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Hiring Decisions Miss the Mark 50% of the Time
(October 7, 2008) First of Its Kind Study Reveals Experiential-Based Selection Techniques Improve Recruiting Outcomes
Organizations or their new hires regret their hiring decisions 50% of the time, costing the average organization millions in the way of lower performance, less engaged new hires, and higher turnover. The Recruiting Roundtable, a division of the Corporate Executive Board (NASDAQ: EXBD) publishes the first study of its kind in quantifying the negative impacts of poor selection decisions in hiring employees. The study details several contributing factors, including that 40% of new hires report the information they received about the job when they were applying was less than accurate. Overall, only half the time will organizations and new hires achieve a win-win outcome where both agree that they made the right decision.
"Given the high cost of early career turnover, organizations cannot afford to make the wrong hiring decisions," says Senior Director Donna L. Weiss. To save millions, the Roundtable aims to help organizations reach that win-win outcome closer to 100% of the time. After analyzing data from more than 8,500 hiring managers and 19,000 of their most recent hires, the Roundtable identified three important reasons organization fail to consistently hire high quality candidates:
(1) they over-rely on candidates describing themselves rather than having them demonstrate what they can do,Based on detailed quantitative analysis and over 100 interviews, the Roundtable has identified 10 key strategies that organizations can deploy to improve their selection processes. One recommended approach is to move beyond the traditional selection process to include an experiential component to the process. Weiss adds, "By providing candidates with an experience that is either 'on-the-job' or that is key to job success, organizations can better observe a candidate's capabilities and a candidate can get a better sense of what the job is really like. This is one way to drive to more win-win outcomes."
This study is one of many published by the Recruiting Roundtable to serve as a source of innovative ideas and answers to many of the immediate business problems that organizations face. The Roundtable comprises experts providing best practice solutions with research and tactics to optimize process implementation and save organizations millions of dollars.
About the Recruiting Roundtable
The Recruiting Roundtable provides research, training, and tools to help recruiting executives and their teams make decisions that achieve the highest return on their investments. Roundtable services address key recruiting challenges in areas such as recruiting strategy, sourcing, candidate assessment, diversity management, employment branding, onboarding, outsourcing, metrics, workforce planning, among others. Additional information on the Recruiting Roundtable can be found at: www.rr.executiveboard.com.
About the Corporate Executive Board
The Corporate Executive Board (NASDAQ: EXBD) provides analysis and authoritative guidance to the world's most successful organizations. With a member network of over 80% of the Fortune 500, the Corporate Executive Board delivers indispensable resources for timely decision-making on all issues related to strategy, operations and general management. For more information, visit www.exbd.com.
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