Management doyens world over, be they Steve Jobs, David Ogilvy, Jack Welch or Warren Buffet, may have had different philosophies on management and how to run businesses. However, the one element their ideas had in common, is the one most widely overlooked today – people. The fact that people are an integral part of an organisation has been expounded several times over but is something rarely put into practice. When it is however, it has yielded great results, something that organisations from Salesforce to Google can vouch for.
CTC – Cost to company
It would do us good to remember that it is the people who carry forward the mission and vision of a company. Therefore, if people are unhappy, no matter how hard a business tries, the repercussions will be seen. Gone are the days of lifetime employment in an organisation. Today, with a hoard of options available for professional growth and personal development, employees are ready to change jobs at the drop of a hat. This trend can lead to unhealthy amounts of losses for organisations. Studies predict every time an employee needs to be replaced, the organisation may have to shell out ten times the existing salary of that employee. These costs go even higher at CXO levels.
Standard retention measures such as offering a raise, more incentives etc. may be undertaken by the human resources team of the company hoping to retain people who wish to quit in favour of better opportunities or purely by dint of being unhappy. Therein, lies the biggest problem – the cookie cutter approach. Employees are the most crucial investment a business makes, and it is imperative to remember – one size does not fit all – each person is unique with respect to what they stand for, what they believe in, how they work and what they bring to the table.
Hiring the right people
Keeping the right people starts with hiring the right people, and it is the job of talent acquisition specialists in organisations to do so. Remember, a resume will only tell you so much about a person. HR managers need to look beyond the technical expertise and experience of a candidate. It is important not just for a person to be the right fit for a role, but also a job role to be a right fit for a person. A psychometric test can definitely help evaluate the personality traits of a candidate, which in turn may help decipher the strengths that may be utilised and weaknesses that need be worked upon. Not just the IQ, but also the EQ must be taken into consideration before hiring. These will help in solving complex issues such as whether the employee is better with individual roles or roles that involve team work and collaboration.
Interviews are just one way of hiring people. Somebody may be great at an interview, but not really be the right fit, while someone else may fumble about, but be brilliant at their job. A lot can be done pre and post interviews that may help organisations find the best talent. Problem solving, team projects, informal conversations before formal interviews, taking feedback from people they meet outside of the interview zone are all ways one can determine whether a potential candidate is suitable for a role.
Important as well is really getting to know people you’re interviewing. Asking probing, but not personal questions helps determine the moral compass of an individual, something that may differ across organisations. A mistake anyone could make is involve personal biases in a professional environment while hiring. It is never fair to a candidate. Therefore, judgment should be made purely on professional terms. You do not want to hire someone totally unfit for the role, just because they have the same social and religious beliefs as yourself!
Getting there – how to be a great talent acquisition specialist
It is not easy trying to assess people at all times. To have it as a career is in fact, demanding and mentally taxing. However, it is vital to keep learning and growing in the field, and what can definitely help is further education and awareness. Regular management programs are not the only way to go about this and millennials today are finding new ways to educate themselves while working. Initiatives by Indian educational institutes such as The Second Wind (TSW) by Times Professional Learning leave no stone unturned in providing opportunities to managers keen to hone their skills and add value for a more rewarding career.
After all, in the words of the inimitable Jack Welch, “If you pick the right people and give them the opportunity to spread their wings — and put compensation as a carrier behind it — you almost don’t have to manage them.”.