Hiring Secrets of The Most Successful Companies

A successful company not only has growing revenues, but it also boasts of a brilliant workforce.

Many large global businesses have futuristic hiring strategies that prioritize financial security. For instance, Mars, a multinational manufacturer in the US, boasts of having its salary structure among the top 25% in the industry. Knight-Swift, the trucking company valued at $5 billion, has more than 28,000 employees, who are happy with their salary structures.

But, is offering high remuneration the only way to hire talent?

Here’s the catch - While 89% of business owners believe that their employees switch jobs because of wage issues, only 12% actually do that. About 87% of millennials seek career opportunities for growth and development besides a lucrative pay scale.

Read: Millennials Care About These 8 Things at Their Workplace - Are Your Offering Those?

For example, apart from high salaries, Mars also offers lucrative health and welfare packages to all its employees. Besides general sickness and death, their financial security packages include short and long-term disabilities, free life insurance, and many more.

Likewise, other successful companies have their hiring secrets.

If you want to up your hiring game by taking ideas from such industry biggies, here are some best practices to follow -

Preparing for the hiring season

Rigorous hiring If you expect the best, you may need to put in a little more effort than the rest. It holds both for the employers and potential employees. According to the Intertech CEO Tom Salonek, a rigorous recruitment process is integral to ensure A-grade hires. Several technical assessments, personality tests, and face-to-face interviews may ensure the best hires. It will be expensive, but Salonek opines that it is still better than 'bad hires'.

Delegating responsibilities If you are a business owner, you may take the help of the staffing agencies to widen your reach. It also cuts down the responsibilities of the internal staff, as the staffing agencies do all the screening work. All you have to do is offer probationary positions to the selected candidates. It aids in the final evaluation. If they manage to impress, you can take them on board.

Posting jobs online Posting jobs on recruitment platforms online helps widen your reach. Even the staffing agencies may do that. It reduces the costs of initial screening, which is done based on the resumes. Studies show that among 250 resumes that every company receives, only 4-6 are called for the interview to finally select one candidate. Posting jobs with clear job descriptions can help in getting relevant resumes saving the resume screening time for hiring managers.

Read: Tips to Write Job Descriptions That Will Attract the Best Candidates

Offering additional perks Offering a higher wage may not always work to attract the best professionals in the industry. You may have to give additional perks to your potential employees. About 46% of US professionals say that health insurance is a driving factor in choosing a job. Other benefits can be employer-sponsored training and mentoring sessions, growth opportunities, internal promotions, etc.

During the interview process

Seek smart people Successful businesses with a vision typically go for intellect and smartness while choosing candidates. Daymond John, the CEO of FUBU tends to hire people smarter than him. He feels that age, experience, or reference do not matter when it comes to agility and intellect.

Prioritize attitude over skills During the interview, see how the candidates react and if they can maintain composure. Liz Wessel, the CEO of WayUp, feels that asking the interviewee hypothetical questions about critical situations help test their patience and calmness. In startups, one may need to face difficult situations and handle them carefully and calmly. Hence, one needs to consider the crisis-management abilities of the potential candidates during the interview.

Ask ‘Why’ If you want to get a better understanding of the candidate’s driving force or internal motivation, this may help. Asking questions with ‘Why’ helps them look deep inside their minds to answer honestly. On the other hand, hiring managers can analyze their responses to see if their motivation is the right fit for the job. For example, if a candidate is only interested in making money, they may switch easily on getting a better offer. Financial motivation is necessary for an individual, but the company requires more.

Ensure cultural fit While hiring managers mostly focus on skills and experience, cultural fit is equally important. If the candidate isn’t sure of joining, they may not be the best option for the company. To ensure a good cultural fit, the hiring managers need to focus on their passion. If working in your company is their dream, they will be ready to go the extra mile. But if you are just another option, it may be evident from the dry and non-passionate responses.

As Jim Collins has rightly said, “Great vision without great people is irrelevant.” Strategies are irrelevant without an incredible team to execute those. We hope these pointers help you fine-tune your hiring strategies to on-board a wonderful team.

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