What is the typical success rate in hiring/promotion? Brad Smart author of TopGrading (and his son Geoff), have found that the typical hiring success rate is 25% – that is.
As Jim Collins said in his book, Good to Great, you’ve got to start with the right people on the bus; the wrong people off the bus; and the right people in the right seats doing the right things. Easier said than done for sure, but this is not optional if you want to build a great company.
Hiring the right person goes a long way when it comes to employee engagement. A candidate’s skills as well as suitability should be examined closely to see if they are a good fit for the well running of the company. We believe the TopGrading approach as detailed in Brad’s book is the best practice for significantly increasing your rate of hiring right. In summary, TopGrading suggests:
1) Begin by conducting a Talent Review – assess your current level of talent in the company.
2) Develop a Scorecard for each position – which includes required position Competencies and Accountabilities (required results & outcomes).
3) Identify your A, B and C players, and then take action quickly with your C players. Begin to build a file of qualified and desirable candidates to join the company (this is called a “Virtual Bench” of available talent).
4) Internally to the company, begin to build core interviewing skills in 3 areas: Candidate Screening, rating as A, B, or C players), and reference checks to identify A Players you would like to hire.
5) Coach and retain A players
Having the right people enables you to enhance your culture, strategy and processes to execute and deliver results.
SeeMetrics Partners can help. Contact Us for more information.
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