When you have an open position that needs to be staffed, you have either of two priorities: 1) You need a pair of hands that can carry the weight of this position right now. The candidate who fits the bill will step into the role, quickly learn the ropes, shift from liability to asset, and start generating high returns on her salary immediately. But you also need 2) a candidate who will generate high returns over the long term. This candidate may not be able to contribute as much during his or her first few weeks…Maybe she doesn’t have the degree credentials or the experience of a more qualified pick. But she has what it takes to fit in, thrive, stay, learn, and grow with the company. And since her annual raises will be calculated as a percentage of her starting salary, she’ll be hired at a discount and the returns on your investment will only increase over time.
If you’re planning in hiring for sustainable long term growth, here are a few considerations to keep in mind.
Look Past Immediate Rewards
Think twice before you hire an overqualified candidate. In fact, err on the opposite side. Overqualified candidates may not stay very long, since they tend to continue searching for a position that matches their qualifications (nobody likes to settle for job that bores them or doesn’t make use of their full abilities). But underqualified candidates may be just as ambitious, just as smart, and slightly more willing to commit to your enterprise over the long term. You’ll be surprised how much loyalty you can inspire in someone by taking a chance on them.
Build a Pipeline
Slightly underqualified but trainable and ambitious candidates can bring high value over the long term…But even better, consider hiring from within. Building a long term talent pipeline can ensure benefits for both you and your employees. While you maintain an active pool of candidates who are ambitious and possess known and proven track records, your employees always have room to grow. There’s always a rung of the ladder just above them, but within the same company. A known employer, a known employee, a proven cultural match, and an established working relationship add up to long term success with minimal risk.
Pay for Education and Training
By sponsoring your employee’s professional development, you’ll inspire their loyalty and also reap the rewards of your investment right beside them. Both parties stand to gain from subsidized tuition or tuition sharing programs, and when you contribute to the growth of your employees, you’re also contributing to the growth of your organization.
For more information on hiring for growth and cultivating your teams over the long term, contact the staffing professionals at CSS.