According to the independent investigative firm, Market International LTD, one-third of resumes contain material omissions or misstatements of one kind or another. Other alarming statistics warn us of the questionable reliability of resumes:
A physical therapist loses her successful practice soon after she hired an over-emotional assistant who had been hiding her tendency to violence as well as her addiction to psychiatric & recreational drugs.
The most common effects of workplace violence incidents on employees include decreased morale, decreased sense of safety, decreased productivity, decreased trust among co-workers and increased stress and depression.
It is estimated that direct replacement costs for a telesales employee range from $75,000 to $90,000, while other sales positions can cost a company as much as $300,000. And these numbers don’t reflect the lost sales while a replacement is found and trained. So how do improve your hiring while reducing your sales force turnover (the US average being 25 to 30%)?
The successful hire is one with a mindset of achievement and results. There is a huge difference between achieving something and doing something. People are either more result-oriented or more action-oriented. And that makes the whole difference. You do not hire people to do things but to accomplish a specific result on a specific job.
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“I have participated in the hiring of maybe 5,000-plus people in my life. So I take it very seriously.” – Steve Jobs.
It is vital to show quite a lot of dedication with new employees, as they can be very sensitive to any lack of care or special attention. Poor orientation and on-boarding of new hires can cost you dearly. According to a study by Mellon Financial Corp., lost productivity resulting from the learning curve for new hires and transfers amounts to between 1% and 2.5% of total revenues. The time for new hires to achieve full productivity ranges from 8 weeks for clerical jobs to 20 weeks for professionals, to more than 26 weeks for executives.
After sending this businessman over 25 very qualified applicants for an executive position, I realized I had made a terrible mistake: I did not suggest that my client fire himself first, as the General Manager!
As a first reason for growing difficulties, HBR cites the lack of internal recruitment, which went from 90% in the seventies, down to 28% today. The instability or lack of loyalty amongst employees has made internal hiring a more challenging issue. Lack of leadership is probably to blame in the back of that, but few CEO’s want to recognize it. The famous slogan “People don’t quit their job, they quit their boss” has apparently never been so true as it is today.