Why Value-Based Hiring Is Important for Your Company

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photo by Awesome Content

45 percent of newly hired employees quit their employment within the first year, according to some research. A better applicant might have been found by half of recruiting managers. These startling figures reflect the depressing truth in light of the current epidemic.

The necessity of recruiting has never been stronger in an age when working from home is becoming more and more frequent. Every company knows how arduous it is to find, acquire, and keep top-notch employees, and they also know how difficult it is to compete for talent.

It is quite tough to find the appropriate people with the correct values for the proper positions. Even though HODs prioritize hiring outstanding people, many companies still see recruitment as primarily the job of the HR department.

The sector has yet to completely adopt accepting shared responsibility for attracting and retaining high-quality employees. Sourcing and putting in candidates isn’t what we are saying. Placement is critical, but so is retention. If turnover rates continue to rise, how will this affect the company’s bottom line?

With our generation’s biggest worry, the feared “Great Resignation,” everyone knows about, we are driven in this direction. An improved method of staff retention and engagement is needed. Hiring people who share the company’s values and outlook on life is one option.

Culture Fit

Many academics nowadays feel that there are five basic characteristics of human personality:

  • Conscientiousness
  • Extroversion
  • Agreeableness
  • Neuroticism
  • Openness

Since its inception in 1949, this hypothesis has been repeatedly confirmed, and new evidence is being added. In most people, these characteristics remain constant throughout their whole lives. As a result, assessing your applicants based on these five characteristics will give you an accurate picture of their character. Each “Big 5” has a different meaning for each organization, department, and function.

As a salesman, you may be required to be more outgoing and open. A doctor may be required to be very precise to practice medicine. Employers will be able to more objectively determine if an applicant is a good fit for the position by examining these features. It’s indeed complex since there’s no globally agreed-upon testing definition. Everybody has an opinion on what works and what doesn’t in the marketing world.

There are several methods to measure these characteristics. From the basic use of a thumbs up or down to the more complex use of color to signify how effectively applicants display certain attributes. To get the most out of such an evaluation, use it with the support of those who know your applicants.

Those who have had the chance to witness a candidate in action can discern their strengths and values. You can learn a lot about potential employees even before you meet them.

Value-Based Recruitment (VBR)

The “value” in value-based recruiting may now be discussed in terms of the advantages of VBR, given that we’ve seen some ways of evaluating these Big Five features.

There is a lot to be said about the name. It’s a good thing. As a result, the recruiting process is bolstered in this way. If a recruiter incorporates these attributes into the screening process today, shortlisted prospects will have an even greater appeal to hiring managers. It is more likely that an employee who is a good fit for the company’s culture would develop into their own and enjoy their job. It’s a fact that creating a stimulating work environment helps increase productivity and raise employee morale.

 Retention. The “Great Resignation” weighs heavily on recruiters and recruiting managers; thus, increasing retention is a top goal.

As a result of a more thorough hiring process, productivity, morale, and employee retention rise; as long as an employee is content at work, there is little incentive to quit. As a result, employee engagement has evolved from a focus on retaining talent to a focus on attracting and retaining talent. In other words, “I have to do this” becomes “I want to do this.”

Companies increasingly believe that organizations succeed when they understand what makes their employees special. They are of this belief. They were created to help firms improve their recruiting processes by allowing them to identify candidates’ skills at an early stage. In addition to external recruiting, the company employs the same philosophy and technique.

In order to ensure that the company’s values are reflected in its workforce, each new employee is thoroughly screened. Characteristics that distinguish them from the rest of the group and how well they blend with the others. Getting ready for work has never felt this “stress-free” in the past. Companies like Google have thrived because of it.

Start Value-Based Hiring

Get out there and start making a difference now that you’re equipped with fresh information and ideas. It takes a few of us to start using these tactics, and then the rest of us will follow suit, making our workplaces more interesting and fun.