This course has given me a lot of insight on the hiring process and the importance of being able to source and select “A Players” when it comes to hiring. One of the most important things I have learned, is that hiring the wrong person for a position or multiple positions is not only financially costly, but can also cost a lot of wasted time and can diminish the reputation of the company. Having a strong plan for how a company is sourcing and selecting employees is crucial to the overall success of the company, more than some people may think. It is generally believed that hiring the wrong person can cost up to 30% of their first year salary along with other costs associated with the onboarding and training process. Low productivity and turnover will negatively impact a businesses performance overall. This is why it is incredibly important for the hiring process to be as in depth as possible, especially when it comes to upper level managerial positions that will have a large impact on the success or failure of a business. The interview process should be carefully thought out and consistently executed. It is also important to have some sort of test selection process for candidates to go through that is successful in separating high and low performers for the position that they are interviewing for. The more time and thought that is put in on the backend when it comes to sourcing and selecting “A Players” will lead to more time and money saved in the long run, and I think that is the most important lesson to keep in mind. No company will hire the right person 100% of the time, but being able to follow this process and increase the success rate of hires will make a huge difference.
