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growth Archives - SourceMatch

So you want to grow? Start with recruiting.

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Recruiting is crucial for growth

Talent, what a tricky little thing! It is hard to find, hard to manage, let alone to retain, but truth be told, a company can’t thrive without it. Companies that are capable to hire talented people are more likely to achieve high success rates that in turn translate into financial gains. In other words, talent is money. Therefore, in the world of HR, talent is put on a pedestal and is viewed as a diamond. Chiseled or in the rough, diamonds are a precious sign of prosperity. It is exactly the same with talent and recruiters know it: if they place talent in the company, that company will prosper beyond its means. And this is why at SourceMatch we refined the ways we search for talent because we understand the impact and value it can have for our clients.

So, talent is important for growth. But the acquisition of high performers takes significant effort and expertise. Imagine you hire a very talented professional and you find yourself in a scenario resembling that joke with the gamer arriving in hell: after he wreaks havoc and destroys everything, he keeps asking where the next level is. Talent combined with pride will not lead to growth, it will create chaos. Or think about how important it is to hire people that do not only have potential but also have a sense of loyalty. You most definitely want to hire people who strive to grow in the environment you offer them. These professionals are not only great team players but when they outgrow their role, they ensure continuity by coaching others on their own development. Identifying personality traits that lead to growth-generating behavior isn’t easy. The recruiting process needs to be tweaked in such a manner that it will generate the best fit for your company. Therefore, many companies after encountering all sorts of hurdles in the recruiting process choose to either outsource it or bring in a partner to assist and advise them. Whether they specialize in recruiting consulting or head-hunting, these partners work with a diverse number of client organizations, using and improving their best practices. Unless they do, they become irrelevant for the purpose of their business existence.

Having said that, we should all agree: companies can have significant benefits by working with recruiting companies. We are talking about the experts of the field who are hacking growth through recruiting. Efficient recruiting companies will help you scale up the recruiting process to generate the same level of quality candidates as before despite the increasing number of positions to fill. They will shed light on how to best show candidates what your organization’s values are. They can help you define aspects of HR you didn’t even know existed. For instance, let’s say that you embark on a hiring initiative and three months later you find yourself desperate to find a fit for a crucial position in your company. You are in the midst of organizational growth and you’re not able to move forward because you don’t have the right people in the right positions. And then you come up with the brilliant idea to bring in a partner to assist with the recruiting efforts. The recruiting company has inbuilt HR automation technology used to process information about the labor market faster. Its recruiters are able to build a list of prospective candidates in a fraction of the time you would on your own. Moreover, they create pipelines that allow them to swift through candidates ending up with those that are suitable for you. The right recruiting partner will act as an extension of your team, expanding your efforts and amplifying what has worked, improving what has not and so on.

There are many skills and there are multiple personalities. And to understand how these intertwine with each other is part of a recruiter’s role. When you identify a candidate for your company and give them a job, you expect them to grow with you. But if their personality and skills are not a match then it can be in your detriment. Our team is trained to recognize what matches your requirements beyond just the job description. But these requirements aren’t just related to candidates’ technical experience and need to also encompass behavioral traits and cultural fit. This is why we’ve developed what we call a “360-degrees look at who the candidates are”. At SourceMatch, we use this approach to assist clients with their hiring needs, so that their decision making is based on reliable information. When you want to grow in the right direction you want to have the depth of knowledge to make the right decisions. SourceMatch has developed its recruiting process so that we focus on what truly matters to our clients, which will be different from organization to organization. That means that we reach the best candidates at the right time within the shortest timeframe while making the client’s job significantly more effective. For instance, one of our clients was looking to fill two positions for a Project Manager role. After several months after we placed the candidates, they came back. They said they would like to continue our collaboration, as the candidates we placed were top performers. We knew how to look for those ingredients that would make someone great not only from a hard skills perspective but more importantly, from a soft skills standpoint.

Someone once had a thought: “Great things in business are never done by one person. They are done by a team of people.” It was Steve Jobs, the creator of the mighty Apple. He was on to something and we believe that it applies to all organizations. Engaging with a recruiting company such as SourceMatch is useful because it provides your business and talent acquisition team with a partner. When companies decide to partner with SourceMatch, they instantly have access to a team that’s committed to their growth by identifying the right talent. Searching and hiring talent isn’t about a transaction but about a relationship. Our purpose is to identify the professionals that you need in order to advance your development strategy. As of that moment, it all comes down to integrating them into your organization, vision and especially making it crystal clear how their work contributes to it.

In today’s market, having access to resources can make a difference in a company’s ability to compete. But more than any other, human resources are crucial in the development of those companies that have a clear strategy for growth, innovation, and impact in their market segments.

What is the Greatest Challenge in Talent Acquisition?

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Starting with the recruiter, the hiring manager, and any other decision makers in an organization, the greatest challenge in Talent Acquisition is related to people. Specifically, maintaining a clear understanding of why you are hiring and a human approach to the whole organizational brand, market presence efforts, and recruiting process.

Not doing that, will lead both organizations and candidates to a mere transactional interaction that a) attracts the wrong candidates and b) gives the organization the wrong idea about the recruiting process’ quality.

So how do companies lose grip on what really matters in searching and hiring for talent?

1. Focus on speed and KPIs only – it’s easy to look at numbers and say – we are doing good, but that’s just one side of performance in talent acquisition. A healthy process includes assessing behavioral traits and the candidate’s behavior in certain situations, assessment of skills in terms of real-life examples and situations (and correlated outcomes) when these were acquired or exhibited, and an evaluation of the basic values that are required to have a good cultural fit.  Ultimately, the validation of all of these after 3, 6 or 12 months is what improves talent acquisition. You want to check in on how well you have been selecting candidates, and whether your expectations, observations, and predictions have materialized. Things such as dedication, initiative, and cultural adjustment take time to prove. Pay extra attention to how new hires (last 9 months) react to pressure, high risk or failure.

2.  Superficial screening based on skills only – while skills are an important part in figuring out whether a candidate is a good fit for the organization, it’s insufficient. A candidate’s personality, resulting behavior, potential, expectations, ambitions and motivators, the capability to add value through different perspectives, etc., are all important. In essence, evaluating a candidate is more than mere math. Of course, it’s very useful to quantify all of the above through various assessments scores and different interviewers, but not at the expense of a complete understanding of who the candidate is and what they can bring to your organization.

“We are all born ignorant, but one must work hard to remain stupid.”
– Benjamin Franklin

Some new hires might not have a lot to show for in terms of previous quantifiable results and performance. They bring all of their positive attitudes, determination, curiosity, and resilience to the table. When all interview conclusions and assessment scores indicate a high-potential candidate, despite the lack of experience, be straightforward with candidates about your concern. Let them know that you recognize their value, but that results are an essential part of long term success and fit in the organization.

3. The influx of data, easiness of access to dozens of resumes databases, and growth, by any means, are some other causes of poorly structured talent acquisition. Talent acquisition, beyond recruitment, is meant to create a clear representation in the market of who the organization is, and who it’s trying to attract. In other words, the organization’s brand and what a successful candidate looks like. Failing to paint the right picture in both these areas can significantly affect retention and performance.

If that’s the case you might think all companies might be prone to bad hiring decisions. You would be right! Organizations who intentionally pursue excellence in the recruiting process will attract the best talent in the labor market. It’s the only way to stand out in the crowd of poor talent acquisition practices.

It all needs to start with planning the recruitment process end to end.

  • When an opening is created – understand how it will fit the overall organization, departments or team it’s part of; how it contributes to a company’s or project’s goals; is it meant to be a long term position, and if so what career advancement will it offer; based on past experience with similar positions, there are factors that lead to success or the opposite way – know these before you look for people, etc.
  • How does the job description describe the requirements, complexity, and opportunity of the position? Do you have a clear description of the organizational environment with advantages as well as limitations (i.e. startup vs corporate)? Include factors you know will help new hires succeed. Some may not find themselves in the Job description, and if you’ve done your homework putting well it together, that’s exactly what you want.
  • Do you provide candidates reaching the interview stage an even deeper understanding of the company’s vision, mission and goals? Candidates (future employees for some) like to have clarity as to what they’re getting themselves in. Anything else and you are pursuing a transactional approach to recruiting. When you have clarity about the growth objectives of the company and can portray it clearly, candidates won’t have to wonder what’s their role in the “greater scheme of things”

“To be natural is such a very difficult pose to keep up.”
– Oscar Wilde

  • Be human about it all – treat people with dignity and respect. Every single time. The more you do it, the more natural it will be. That implies the golden rule doing to others as you would expect others to do toward you. If you expect some kind of feedback after an interview, so do your candidates. Do you care to improve how well you control your emotions and anxiety when interviewing? So do they. Include genuine advice to help them for their next interview. If you are hiring someone while making a concession regarding the requirements, you have to be transparent about it so they know what is it that led to your decision.

 

Don’t take shortcuts. Shortcuts become huge further in the recruiting process. Anytime your talent acquisition team takes shortcuts, the organization ends up with a mismatch between people, jobs, and growth potential. That can cost your organization up to 2.5 times annual salaries for each poorly made new hire.

 

Inc. 5000 List – Why does it even matter?

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It’s not every day that we stop and enjoy milestones such as making it on the Inc. 5000 list. It’s an honor. In James Ledbetter’s (editor of Inc.) words: “If your company is on the Inc. 5000, it’s unparalleled recognition of your years of hard work and sacrifice. The lines of business may come and go, or come and stay. What doesn’t change is the way entrepreneurs create and accelerate the forces that shape our lives.” But why is it important? Why does such a list even exist?

All of it has to do with growth. Better products, faster services, more clients, higher quality, improved solutions, and win-win across the board. It’s what drives progress whether you look at the level of macro-economy or the grass roots of small businesses. This is the common denominator that Inc. uses to compile their annual Inc. 5000 list of performance among America’s top private companies. No company on this list has grown by less than 50% and for those that made the Inc. 500 list that rate is of at least 1,000%! Companies that made the list, on average, have grown sixfold since 2014. During a stretch when the economy grew around 11 percent, that’s a result most businesses can only dream of.

Job Creation
The private business sector has a significant responsibility to create jobs that not only benefit its members but also the entire economy. James Ledbetter reinforces that reality, stating that “Only about 12 percent of American companies achieve one-year revenue growth of 25 percent or more. Yet those are the companies that are responsible for half of all jobs created.”

Of course, growth comes with its challenges as it can rapidly lead to Icarus’ fate. It’s tempting to make calculated bets on incoming business and hiring people to deliver. Business leaders need however to be aware that a business can easily outgrow cash flow if it takes decisions based on too optimistic expectations.

Finding and Retaining Talent
By far one of the critical issues that organizations face, talent retention is only one side of the coin when it comes to people. With an official unemployment rate at its lowest in decades, finding candidates has become a headache for many businesses. Fast-growing companies will frequently need new staff especially if they do it proactively to meet demand when it comes. Within this context, many hiring managers make the mistake of rushing to fill jobs and fail to acknowledge the consequences of their decision in the long run. Growth, organizational culture and retention will all be affected in the process. In this type of economy, talented professionals will not hesitate to scrutinize each and every opportunity that they’re presented with which makes workplace culture so much more important.

This is why, SourceMatch recommends a 360 degrees hiring process that allows for an informed selection process that goes beyond a resume. At the same time, the current global economy presents many options and alternatives to the skills gap through remote work and inexpensive international expansion.

Technology
Not the least, the key enabler to fast growth is the acquisition and mastery of technology. Components such as social technologies, artificial intelligence, big data and advanced analytics, IoT, “anything” as a service, the fusion of digital and physical, digital commerce are all contributing to transparent and innovative business models. These no longer just support business functions, but have become the products and services that are provided to customers.

This technology revolution also brings a significant challenge as the speed of advancement forces organizations to find the best professionals to handle new and developing technologies. All of a sudden, technological literacy, programming, and digital communication become some of the most important skills that professionals need to bring to the interview table.

At SourceMatch we believe that finding the best talent is no easy fit, and is key to not just a business’ growth but the economy’s growth.

We are honored to be working with some of the leaders in various industries to help them achieve growth and greatness. Check our Case Studies Section.

Honored to be part of the 2018 Inc. 5000 List!
It is a privilege for SourceMatch to be part of this list. Being recognized for our work means a lot to us. Knowing what we do and helping our clients succeed in their projects is what makes us happy. When it comes to the recruiting process, we are always looking to improve and have great results by placing the best candidates where they are needed!

As an Inc. 5000 honoree, SourceMatch now shares a pedigree with Intuit, Zappos, Under Armour, Microsoft, GoPro, Timberland, Clif Bar, Patagonia, Oracle, Box, Grubhub, and dozens of other alumni that have gone on to become household names. In addition to SourceMatch, the class of 2018 includes powerhouses such as Peloton, Brooklinen, and Popsockets.

Photo credit: Bruno Nascimento on Unsplash