Evidence-Based Recruiting: How to Build a Company of Star Performers Through Systematic and Repeatable Hiring Practices - eBook PDF
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Praise for Evidence-Based Recruiting
“In the NFL, the success (or failure) of a draft is manifest: teams receive swift unmistakable feedback about the quality of the players they selected and those they did not. (All nine teams who passed on Patrick Mahomes later got to see him play.) By contrast, businesses often fail to even measure the performance of the candidates they selected, much less compare that to the performance of those they rejected. As a result, terrible ‘draft’ strategies can persist, unchecked, for decades, guided by nothing but tradition and intuition. Evidence-Based Recruiting provides a needed wake-up call for companies who believe—but can rarely demonstrate—that their selection strategies ‘work.’ I recommend it to anyone who cares enough about doing better that they are willing to seriously assess how well they are currently doing.”
Shane Frederick, Professor of Marketing, Yale School of Management
“Having selected CEOs and other senior executives for over 100 portfolio companies, it is clear that you can only produce extraordinary results if you hire extraordinary talent. In this book, Atta Tarki provides important insights and practical approaches to doing just that.”
Jim Williams, Senior Advisor and former Partner, TPG Global
“Talent will increasingly be the main competitive differentiation between companies. Hiring managers can improve their recruiting results by following the evidence-based methods presented in this book.”
Marc Bitzer, CEO, Whirlpool
“One of the most important ingredients to a successful business is recruiting the right talent. Evidence-Based Recruiting provides many important and helpful insights that can help you recruit, develop, and retain a winning team.”
Ron Williams, former Chairman and CEO, Aetna Inc., and Chairman and CEO, RW2 Enterprises
“If you believe that human capital is the key differentiator in driving business success, then this transformational book is your path forward to secure optimal talent.”
Kenneth Svendsen, CEO, Entertainment Cruises
“Recruiting and retaining top talent is a critical part of my job. Evidence-Based Recruiting captures the key strategies I use, while also introducing new ones. An excellent read.”
M-K O’Connell, Managing Director, M2O
“The definitive book on recruiting.”
Inanc Balci, Cofounder of unicorn Lazada Group, the largest e-commerce company in Southeast Asia
EVIDENCE-BASED RECRUITING
HOW TO BUILD A COMPANY OF STAR PERFORMERS
SYSTEMATIC AND REPEATABLE
PRACTICES
TARKI
THROUGH
HIRING
ATTA
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To Ava, Kamran, and Kian—and to all other kids whose names are auto corrected. Stay unique!
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vii Contents Foreword by Greg Hewitt ix Introduction xi CHAPTER 1 Why Bother? 1 CHAPTER 2 Why Now: The New Era of Talent Acquisition 25 CHAPTER 3 How to Improve On-the-Job Success Predictions 41 CHAPTER 4 What Do We Know Works? 53 CHAPTER 5 “Non-FDA-Approved” Methods 77 CHAPTER 6 Beyond “Post and Pray” 105 CHAPTER 7 The Importance of Goal Setting 113
C O n TE n TS viii CHAPTER 8 Setting Your Recruiters Up for Success 123 CHAPTER 9 Strong Versus Weak Evidence 139 CHAPTER 10 Why Do So Many Hiring Predictions Fail? 177 CHAPTER 11 Using a Flawed Instrument to Make (Im)Perfect Predictions 199 CHAPTER 12 Bias Toward Action 217 Conclusion 225 Chapter 6 Answer Key 232 Acknowledgments 233 Notes 237 Index 243
Foreword
The first question every CEO should ask is, “How do I create more value for my customers?” The second question is, “How do I do that better than anyone else, while also maximizing value for shareholders?”
When discussing how to achieve these goals, traditional corporate playbooks emphasize focusing on those market segments in which you can create a sustainable competitive advantage by setting up barriers to market entry for your rivals. However, in a rapidly changing business environment, few such barriers remain—so the real question is, “How do I find a lasting competitive edge?”
The answer to this question is surprisingly simple: focus on your people. In the past, you could outperform your competition simply by relying on regulation, securing distribution channels, making large capital investments, or having a differentiated technology, or you might even be able to count on brand recognition—but these traditional strategies are no longer enough. In today’s era, your team’s talent and passion should be your competitive advantage.
As the CEO of DHL Express U.S., I’ve made it a priority for my team and me to focus on strategies to develop our people and provide them with the best possible work environment. Globally, we have about 100,000 employees in more than 220 countries and territories, so for a company of our size, these goals come with unique challenges. Yet as a result of our concerted efforts, in the past two years, DHL Express has been recognized as one of the top 10 companies on Fortune’s annual list of the World’s Best Workplaces.
Much of our success is the result of our efforts to identify and hire the best possible job candidates, and Evidence-Based Recruiting offers an
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easy-to-implement playbook on how to more consistently achieve better hiring outcomes for your own organization. The author illustrates how leading companies use measurable data to land top-tier talent, and how other hiring managers can do the same by implementing the novel—and practical—methods laid out in this book.
One of the hallmarks of a great business leader is the use of intuition to make good decisions. While the instincts of today’s top executives are as good as they ever have been, the most successful leaders also recognize their limits and do not rely solely on their own intuition to make many decisions. Otherwise they could become the bottleneck, potentially preventing their firms from creating scalable, repeatable processes that can lead to consistent results.
Rather, the top business leaders are utilizing evidence-based techniques—fueled by a variety of technological innovations—to continually evaluate and improve performance across all business functions.
To find one of the clearest examples of how evidence-based techniques have transformed business practices, one can look to an area that, only two decades ago, relied on intuition perhaps more than any other function: marketing. Today it would be virtually unimaginable to run a marketing campaign without using evidence-based methods to evaluate its effectiveness. Yet 20 years ago, that was the norm.
Ironically, while talent acquisition is an element that is most critical to a company’s success, it remains one of the key business processes in which evidence-based methods are least used to improve results. All too often, hiring managers still rely on their intuition and old industry habits to make critical personnel decisions. The recommendations in Evidence-Based Recruiting give hiring managers the tools to beneficially transform their practices, in much the same way that evidence-based methods have transformed other key strategic business processes.
Greg Hewitt, CEO, DHL Express U.S.
F OREWORD x
