One of the common philosophies of Talent Management is “Hire Slow, Fire Fast”. But sometimes this is not the best approach to attract and develop great workers.
“Hiring Slow”, for example, reflects the need to be diligent and methodical in a candidate search. Oftentimes, however, high quality candidates are being recruited by other organizations and will accept another position if a company does not move quickly. In addition, high performing candidates are interested in joining an organization that is able to make timely decisions after obtaining and analyzing all relevant information. While a thorough hiring process is prudent, utilizing a quick and efficient vetting process will help minimize the loss of quality candidates to other employers.
“Firing Fast” refers to quick decision-making when an employee is not meeting expectations. However, some talented employees may need a change in role or require some coaching or development to excel. Taking time to dig more deeply into an employee’s unique skills and motivators can sometimes lead to a better way to utilize the employee, which can provide considerable savings of time and cost for the organization.