Mitigate the Risks linked to Employee Failure with Improved Recruitment and Selection

Mitigate the Risks linked to Employee Failure with Improved Recruitment and Selection

Jul 31st, 2014

Mitigate the Risks linked to Employee Failure with Improved Recruitment and Selection

Riskope thanks Lindsay Edwards for this contribution

Many companies aroud the world consider the hazards linked to employee recruitment and retention as very significant. Here are some tips that will help you mitigate the risk linked to employee failure.

Understand the need

This involves optimizing job specifications and also being sure that you have a proper understanding of your business needs before you commence the recruitment process. The specifications for the role should make clear reference to the technical skills of the ideal candidate, the character and potential for development. There should also be an appropriate salary, in line with market trends. If the salary on offer isn’t competitive, your business must be ready to compromise in some ways such as providing more training and development for the chosen candidate.

Define the character fit and scale of ambition

Top talent doesn’t mean one and the same for every business even in the same niche. A small growing company will need different types of employees in comparison to a bigger one and as the company grows, the recruitment needs will continue to evolve. A small and growing company will need people that can carry out different tasks, pick up skills very quickly and work well in a disparate team. They should be able to do both their tasks and someone else’s tasks without any objections. Most importantly, they have to share in the company’s growth vision. As the company grows though, processes and procedures take the place of responsiveness and this will affect the output of “small company” individuals.

Look for employees at the right places

Advertising is important because it attracts individuals who are looking for a new challenge actively. However, you also need proactive methods to bring in people who are not actively in the market.

Consider your first task to be finding a recruitment agency you trust and knows your market intimately. If you are looking for Accountancy personnel, place your advertisements with an Accountancy specific recruitment agency – if you are looking for commercial or engineering, consider Randstad or similar.

The more specific you will be in targeting your agency, the better chances of moving your business to the heights you want it to be.

Business Branding

As the years roll by, business branding will continue to assume more importance. How properly your business is branded and presented to the market determines the possibility of attracting the right candidates for your job description.

Effective interview

Many people feel having a list of questions is the best way to go, but this is not always the case. What you need to know is what is expected from the ideal candidate and the core skills he or she needs to have. This should be the basis of your interviews. When this is taken care of, you can take your time to better understand the candidate by examining ambitions, aspirations, how they relax, working style, style of management etc. These are key indicators or how an individual will get along with other members of the team and how they will behave generally, so it’s already part of your risk mitigation program.

Understanding the Risks of Failure

Every business is just a collection of individuals working towards a common goal, and when we examine recruitment through this prism we realise the importance of getting it right first time to minimize risks.

An employee that isn’t the right fit for an organisation will initially lead to increase costs of training, and long term the opportunity cost of a poor vs. exceptional employee becomes one of the most significant costs of your business – and something every manager should keep in mind from the offset.

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Category: Consequences, Crisis management, Hazard, Mitigations, Risk management

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