TD Madison And Associates’ Vice President Addresses Hampton Roads Society of Human Resource Managers (SHRM)
DISCUSSES KEYS TO BUILDING AN EFFECTIVE TEAM
Virginia Beach, Virginia – June 12, 2003
Jeff Hall, vice president of executive search firm TD Madison and Associates, discussed effective hiring practices recently with the Hampton Roads Human Resource Managers (HRHRM) in Norfolk, Virginia.“Human resources departments can be a strong contributor in building shareholder value by recruiting and selecting candidates that are a better fit for positions and company culture,” said Hall.
“Successful recruiting and selecting starts by understanding job, technical and personality requirements for the position. Committing time at the beginning of the search process to identify these requirements enables a hiring manager to develop interview questions that explore how and why a potential candidate handled situations in the past. The candidate’s answers in to specific questions provide better insight into how the he or she may respond to similar situations in the future.
“When an individual’s skills and personality traits align with the position, the person is more likely to be a long term employee that will contribute to productivity,” explained Hall. “That helps reduce expensive turnover costs while adding to shareholder value.”
Hall addressed the need to shift from traditional interview methods to behavioral interviews and situational techniques. As noted in a recent Business Week article, traditional hiring techniques average only seven percent accuracy in predicting job performance. Behavioral/situational interviews deliver 54 percent accuracy in how a candidate will perform on the job. Recent studies by KPMG and Rutgers show turnover cost is about 50 percent of compensation for entry level positions and up to 200 percent for executives.“In today’s economic environment it’s more important than ever that human resources managers find measurable ways to improve productivity while reducing the cost of employee turnover,” said Hall.
About TD Madison
Founded on the premise that truly exceptional companies require truly exceptional leaders, TD Madison & Associates was formed to meet the unique needs of emerging and high-growth companies. Focusing on senior level searches and training programs to support their partners, they collaborate with clients on a variety of issues including company transition, turnarounds, succession planning and cultural change. Based in Virginia Beach, their focus is to provide the leadership that will allow their clients to flourish.* Source: U.S. Department of Labor