Reducing the Interview Workload
Copyright 2004
Traditional hiring systems (application, interview, reference checks, selection) are notoriously ineffective in producing quality hires. Not as obvious is the amount of valuable time and productive energy that is wasted on outdated hiring systems. A recent survey of over 100 businesses recently produced enlightening results. Each new hire required interviewing between three and ten candidates, the number of interviews per candidate varied from one to four, and each interview required from one to four managers' participation.
Choosing low to mid-range numbers from each of these responses (5 candidates, 2 interviews, 2 managers per interview), and assuming that a minimum of 30 minutes is consumed in preparing, scheduling, and performing each interview, an astounding ten hours is consumed in a single selection! Considering the additional amount of time expended in reviewing résumés, checking references, and verifying past employment, it's probably safe to say that the process cost the organization a minimum of $500 while preventing several valuable employees from engaging in more productive tasks. If that number does not get your attention, consider that researchers say traditional hiring processes have only a one in eight chance (12.5%) of producing a top performer that will still be with the organization a year after hire.
Compare that system with a strategic hiring system that incorporates assessments designed to increase the quality and quantity of information available to decision makers. Assuming that there are enough applications, and that the organization does not use the "fog the mirror" selection method, a choice may be made not to interview the bottom third (or half, or two-thirds) of the applicants. Richer interviews will result by using the assessment information in concert with the traditional sources of information (application, reference checks, etc.). Using all of these resources, research indicates that the odds of obtaining that elusive top performer who will stay with the organization long enough to turn a profit increase to three out of four (75%). Managers are able to reclaim about half of that wasted time! In a recent demonstration of a strategic hiring system based on the Profile XTTM, an organization was able to expand its sales force by 40 representatives in less than 60 days in order to take advantage of the release of a new product. Nine months later, 86% of the new hires are still employed with the company, and 81% of those still selling are producing at greater than 100% of their sales quota! (Full case study to follow in another issue - watch for it!)
