Think about what your next big purchase decision might be. It could be a house, a car, a vacation, or even what school to send your children to, or where you will live in retirement. In making that decision, what if you focused on these factors?
- The least expensive option
- The least amount of time involved
- The least amount of work you need to do
Would these three factors result in the best house for you? The most memorable vacation? The school that provides the best education for your children? The most comfortable and rewarding retirement? It might, but it is risky. Why? Because the actual quality of the purchase is missing. The worst car I ever purchased was really easy to do and it took very little time to make that bad decision!
Focusing Our Most Valuable Asset
When asked, “what is an organization’s most valuable asset?” we all sing together, “IT’S OUR PEOPLE!” Yet, when we make the “purchase decision” of the new hire, what do many organizations do? They focus on cost, speed and low effort to acquire. That is in contrast to other big spending decisions organizations make. What should our next IT system be? What should our three-year business strategy be? Where should we move our office to? Think of the time you’ve spent sitting in endless meetings talking about who gets what office and whether we go with software X or Y. Does your talent strategy get that much time? Often not.
Can organizations make quality hires using just the above decision factors? Absolutely. They also make incredibly bad hires using these factors. What is the consequence of a bad hire?
My worst car purchase cost me money, time, and peace of mind. Bad hires cost organizations money, time, productivity and engagement. They erode our culture, distract us from a laser focus on executing our strategy, deplete our resiliency, and prevent us from working at a great company.
Adding Quality to the Equation
Think of a co-worker you admire. One that is productive, engaging, and lives the values of your organization. Did your company just get lucky when they hired that person? If so, how long do you think that lucky streak will last?
Rather, I suggest stacking the odds in your favor. Get assistance with identifying top talent. Get advice on who will be that next great hire. Sure, consider the above three factors by all means. Simply add QUALITY to the equation.
High Speed + Low Cost & Effort + High Quality
= Chance of Making a Great Hire
There are many tools to help us with the quality factor. It can be hard to decipher which tools will help the most and provide the best return on our investment. Here’s my suggestion – which tools deliver business results? What are “business results”? For your organization, it might be reducing turnover, increasing sales, lower litigation costs, improving customer service, increasing innovation, becoming more global, being successful in a major transformation. Every organization is accountable for results and with that, every organization is accountable for providing the resources to achieve those results. Talent is core to that achievement.
Selecting the Right Tools
Once you know what results need to be achieved, decide what tools will support you. Here’s a few tips:
- How important is candidate, recruiter and hiring manager experience? For example, do you want your hiring process to be reflective of your culture? To be engaging? For candidates to say to others, “I learned a lot about that company. I feel good about applying for a job there”?
- How efficient should the process be? Do you want a seamless, integrated experience with your HR IT systems? Do you want results that are easy to understand and use?
- Is the solution effective? Does it result in identifying people who will Stay at your company? Say good things about your company? Strive to accomplish more than is expected?
Making People's Lives Better
I’ve dedicated my career to helping organizations make great decisions on great talent. Aon’s CEO, Greg Case, talks to us about making people’s lives better. That is our ultimate mission at Aon United. My part is to impact your life by giving you the best colleagues to work with. Let’s stack the odds to your favor together!
To learn more about Aon's Assessment Solutions, email us at firstname.lastname@example.org, or download our:
1 Stop Being Deceived by Interviews When You're Hiring by Don Moore, Forbes, February 7, 2012
2 Here’s Google’s Secret to Hiring the Best People by Laszlo Bock, Wired Magazine, April 07, 2015
3 Why Job Interviews Are Like Flipping A Coin by Kristi Hedges, Forbes, May 21, 2015