You just completed a hiring process for a critical position in your company or department. You collected as much information as you could about each candidate to make the most informed hiring decision. You have done your job, now your new team member needs to do theirs and do it well quickly.
This story reflects the hiring processes completed by many companies, but they have forgotten a step that can add significant value to the new team member and company. The most forgotten step in the hiring process is after the hire is made. For your new team member, you know his/her strengths, weaknesses and growth opportunities, especially if you use behavioral science assessments as part of your hiring process. You have all the information you need to create their first- year development plan for them.
Making the right hiring decision is so important. But it is also very valuable to create and implement an individualized employee/leadership development plan for each new hire. During the hiring process, you collect so much valuable information from a candidate. Doesn’t it make sense to use that information to help the new team member succeed and for you to increase the return on your investment in your new hire.
How important is creating an individualized development plan?
Think back to your earlier career moves when you were starting a new job. Remember how overwhelming it felt? Do you remember feeling like you were just put in place, and that was it? Did you ever leave a position because of feeling like you didn’t get the help you needed? The ramp up time can make or break the future for anybody starting a new position.
I would estimate that 75 to 80 percent of the value of the hiring process is in making the right hire. But just think: you can get another 20 to 25 percent of value by creating and implementing an employee development plan for your new hire. Just think about the impact to your bottom line if you could get another 20-percent out of every dollar that is spent on labor and talent in your organization!
Not only is it important, but it’s EASY
Really, it is so easy to do because you already have the information. What were your greatest concerns about your new team member you discovered during the hiring process? Keep their first-year development plan simple by focusing on their greatest growth opportunities. Define two or three areas where you will provide new knowledge or additional training for the new hire. Write these down with completion dates and then review them consistently (monthly) to make sure they are completed.
Some examples for a first-year development plan could include:
- Training on your company’s product line.
- Training to increase emotional intelligence.
- In a new sales hire, training on how to most effectively sell with their natural behavioral style.
The benefits for your company when you remember this simple step in the hiring process are endless:
- You will experience an immediate return on investment from the new hire by reducing their ramp-up time to four weeks versus four months.
- You will increase retention by investing in the team member’s success in his/her new role.
- Your new team member will find it easier to integrate into your company’s culture.
- You will build a high-performance team that will lead to increased sales and profitability.
Can you imagine getting another 20 percent return on your investment in your talent at all levels of the organization. Don’t just hire a person; show each new team member their path to success through a simple development plan. And when they succeed, so will you. Those Who Plan – Profit!