Using Assessments for Hiring and Retaining Good People
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Hiring and retaining good people is far better than constantly hiring, training and then replacing them all over again. Discover how using hiring assessments can help you build a better organization pleasing customers and clients.
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Using Assessments for Hiring and Retaining Good People
- 1. Chartcourse.com Gregory P. Smith President Chart Your Course International Inc. Greg@chartcourse.com ChartCourse.com 770-860-9464
- 2. Chartcourse.com Workforce Trends -- Gallup • 86% of business leaders do not have an adequate leadership pipeline • 79% have a significant retention and engagement problem • 75% are struggling to recruit and attract top people they need • Only 17% feel they have a compelling brand-culture
- 3. Chartcourse.com Employee Retention 60%: Yes, I intend to leave 21%: Maybe, so I’m networking 6%: Not likely, but I’ve updated my resume 13%: No, I intend to stay Source: Right Management “Do you plan to pursue new job opportunities as the economy improves?”
- 4. Chartcourse.com Why Good People Quit Poor match between the person and the job Poor fit with the organizational climate and culture Poor alignment between pay and performance Poor connections between the individual, their coworkers and the supervisor Poor opportunities for growth and advancement
- 5. Chartcourse.com Critical FindingIt Costs Much More to Replace Employees Than to Retain Them
- 6. Chartcourse.com Turnover Costs Vary • Low paying jobs: 16% of annual salary for high- turnover, (earning under $30,000 a year). For example, the cost to replace a $10/hour retail employee would be $3,328. • Mid-range jobs: 20% of annual salary positions (earning $30,000 to $50,000 a year). For example, the cost to replace a $40k manager would be $8,000. • Executive jobs: Up to 213% of annual salary. For example, the cost to replace a $100k CEO is $213,000.
- 7. Chartcourse.com Cost Per Hire Departure Costs Downtime, exit interviews, administrative time to terminate benefits etc. ? Replacement Costs Advertising, screening, interviewing, hiring, background checks, recruitment costs, uniforms etc. ? Training & Development Costs Orientation, training time, time taken away from management. ? Lost Productivity Overtime, lost sales etc. It may take a new employee 1-2 years to reach the productivity of an existing person. ? Customer Service Costs Errors, Bad reviews. For example new employees take longer and are often less adept at solving problems. ? Cultural Impact Whenever someone leaves others take time to ask "why?“ Departure of friends, lack of credibility etc. ? Total Cost ???
- 8. Chartcourse.com Client Example: Past 6 Months Cost to replace a $10/hour service employee is $3,328 22 employees departed = 30.6% Turnover Rate Cost of Turnover for 6 months 22 X $3,328 = $73,216
- 9. Chartcourse.com Why are your employees quitting?
- 10. Chartcourse.com
- 11. Chartcourse.com Most interviewing techniques are ineffective We Must Improve Our Hiring Practices
- 12. Chartcourse.com Typical Job Interviews 42% of turnover could be eliminated with effective hiring and interviewing techniques Ira Wolfe Perfect Labor Storm The typical interview only increases the likelihood of choosing the best candidate by less than 2% John and Rhonda Hunter The University of Michigan
- 13. Chartcourse.com Most Interviews are Biased A study of 80 randomly selected individuals who participated in two simulated job interviews, 58% were more likely to be hired and 53% received higher salary offers after their teeth had been whitened Kelton Research
- 14. Chartcourse.com “Get the right people on the bus, the wrong people off the bus, and the right people in the right seats.” “People are NOT your most important asset. The RIGHT people are.” Jim Collins From Good to Great Right People angela
- 15. Chartcourse.com What Do the “Right” People Look Like? How do you know who is the Right person for the Right Job? Every job requires different skills and a different type of behavior style.
- 16. Chartcourse.com Most People Are Hired for their Experience, But Fired for Their Attitude
- 17. Chartcourse.com Assessments provide an unemotional evaluation of a person’s behavior, attitudes, values and talent – qualities difficult to judge in an interview alone. The Missing Piece
- 18. Chartcourse.com Assessments are good for: Selection Placement Development & Coaching Team Effectiveness Engagement
- 19. Chartcourse.com 30% Assessment Results 30% Interview 10% Company Culture30% Background & References 30, 30, 30, 10 Rule Selection Process
- 20. Chartcourse.com RESULT: Engaged Employees Employees who have an above average attitude toward their work and their employer will generate… Deloitte Talent Management Study Job Engagement Customer Satisfaction Scores 38% higher Profits 27% higher Productivity 22% higher
- 21. Chartcourse.com Good employees help businesses thrive • Happier customers • Happier co-workers • Positive word of mouth advertising • Positive reviews and likes on the internet • Healthier bottom-line
- 22. Chartcourse.com Benchmarking the Job Each position has a different talent profile for success The best way to select top performers is to identify and understand the current performers in the same position.
- 23. Chartcourse.com KM GH LC TA TH JTPD RE SI JL JB KI NS JT ER DHKB BM SHMM JB AL CW KD PA NG BDHR KP CS PN MM DKLS CV JE AB LR TH CP BN KO DG MH VM AF BE Turnover Reduced from 30% to 16% Identifying Top Performers Highest Retention Rates
- 24. Chartcourse.com The Best Company Presidents
- 25. Chartcourse.com The cost of using assessments is a drop in the bucket compared to hiring the wrong people
- 26. Chartcourse.com Final Take-A-Ways 1. Measure employee satisfaction 2. Use assessments for hiring 3. Manage Your culture 4. Effective orientation program 5. Hire good managers 6. Get rid of bad managers 7. Conduct exit surveys
- 27. Chartcourse.com Try an online assessment for free http://www.chartcourse.com/free- disc-assessment/
- 28. Chartcourse.com Chart Your Course International 770-860-9464 800-821-2487 info@chartcourse.com Chartcourse.com “Helping Organizations Create Great Places to Work”