The pandemic has forced many Canadian businesses to resort to remote hiring and hybrid work methods. While adapting to the New Normal and fighting the Great Resignation simultaneously, your prime focus should be on getting more bang for the buck from all aspects of your business, most importantly recruiting.
Now is a pivotal time for businesses to review their recruiting decisions and strategy. If you are a business owner or someone in one of those key positions, you know how painful bad recruiting decisions can be, especially when you hire for manager/lead roles. A High ROI Recruiting Strategy is your solution to Mis-hires, the Big Quit, frequent terminations and the Snail-paced business growth.
What is High ROI Recruiting
High ROI recruiting is hiring top talent (A-players!) with high human capital for the key positions in a business and thereby achieving business goals faster. Human capital is the overall economic value of an employee’s efficiency, experience and skills. So, how do you do all this? With the help of a bulletproof recruiting strategy built based on your business goals.
Book a free 30-minute recruiting strategy session with our recruiting expert now!
Creating a High ROI Recruiting Strategy
Hiring for running a business and hiring for business growth are two different things, and a High ROI recruiting strategy focuses on the latter. Creating an efficient recruiting plan takes a lot of effort and research, and it starts with finding answers to FIVE key steps – WHAT, WHERE, WHEN, WHO and HOW.
Step 1: WHAT are your long-term goals?
Huddle with your key members and discuss what your business goals are. Envision the epitome of your business success and list your goals one by one. It could be 10 million in profit in 365 days or being the industry leader in 5 years; whatever that dream is, make it your goal to hire for it.
Step 2: WHERE do you need new employees?
Identify the key positions that drive your business and understand where you are lagging behind. You need high performing, natural leaders to spearhead each of your business processes.
Eg: Hiring an A-player as your Marketing/Sales Head would fetch you more leads/customers.
Step 3: WHEN to hire?
Prepare a recruiting calendar and queue up each hire based on your immediate goals. Before you reach the hiring dates, prepare yourselves with all necessary recruiting tools like a good job description, score card, competitive compensation plan, and an attractive incentive plan if applicable.
Step 4: WHO do you need?
Understand who you need to hire for each of your key positions. Identify the competencies of an ideal candidate with an A-player mentality.
Qualities of an A-player
How do you identify an A-player? Look for these traits:
- Natural leader
- Problem solver
- Quick decision maker
- Likes challenges
- Resilient and never takes No for an answer
- Can do attitude
- Perform better under pressure
Why A-players
A-players have the right skill set and the best mindset to thrive under pressure. A-players prefer working with other A-players and are not afraid if anyone may surpass them; instead, they keep each other motivated, challenged, and engaged.
Benefits of High ROI Recruiting
If you neglect recruiting and do not consider it an element that drives business profit, you are making a huge mistake. With a High ROI Recruiting plan, you can overcome most of your workforce challenges and accelerate your business growth.
- Have A-players at the driver seat of each aspect of your business
- Get all your departments to work with maximum efficiency
- Put your business in hyper-growth mode
- 10x the sales if done right
- Assemble a dream team who can hit it out of the park from DAY ONE
- Achieve your business goals faster
- Have a systematic, continuous, successful recruiting process that drives ROI
HR Covered – A case study
HR Covered helps small businesses, and like any small business, we hit a rough patch during the pandemic. We used a High ROI-based recruiting strategy as our escape plan.
The result? We went from 0-to 80 employees in 14 months and increased our sales by 10X! Our High ROI recruiting plan saved the business and increased our revenue by a whopping 950%.
Apple Inc, Steve Jobs, and A-players
Steve Jobs, the founder of Apple is renowned for his creative brilliance in designing new products. He applied the same amount of brilliance in designing his team too. Steve was known to have agreed with the famous principle “A level people hire level A people, B level people hire C level people”. So he hired A-players, nurtured them and did the impossible – make Apple the World’s leading smartphone manufacturer.
Steve Jobs once said: “I noticed that the dynamic range between what an average person could accomplish and what the best person could accomplish was 50 or 100 to 1. Given that, you’re well advised to go after the cream of the cream….A small team of A+ players can run circles around a giant team of B and C players.“
He believed recruiting was the most important thing he did and knew it was all about the people. Steve made sure that his employees fell in love with the company. Because he believed that if employees loved the company, everything else would take care of itself.
The theory of Steve Jobs and our HR Covered’s case study second the fact that A-players are key to business success irrespective of the business size.
Nurturing Employees
A strong ROI Recruiting Strategy doesn’t end with hiring. It is a continuous process that involves nurturing the employees by providing them with the space to grow along with the business. You must give your employees a place beyond work, a place they can call a second home. Make your employees fall in love with the company and have them stay. So how can you retain your A-players?
- Create a workplace with an inclusive culture
- Provide competitive salary and benefits
- Have an efficient onboarding process
- Have an HR to address issues (the least outsource your HR)
- Provide opportunities to grow
- Ensure work-life balance
- Support hybrid work roles
- Train your employees and help them upskill
- Build a reputation by leveraging employee reviews
Retaining your A-players are essential to ensure maximum ROI on recruiting.
Time to think differently
These are tough and unprecedented times, and a High ROI recruiting strategy is your escape from the great resignation and ongoing economic crisis. So imagine if you could have a team of A-Players operating your business!
- Top Sales people selling more
- Top customer service people creating the optimal experience
- Top operations people keeping everything running smoothly
Your financial outlook would be a lot different with these key positions performing at the highest level.
If you are a small business struggling with recruiting, and you need help, we got you covered. We are giving Canadian businesses a free 30-minute One-on-One ROI Recruiting Strategy Session with our Recruitment Experts. Book your spot now for a radical overhaul of your existing recruiting strategy.