7 Effective Ways To Find, Hire and Evaluate Talented Employees

As a business owner, one of your top priorities should be hiring employees who will contribute to your company’s success for years to come. In order to reach the top of your industry and stay there, you must learn how to find, hire, and evaluate great employees.

The cost of hiring the wrong person can be extremely high. According to a well-known recruiter, the true cost of bringing on a new employee is around $240,000. However, if you keep the wrong employee for a few years before replacing them, that bad hire could end up costing you over $840,000 when you consider total compensation, hiring costs, disruption, severance, and other factors.

It is crucial to invest time and resources in learning how to find good employees because your people are an integral part of your company’s success. Even if you follow all the proper processes to hire the right person, you may still end up with someone who interviews well but underperforms. Entrepreneur Eben Pagan advises business owners to “hire slowly, fire quickly” to ensure that you find the best fit for your company.

Strategies For Hiring Top Talent

Relying solely on your instincts is not enough when it comes to finding, hiring, and evaluating employees. You also need to develop the necessary skills and strategies to make informed decisions.

1- Know Your Company Values

Before you begin the hiring process, it is important to understand your company’s culture and values. As a leader, you set the tone for your company and your employees will follow your lead. You need to be able to effectively communicate your vision and values to attract candidates who share your company’s mission and can help drive your business forward.

2- Leverage Your Network 

Leveraging your resources is a key business strategy that involves using the tools at your disposal to achieve your goals. When it comes to hiring, resourcefulness means leveraging your network, including your current employees, mentors, and social media contacts. Encourage your network to share job postings and refer potential candidates. By surrounding yourself with smart, hard-working people, you can build a team of talented employees who will help take your business to the next level.

3- Cultivate Team Harmony

Research reveals that 86% of executives consider poor teamwork to be a leading cause of business failure. This underlines the significance of team dynamics in enhancing productivity and driving profitability. Use the DISC assessment tool to evaluate your current team’s soft skills, personality type, and communication styles, and employ it as a guide to finding excellent new hires.

4- Emphasize Communication Proficiency

Employers prioritize communication skills over all other attributes when hiring employees, according to research that surveyed almost 1,000 recruiters soliciting potential hires on business school campuses. Communication abilities such as public speaking, listening, writing, and presenting rank highest on the list of sought-after attributes.

Why does a soft skill such as communication have such a major impact on how to find good employees? Communication abilities are harder to come by than hard skills like technical knowledge, and they distinguish average performers from top performers.

5- Thoroughly Assess New Hires

Hiring the ideal candidate and bringing them on board is just the beginning of your responsibilities. It’s crucial to ask new hires incisive questions that go beyond the usual queries and to delve deeper into their performance to determine if they meet your standards. Eben Pagan’s daily update approach is a simple system for quickly assessing new hires’ performance.

In his interview with Tony Robbins, available in full length on The New Money Masters DVD set, Eben outlines his methodology for evaluating new hires, including the questions he asks them. Embracing the communication techniques behind Pagan’s strategy is one of the most effective ways to learn how to hire employees.

6- Keep Up Regular Communication

The daily update approach emphasizes that communication with new employees should occur every day for the first 30 days. By maintaining daily contact with new employees, you can identify and solve problems and determine if they are a good fit for your team. At the end of each day, ask your new hires the following questions:

• What they accomplished that day and the outcomes they achieved.
• Any obstacles or challenges they faced.
• Questions they have for you.

By soliciting candid feedback from your new hire, you can identify areas where your training methods or overall operations require improvement. This efficient tool can potentially save you a substantial amount of money.

7- Enhance Your Leadership Skills

A company is only as strong as the psychological and skillful abilities of its leader. Discover your business identity, comprehend yourself more completely, and build a team that can propel your company to success. Create stronger connections, which is one of the most important ways to hire good employees, since building rapport is critical in creating the relationships that hold your company together. Improve your communication abilities to foster a culture of strategic innovation where creativity and problem solving can thrive, leading to satisfied employees who will recommend more top-notch talent to join your team.

Your hiring processes can either make or break your business. When you have a careful and strategic onboarding system, you can build a team that is passionate and cross-functional and, ultimately, poised to succeed.