We’ve all seen it before, the ideal candidate who exceeds expectations on paper and should be the perfect fit for your organization, yet it doesn’t quite work out.
Turnover negatively impacts a company’s bottom line, time, reputation, and resources. There could be various reasons for this, but we’ve found that a value misalignment can often be the culprit.
Values are not just about agreeing to a particular set of beliefs in a document, values guide behaviors and decisions forming a core identity for individuals and organizations. Aligning behaviors and values can be challenging but necessary for getting the right person in the right seat. In this article, we will discuss some of the essential components of value-based hiring, including:
- The Benefits of Value-Based Hiring
- Value-Based Hiring Framework
- Value-Based Hiring Strategy
First things first, a clear understanding of organizational and individual values is essential for developing a healthy framework and methodology for recruiting that can lead to long-term success.
The Benefits of Value-Based Hiring
Employee engagement, well-being, and retention are fundamental for organizational success. Just a few of the benefits of value-based hiring include:
- Team cohesion
- Increased retention
- Higher job satisfaction
- Lower overall recruitment costs
- Longer tenure
- Stronger community
Studies show that hiring, replacing, and onboarding new hires can be extremely costly, especially for smaller organizations. In fact, according to a recent article, 45% of new hires quit within the first year of employment. Fortunately, organizations are becoming increasingly aware of the importance of having a value-defining corporate identity.
Another study by Qualtrics found that up to 39% of workers are likely to leave their job if there is a significant value misalignment. The same survey showed that 68% of Generation Z and Millennial workers say they would even take a pay cut to work with companies with better values.
Value-Based Hiring Framework
To create a comprehensive framework for value-based recruiting, you need to start by mapping out your organization’s values and ensure they are represented in all your internal processes and literature. In order to streamline your recruitment efforts, your organization’s core values must be present in all aspects of the recruiting process, including:
- Job descriptions
- Acceptance letters
- Onboarding process
Value-Based Hiring Strategy
Successful value-based hiring strategies can profoundly impact the overall employee experience, reducing ramp-up time and shaping the company’s bottom line. For example, In Q1 of 2022, Airbnb saw a 70% increase in growth, amassing $1.5 billion in year-over-year revenue.
According to a recent article, Airbnb attributes its success to its values-based hiring strategy. The company’s hiring process is used against its core values throughout all levels of the organization.
Some ways to apply your values to your recruitment process may include:
- Attend training to help map out your values and fine-tune your hiring process
- Adding organizational values in job postings and advertisements
- Incorporating values into your position expectations
- Ensuring candidates referrers have visibility into your corporate values
- Using real-world workplace scenarios to draw out values in the interview process
- Measure employee success against your corporate values
- Utilize assessments in prescreening to measure values
Recruiting That is Different by Design
Last, but most importantly, modeling organizational values is ultimately the best way to attract, retain talent, craft brand awareness, and build a positive reputation. At Titus Talent, we’re changing the game of recruiting. As a Predictive Index Certified Partner, we evaluate the “whole person,” the head, the heart, and the briefcase.
We utilize our unique 4-phase approach called Hire 4 Performance as part of our people strategy to identify values, motivations, and goals to ensure qualified candidates are the right person for the right seat. If you’d like learn the secrets behind this one-of-a-kind hiring process, we invite you register to join us at our next Introduction to H4P course. It’s valid for 2 SHRM/HRCI credits, so if you’re looking to get certified this is also a great opportunity to get credits. Visit us online today to learn more and to save your seat!
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