Why get help in making hiring decisions at the manager or executive level?
Many companies make expensive hiring mistakes. Selection and hiring research has shown that most in-company interviews produce relatively poor results in terms of predicting a candidate’s future performance on the job. In fact, the ability to predict an executive’s management abilities in many cases is little better than chance. Research from industry sources also indicates that 30-35% of all executives entering a new position fail and 40% are no longer in the position after 18 months.
Making mistakes in hiring at any level is extremely costly. A poor hiring decision can cost as much as a million dollars or more considering search fees, relocation costs, signing bonus, and loss of team productivity, not to mention outplacement costs and legal fees. Industry experts cite replacement costs for an executive at roughly 150% of the departing executive’s salary. Clearly, hiring the right person for a key management or executive position can make a big difference in productivity and profit.
The Turknett Advantage
TLG has extensive experience in executive selection, and works to validly and accurately assess a candidate’s personal characteristics, social and communication style, decision-making ability, management and leadership capabilities, and to assess a candidate’s fit with the position and the organizational culture. A comprehensive battery of tools is used, and may include assessments that measure personality, values and character, judgment and reasoning, and potential executive derailment.
Assessment through testing is followed by structured behavioral interviews, in which individuals are evaluated on competencies related to the position. While no assessment methodology is fool-proof, our process can help you make a much more informed hiring decision. As an added value, the information we give you on your new hire can help ensure a faster transition, aid in their development, and increase the likelihood of success.
- Job Analysis to determine key competencies for the position
- Leadership Evaluation, which may include online assessments of personality, values and character, work styles, judgment and reasoning, and potential derailers
- Structured Behavioral Interview linked to the competencies of the position
- Feedback to the hiring manager, including suggested follow up interview questions for the internal selection team
- Reduces costly hiring mistakes
- Increases objectivity in the hiring process
- Identifies talent in alignment with organization culture and strategy
- Improves retention of senior hires
- Understanding of the candidate speeds on-boarding
- Mitigates legal risks