Should You Hire & Fire Fast? Short Answer: NOPE!
RSI’s Precise Approach to Attract, Hire, and Retain the Best and Most Unconventional Talent
Have any of you ever lived and breathed in a company where the motto was: hire and fire fast? I’m sure you have, and I’m positive you’ve experienced the downsides of the approach. We’ve all heard the common reasons for having to move fast in the hiring process, things like:
It’s a competitive job market out there and we’ve got to “go-go-go” to onboard candidates before our competitors get them!
We need to battle for the best talent, and to do so faster is better!
Things can change rapidly with the candidate's employer! They may offer a promotion during the interview process!
If we’re too slow to react we’ll miss out and lose your amazing candidates!
Speed wins in talent acquisition games!
Not filling open roles has serious practical implications on productivity!
The faster we hire, the sooner we realize the contribution from a candidate!
Blah, Blah, Blah!
My experience living this dream has led me to the conclusion that by applying this methodology, the latter is a necessity of the former! In other words, a company has to fire fast as a result of hiring fast. Why? Because the “hire fast” approach often results in positions being filled by candidates who unfortunately have substantial skill gaps as compared to the requirements of the roles, or even worse the new employee is not 100% satisfied with the company and position.
Now, to be fair, if a company’s overall hiring process is archaic and tortuously slow, obviously they should reexamine and streamline their hiring process. Here are a few of the typical trouble spots that result in a slow process:
Limited availability of hiring managers (my schedule’s just too busy)
Not blocking time for interviews, being ready to reschedule, or even being available after hours or before the workday
Not proactively preparing offer letters
However, even if your hiring process is streamlined, I suggest navigating far, far away from the “hire fast” approach. What I recommend is a precisely focused due diligence approach that sacrifices speed in exchange for making sure the absolute perfect new hire is selected.
Sacrifice speed? Absolutely! Don’t place time boundaries on the selection of a new candidate even if it results in you and your team being over burdened with work! Move too quickly and you will most certainly pay dearly for the decision.
The absolute perfect candidate? Seriously? Yes! I believe companies should be maniacal in the development of job requirements (e.g. technical skills, social skills, interpersonal skills, diversity, problem solving skills, creativity, experience, career goals, team player, good cultural fit, etc.) and ensure the new hire meets all of them. All of them? Yes, all of them!
However, let’s not forget one key element in the hiring process, which more often than not is glossed over. When a candidate ticks all the boxes on the company’s check list, that’s great; however, the company needs to forge deeper to ensure what they offer satisfies the prospects needs. Wha-What? But the company is the one cutting a paycheck, right? Yeah...right. Don’t be shortsighted on this element. Remember, you want this to be a long term relationship where both parties continue to invest in each other to realize everyone’s goals, not just the company’s.
I am proud to say that at Right Sized Inventory we have adopted this precise approach as our hiring mantra and it has resulted in our ability to attract, hire, and retain the best and most unconventional talent in the market. Every day I am thankful to be surrounded by such talented people and I look forward to continuing the growth of our family.