According to a recent Globe & Mail article, it is harder than usual to find talent because the best people don’t get laid off, and they are also less inclined to leave a secure job. In addition, company expenditures tend to be scrutinized more carefully in unsure times, making it more difficult to receive approval for hiring in the first place.
According to Peter Tingling, associate professor at Simon Fraser University’s Beedie School of Business in Vancouver, “There are a lot of employees who may not like their current employer but they’re thinking, ‘Better the devil you know at the moment.’ When the economy gets better, then they will leave. So those employees are hard to displace if you go and try to recruit one of those.”
In any case, getting it right is more critical than ever.
“When times are tough, mistakes are a lot more costly,” Dr. Tingling says. “To a certain degree, the rate of success is a function of the number of tries. You can improve it, but you’re still going to make mistakes. Everybody does. What managers have to do is correct the mistakes faster.”
In support of making swift corrections, Dr. Tingling cites what former Apple Inc. CEO, Steve Jobs, called the “bozo effect” – that is, the propensity of weak bosses to hire mediocre talent.
Managers should examine the good hires they’ve made: What characteristics and behaviours do these employees possess? In addition, look at the bad hires, and find out what they have in common. Going through this process will help you identify the ideal benchmark for your company, against which future candidates can be measured.
CPSA offers an array of psychometric assessments that can help you evaluate your employees, create a benchmark for success, and screen potential new candidates. Click here for more information, or contact us at SalesSuccess@cpsa.com
to get started.