On “Let’s Make a Deal,” contestants have to choose between Door #1, Door #2, and Door #3. If they choose wisely, they could drive home in a new sports car, or pick up a big pile of cash. But an unlucky guess sends them home empty-handed.
In today’s workplace, there are also three “doors.” Each one represents an opportunity for your company to impact the performance and retention of your people. You have to understand what’s “behind” all three doors to better attract, retain, and advance employees at all levels.
Door #1: The Selection Process
Naturally, your first opportunity to evaluate a job candidate is during the selection process. Doing this right takes time.
According to an SHRM Study reported in USA Today, 63% of all hiring decisions are made during the first 4.3 minutes of an interview. But there’s no need to rush this process! In fact, the most thorough selection process imaginable costs less than hiring the wrong person for just one day.
For recruiting, we always recommend using a benchmark tool like Profile XT for Job Match. You can use your top-performing employees as benchmarks to identify the skill sets and personality profiles that will be a good fit for your company.
Door #2: The Right Fit
Even after an employee is hired, it’s essential to regularly evaluate their “fit” with your company. According to the Harvard Business Review, “It’s not experience that counts, or college degrees, or other acceptable factors…success hinges on a fit with the job.”
Ongoing assessments, employee training, coaching and development are all critical to long-term success. It can take time before any problems become apparent. But time really is money, and too many companies waste valuable opportunities and resources on employees who are not performing.
Door #3: The Back Door
“Chances are good that up to 66% of your company’s hiring decisions will prove to be mistakes in the first twelve months.”
— Peter Drucker, Management Consultant
Unfortunately, sometimes an employee simply doesn’t work out. You may try to redeploy a marginal performer to another department and hope for better results. However, the best way to frustrate your top performers is to keep your weak employees. And when top performers leave, you are dealing with another set of problems.
Either way, having to show an employee the “exit” door is a difficult and expensive way to train yourself out of a bad hiring decision. In fact, statistics show that corporate America loses $11 billion a year to employee turnover.
Don’t let your company become a statistic. From the moment a potential candidate walks in Door #1, use all the tools at your disposal to hire right the first time and create a culture of excellence. That way, everyone’s a winner!