READER’S POLL: Are Poor Hiring Practices Causing You to Lose Sleep/Money?
Businesses all over the country are experiencing labor shortages. While this may be the effect of things beyond the business owner’s control, adhering to best-in-class hiring practices could mitigate the strain of a labor shortage and many other common employee-related pain points. With that in mind, how have your own hiring practices influenced your own business? Have you built a cohesive and productive team? Do you experience high turnover rates? What does the interview process look like? Is there a detailed and written onboarding process? See how you stack up compared to your peers with this month’s reader’s poll.
Are Poor Hiring Practices Causing You to Lose Sleep/Money? |
If you answered…
“My business is a revolving door of employees that just don’t seem to work out. I’m at my wits end!”
If you’re constantly hiring new employees to replace those who quit or otherwise don’t work out, you’re likely putting a band-aid on a situation that requires surgery. This could be a symptom of a larger set of problems, ranging from your business’s workplace reputation and compensation to leadership problems and a failure to develop team members for advancement. Whatever the issue, it’s important to assess and address it quickly. High turnover can create poor customer experiences and can cost the business a fortune through, hiring and training new employees.
“It seems that every new hire is a gamble. They’re either a great addition to the team or a total bust. I wish I knew how to separate the wheat from the chaff during the interview process.”
This could be a sign that you need to revise your interviewing and onboarding process. Sometimes, you may be hiring the right person but placing them in the wrong role. On the other hand, you may find that your onboarding process is too complicated or that it has holes, leaving new hires frustrated and confused. Compare your practices to this checklist to see where you might improve your practices and start building a great employee team!
“Over time, we’ve refined our hiring process to attract and hire top-tier talent that adds value to the team and my business.”
We are thrilled to hear that you’ve created a hiring process that has enabled you to put together a truly great team. As business owners, we understand what weight is taken off of your shoulders when you have a team you can count on. But don’t grow complacent! There is always room for personal and professional development. And don’t forget to lock your team up with the “golden handcuffs” of a great employee compensation plan.
As always, the Financially Simple team is happy to help you review your hiring and onboarding processes. We want to see you succeed at turning your vision into reality. Let our team’s experience work for you!