job satisfaction and career path at stake, what’s the solution?
One problem with listing all the skills, experience and education required for a new position is that it leaves out important cultural and attitudinal factors that can determine a new hire’s long-term success within your sales or marketing department. In other words, hiring disappointments usually are not related to skills, experience or education. Instead, it’s often related to attitude.
How do you discover and factor in these often hidden characteristics and attributes that impact the success of your hiring decision? Using temperament and core values assessment tools, VBI professionals help you create an ideal profile for the position you wish to fill. There are five critical steps.
- Before any interviews are scheduled, new job applicants complete an online assessment that is measured against the ideal profile.
- We help you create a position description.
- Then we help you reduce the applicant list to an ideal candidate list from which interviews are scheduled.
- After the interviews are conducted, we help you make the final selection and job offer.
- And finally, we help you create and execute an enriching, inspiring onboarding process.
At Value Based, we’ve researched and selected the best behavioral assessment tool to help you identify the right person for each role within your sales and marketing departments. Our assessment is highly effective at discovering and predicting an individual’s current and future job performance, satisfaction and fulfillment.
So if it’s new or different people you need, we start there. Our people work alongside yours to advise and implement best practices and processes to source, screen, interview, select, hire, onboard and ramp up the individuals with the right stuff for each job.
It’s clear there are direct and indirect monetary impacts on any organization’s hiring decisions. Those that do it right take the time to build a process and support it with proven best practices. Then they consistently follow the process, making adjustments and changes as needed.
Research shows that employees who are the right fit for their positions are 2.5x more productive, stay longer, and foster a positive environment for others who are engaged in the success of the company.
The companies with a process and best practices to attract, select and onboard “right fit” employees will continue to win the competition to employ top talent.