The simple answer is to start hiring the right people. Common sense but easier said than done.
Try to imagine each hiring activity and each step in the recruitment process as one piece of a jigsaw puzzle.
The more pieces (read: hiring activities) that you can put on the empty puzzle board, you will without doubt improve your decision which candidate to select as your first-choice.
Activities in the recruitment process; not some but all please
- Read the resume – and again
- Prepare interview questions based on hiring manager’s brief
- Write your script including the Employee Value Proposition (used to “sell” the opportunity)
- Telephone screening
- Video interviewing
- Two rounds of in-person interviews
- Psychometric and Cognitive assessments
- Reference checking
- Background investigation
- Employment agreement template ready to fill with name, title, starting date, compensation
- Preboarding-must-do (prior to first working day)
- Onboarding programme (starting Day 1)
Internal mobility Number 1 to retain employees
LinkedIn published a report in October 2022 on Global Talent Trends. This year, we are already seeing a slower pace of growth across major economies. Hiring activities begin to ease off the back of the post-pandemic recovery.
Singapore, as an example, have seen hiring rates decline 14% since September 2021. India is down by 18% and Australia by 14%.
In a sample of other countries, it is the same picture that the hiring rate has decreased over the past year.
LinkedIn Head Economist APAC, Pei Ying Chua, says: “Companies that excel at internal mobility are able to retain employees for an average of 5.4 years – almost twice as long as companies that struggle with it.”
Companies in Singapore were among the top three countries globally, that saw the biggest improvement in employee retention among internal movers at the 3-year mark.
The website link to the excellent must-read LinkedIn Talent Solutions report is at the end of this blog.
Pei Ying Chua also says:
Amidst the uncertain global economic climate, it is likely that the hiring rate will continue to decelerate from the historical highs of last year.
Regardless, the labor market in APAC remains tight, with many countries reporting low unemployment rates. As a result, in the coming year, it’s predicted that competition for talent with in-demand skills will remain fierce.
Measure candidate personality and intelligence
One of the most important activities (read: jigsaw puzzle piece) that is now used by thousands of small to big companies is psychometric and cognitive assessments of candidates (hiring) and employees (personal development).
Remember, the best retention strategy is to hire the right people from the beginning.
Another argument is that you are not doing your job if you do not hire the right people. Yes, we always thought it was only a mistake when hiring the wrong ones. Right?
The Predictive Index is one of the most advanced cloud solutions that professional companies are trusting when they hire and when they work with HR and Organizational Development.
By Tom Sorensen
Managing Partner of Tom Sorensen Recruitment Co., Ltd.