Archive for the ‘Venture Capital and Private Equity’ Category
For any business, there are countless decisions that must be made minute by minute, but one of the most vital choices that your company will make comes down to your employee makeup – who exactly are you hiring to sit at the table?
When taking into account the tangible and intangible costs of hiring the wrong employee for the job, the company expense is immense, easily ranging from $400,000 to $500,000 – and that number can be expected to multiply depending on an individual’s level of management and decision-making experience.
Rarely do we consider the overall dollar amount that is attached to the hiring and firing process, but the expense can be detrimental to your staff, productivity and your overall company growth.
For companies to reach their highest level of success, investment must be made into a strategic and sophisticated recruiting process.Jack Welch stated at the 2012 North Carolina CEO Forum that the team that fields the best players wins – it is about hiring and firing, training, and motivating your people, which then allows differentiation to happen.
Developing the best team of employees must begin with the recruiting and hiring process.
For effectiveness, the process should be conducted by the potential hire’s immediate manager and must include a screening interview to determine if the individual holds the necessary skills and requirements.
