Searching for the top ways to hire a market-fit Product Manager is normal if you own a product company. You know the pain of shortlisting, screening, evaluating, and going through the same process to find your perfect candidate again.
You had looked up online to know what the giants like Microsoft, Google, and Tesla are doing. And you even cracked their secret code.
At first, you hired the best in the market, but now every new hire seems like a misfit, and quality candidates are staying away from your recruiters.
Do you want to know the answer? Jump to the reasons section. And, if you prefer to take things slow and understand them better, start with the introduction to the Topgrading interview process.
Topgrading Interviewing– what is it?
It feels like a conglomerate, but the topgrading setup is one. Unlike other interview methods, it follows a pattern of continuously interviYour interviewing process needs to be updated. It needs to be upgraded. However, identifying it can be a challenge. No need to worry; here are the top five reasons to know when the recruiting process needs re-evaluation.
High Candidate Drop-out Rate
Imagine waiting too long in a queue for your favorite donuts that you no longer have the appetite for them. Sounds disappointing, right?
Your candidates feel the same when the interview process is as lengthy as the Great Wall of China. Nobody wants to wait to reach the endpoint, even if your company is at par with industry giants. Quality candidates value their time, and so should you.
Another reason your hiring managers are experiencing a high drop-out rate could be due to strict interview guidelines. This may scare potential candidates away because let’s agree,
You’re hiring humans, not machines.
You own a company, not a haunted house.
Give interested candidates a little flexibility, allowing them to feel comfortable and welcomed.
Recheck your interview process to see if it’s too lengthy or confusing. Apply appropriate measures to rectify the situation depending on the issues you notice.
Sudden Dip in Offer Acceptance Numbers
You thought your company’s job offers were irresistible. Now, shortlisted candidates seem only to say thanks but no thanks. What lead to this sudden change of heart?
Maybe they didn’t like your compensation packages, work culture, or other benefits. In this scenario, revisiting your topgrading interview process is always best.
It helps you identify the loopholes your recruitment team may need to notice and make the process as effective as possible. It’ll improve evaluation methods and find the right fit for your company, thus boosting the offer acceptance rate of candidates.
Bonus Tip: Avoid having a stringent hiring criterion. The product industry is dynamic, so it should be the talent you hire.
Biased or Non-Inclusive Hiring Procedure
Diversity and Inclusion are not buzzwords anymore. With increasing debates centered around these topics, it becomes imperative for your organization to make your hiring process as unbiased as you can.
Because it’s 2023, quality candidates are interested in joining offices, prioritizing acceptance of individuals with different backgrounds and interests. It’s not an option but a requirement for every company that wants to thrive.
Moreover, your company builds products for consumers. Not being inclusive enough will put you in the wrong position affecting sales.
Therefore, change the status quo ASAP and refine your hiring process to become a company that celebrates diversity and inclusion.
Unsatisfactory Performance of Hired Candidates
Well, that’s a big hit for any organization.
The hiring process takes months to find a product-market-fit candidate who understands every ins and outs of the industry. You prepare scorecards, interview candidates multiple times, and fix schedules until you shortlist them.
You invest time, resources, and effort into this rigorous process.
And, if the candidate is a bad hire, it all goes to wasteewing the candidates until hiring managers lock in the perfect talent for the organization.
It follows by digging deep inside candidates’ minds to learn about their past experiences, performance, and values. This method aims to uncover the successes and failures that are not on their resume. It helps analyze who has the right skills and who perfectly fits your work culture.
The SIX Essentials
Here are the six stages of the topgrading interviewing process, which must be a part of your hiring strategy–
- Thorough Analysis of the Job Description
- Post Job Ads & Leverage your Network to source the right talent.
- Conduct detailed & multiple interviews to assess the candidate’s capabilities.
- Dig into their past performances, talk to references, and assess their character and ethics.
- Gather interviewers’ feedback to analyze the candidate’s strengths and weaknesses.
- Make the call and choose the best candidate.
Follow these steps to ensure the candidate is an overall fit for your organization.
5 Reasons Why Your Topgrading Interviewing Process Needs Revision
As mentioned above, sometimes even the topgrading interview process doesn’t work out. So, the answer to the question is finally here–
Here, we are not talking about one misfit but many. Therefore, when you see a pattern in recently employed candidates who are not performing well in their roles, it’s essential to re-examine the whole process.
Explore the latest trends followed by other recruiters. Check your topgrading interview questions and evaluation methods to find out the significant issues. So, your hired candidate is a success and easily fits into the company’s culture.
Negative Feedback from Hires & Managers
Though most recruiters ignore this, taking feedback from new hires and their managers who went through the topgrading interviewing process is a must. It gives you first-hand details about what went wrong and how you can improve.
After the hiring procedure ends, gather reviews to gain valuable insights about what led to dissatisfaction among the participants. And make necessary changes quickly to avoid hiring misfits or losing quality talents.
In a Nutshell
The word top-grading may sound like an exaggeration; however, the sole purpose of designing this process is to find the most talented human resource in the industry. Shortlisting a candidate takes weeks, but the wait is worth it.
Even with this, if your company finds it hard to maintain a reasonable employee retention rate or hire the best candidates, try understanding the changing demands of individuals and the industry. Fix them asap, turn red flags into green, and your product teams will thrive.