The national talent and leadership manager at Australasia’s biggest property group, Ray White, slammed the role of traditional recruiters as “out of touch” and “outdated”.
Speaking at the not-for-profit Institute of Managers and Leaders masterclass session in Sydney today, Ray White’s top recruiter Simon Power said the current recruitment approach of leaders was deficient and out dated.
Ray White National Talent & Leadership Manager Simon Power speaking at the Institute of Managers & Leaders masterclass in Sydney.[/caption]
“The old method of relying on resumes and interviews to determine candidate fit is no longer sufficient to identify the appropriate person for the position,” Mr Power told the masterclass session called Leading from the Middle.
“The impact of poor hiring decisions had deep financial impacts on a business.”
He also warned that given “artificial intelligence is upon us” computerised recruitment was likely in the very foreseeable future.
“Predictive hiring, metadata analysis and intelligent algorithms will soon be all common place in recruitment. This has the potential to make our hiring more efficient,” Mr Power said.
“Smart leaders are already preparing by implementing recruitment practices that are based around quantitative data collection. I implore you all to watch this space and start to prepare for the A.I eventually.
"Times are changing, the way we recruit and select staff has evolved and as leaders we must evolve to meet the market. Without the right people in place your organisation’s potential and your ability to lead effectively will diminish. The purpose of every leader is to maximise team results and efficiencies. We commonly refer to this as developing a high-performing team,” he said.
“In order to achieve this, we must not only have the right people in our organisations but also the right people in the right positions.
“The financial impacts of poor hiring decisions have been well documented. A study conducted by Workplace Info Australia noted that the actual cost of hiring can be more than 50 per cent of a new employees salary, furthermore, in a study conducted by the Australia Business Review it was revealed a bad hire can cost an organisation up to 2.5 times the salary of the employee."
Mr Power said leaders must not only be aware of this but actively seek to minimise by making informed hiring decisions.
“The cultural impact of poor hiring decisions includes things such as the negative impact on team cohesion," he said.
“A poor reflection on the organisations leadership; and a negative impact on productivity.”
The Institute’s mandate was to create better managers and leaders to create a better society for all.
