How Businesses Should Practice Hire Slow, Fire Fast (INFOGRAPHIC)
Brian Wallace, Founder & President, NowSourcing
While there are always a few people changing jobs, today’s labor market is in an intense state of flux. Last November, a stunning 4.5 million people voluntarily left their jobs in search of greener pastures. The ongoing pandemic has changed how workers think about their jobs. It’s high time businesses made similar considerations. Right now, many businesses are struggling to keep up with the changing workforce. Nearly 3 in 4 employers admit they’ve hired the wrong candidate for a position before. In the rush to replenish a fleeing team member, companies sometimes forget to complete their due diligence. When a company makes a hiring mistake, sometimes termination is the only way to correct it. So the mantra “hire slow, fire fast” is born.
Hire slow, fire fast sounds like a simple philosophy. How does it work in practice? First, let’s clear up a few misconceptions. Hiring slow does not mean companies have to wait for the perfect hire to drop into their lap. If a potential employee fits the general criteria, they can probably be trained for excellence in the role. For most companies, selective hiring is a luxury anyway. The only companies that can get away with overly exacting expectations are those that employees know they want to work for. Big names, big benefits.
On the flip side, firing fast doesn’t mean terminating employees on a whim. It’s natural for new hires to need training or coaching before they can succeed in their role. Sometimes an employee can even improve by changing roles in a company rather than leaving it entirely. The real problem at hand is fit. If an employee isn’t gelling well with their team, the whole team suffers. Hiring mistakes happen; they’re best approached directly and with compassion. Aid their transition where possible, but don’t make a whole team suffer for 1 employee.
The best part about hiring slow is that if it’s done right, firing fast doesn’t have to happen. All hiring slow means is making sure appropriate considerations are made before any new hire occurs. When a vacancy opens at a company, the goal shouldn’t just be to replace whoever left. Instead, companies should sit down and think about their needs and expectations. Make sure the job description reflects current business goals. Recommended skills should be what a candidate needs for long term success. Hire the right person, not necessarily the first person.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked
