Wow, so according to Harvard Business Review, only 19% of new hires can be considered as fully successful and by the 18 month point 46% are deemed as failures!
So what has gone wrong? Here is our 4 point checklist to help you prepare for success.
1. Did you create a job that is needed in your business and understand how it works and the skills, experience and behaviours you need for the hire to be successful? Did you talk to the business about it and get the agreement of the key stakeholders?
2. Have you created and delivered a robust recruitment process, including a range of well respected psychometric assessments and a well thought out series of interviews to ensure that every nook and cranny of your candidate has been explored? Have you included the right stakeholders in the interview process?
3. Have you introduced your new employee to your company by supporting them with an effective on-boarding programme? I don't mean an HR one that runs through the staff handbook! (Here is some help on on-boarding a new leader https://www.collingwoodsearch.co.uk/executive-search/on-boarding).
4. Are you measuring performance against specific objectives that you both agreed when they joined your business? If not then what makes you think that they are failing? Are you having regular check-ins with them to identify any problems that can be dealt with before they get out of control and you have a disgruntled employee on your hands?
All in all, it is so important for you to prepare your new recruit to succeed in your business. The upfront investment you put in will reap rewards in the future whilst "seeing what happens" will undoubtedly end in failure and be costly.
I am sure you would approach the investment in a new £multi-million piece of new machinery in a very thoughtful and robust way to ensure it works? Well why not treat a new employee in the same way.
Sometimes it happens that a candidate who had the right credentials, seemed to fly through the interview process, and had lovely references turns out to be an unexpected problem after hiring. If it hasn’t happened to you yet, consider yourself lucky, because only 19% of new hires are considered fully successful, according to a frequently cited study, and by the 18-month point 46% are deemed failures. If you’ve been in this situation, you’ve had to face the dilemma of whether it’s worse to be stuck with an employee who can’t handle the work and is damaging to the team, or to go public with the admission that you’ve made a significant mistake. Usually in these situations it’s less costly to make a change, and the sooner you make it, the better.