EO Executives on Aug. 2, 2017
You’ve seen your shortlist, interviewed and hired…what now?
For many of the traditional search firms the work stops once the placement is made, but at EO Executives we know that post placement communication is key for success. After all, how can you ensure a successful hire without following up on how they are getting on in their new role? Sounds like common sense but you’ll find many of the big industry players are ignoring the importance of a ‘post- placement’ process.
To ensure a candidate gets up and running within their new organisation, it is paramount to assess how they are adjusting to their new environment. But where does this continuation stop? To tackle this uncertainty, here are our tips for ensuring a successful placement:
1. Create an on-boarding AND coaching plan
Developing and supporting a robust on-boarding program is key to not only the success of your team but the productivity and longevity of your employees and wider business. Many businesses will face a 60% turnover on new hires in the first 12 months, but what do you expect if you have failed to provide the necessary resources and support?
Typically, the employees with the highest success rate will go through comprehensive and well-thought-out integration into the company. The importance of on-boarding should never be neglected in the hiring process. After all, you cannot expect your new employees to excel or meet targets if you have not provided sufficient support.
2. Keep engaged during notice periods
Keeping engaged with your candidate throughout the process (both pre and post placement) is integral for establishing an initial and long standing impression. Don’t let the candidate forget why they want to work with your business. If possible, suggest an introduction to the office, take them out for lunch or invite them to meet the team. Research shows 76% of new hires believe that socialisation is the most important part of their induction experience, so make it count. If you aligned your values with theirs at the interview stage, make sure you deliver on that alignment promise.
3. Combat the 90-day dip
Once the candidate has settled into their new role and feels comfortable with their new responsibilities, it is only natural for them to lose motivation. Also known as the '90-day dip’ where after 90 days the initial ‘honey-moon’ period wears off and the reality of the new role kicks in; causing a dip in motivation and performance.
A candidate will quickly know if the role/company/culture is not right for them, but they often stay for a year so it doesn’t reflect badly on their CV. In fact, 46% of new hires fail within 18 months and it is within the first 90 days your new hire will decide if they are in this for the long haul.
What causes the ’90-day dip’?
The change in environment can put immense pressure on candidates both inside and outside of the workplace. A feeling of isolation can arise from not having any relationships within the business and the reality of the role might not match the candidate’s expectations. Therefore, it is crucial for both the candidate and client’s objectives to align. To combat misalignment:
1. Create a clear definition of responsibilities and expectations
2. Agree deliverable's for the first 90 days
3. Agree on how this is to measured and reviewed
Recovery from this point can be slow and negligible, leaving both manager and employee frustrated. The challenge during the on- boarding process is to minimise the magnitude of the drop and accelerate the rate of recovery.
At EO we suggest introducing a neutral party (Executive Coach), who can provide a platform for a broader and more open discussion. Both the new starter and client can speak in confidence and work together for success, complimenting your on-boarding programme and generating benefits to both the company and the coachees.
Creating an on-boarding process, such as executive-impact™ is also great for demonstrating your wiliness to invest in your employees; distinguishing you from your competitors.
What benefits will you see?
Invest in your people and they will invest in you. Providing new hires with with the resources to enhance their skills will ensure they get up and running quickly, and deliver the results you want. Unwillingness to invest in the development of your employees, will likely only result in you spending more money on sourcing new candidates.
A 2014 report by Oxford Economics states it costs approximately £30,614 per employee replacement…not ideal when 46% of new hires fail within 18 months. This is commonly made up of two key issues, the cost of lost productivity while a replacement gets up to speed and the logistical cost of a new hire. So, why aren’t organisations working to get better at this?
Most organisations are great at dazzling the candidate but once they get them on board, it all tails off and there is no effort to keep them there once they are in place.
4. Take charge
Typically, in larger organisations HR take the lead in attracting new talent but who takes the lead post placement? Who engages with the candidate and who’s role is it to create an on-boarding plan?
At EO we provide a bespoke on- boarding plan, designed to speed up the integration process and deliver results within the first three months in post. Ensuring a candidate is productive from day one is a priority for us - it’s one of the reasons why we’re able to offer a 12-month guarantee on new hires and achieve a 96% retention rate.
Remember, on-boarding your new hires will ensure you stand out from your competitors and are leading the way in sourcing top talent.