Regardless of the size of your company or the sector you operate in, hiring the right talent is one of the most critical challenges you will face. In this article, family-owned private oil and gas company, Ferrari Energy, shares some proven strategies to help you get hiring right.
Get the timing right
If you pull the trigger on a hiring decision too early, you carry the cost of the employee long before they become productive. If you wait too long to bring someone onboard, your productivity and efficiency may suffer. How do you know when the time is right?
The time will vary for each new hire and each position, but a simple formula will help you set a target date. Determine, the best you can, how long it will take for a person in that position to become profitable. This is easier to do for some jobs and more difficult for others. One effective method is to look at others that hold a similar position to determine how long it took them to learn their job.
Now, pinpoint the date when your new hire will ideally be hitting their stride in the job and then back up on the calendar as indicated by your learning curve estimation. The hint here is that if you determine that you need the new person to be profitable right now – you’ve waited too long to hire them. Also, if there are events, such as the startup of a new project or opening a new store, to mark when the employee should be up and running, it’s easier to find the ideal hire date.
Remember that the big unknown is how long it may take to find the right candidate. Depending on the position, this can take months. Some companies like to keep their feelers out all the time, just if the perfect candidate unexpectedly comes along.
Get the right talent
Like getting the timing right, finding the best person to hire can be tricky, and it’s not as easy as finding the brightest or most experienced candidate. There are other things to consider.
To find the best fit for your company, consider these “fits.”
Functional fit – This is where education and experience play a role. If you’re looking for an engineer, find someone with the right engineering skills.
Cultural fit – Neither you nor your new hire will be happy in the long run if they are not comfortable with your company’s culture. Some workers like to work hard and play hard, and others thrive on a steady routine. Make sure your top candidates understand your company culture.
Goals fit – If your candidate’s career goals require that they move up or move on too soon, they may not be the best fit, even if they are highly qualified.
By being creative in your talent search, you may find candidates that would otherwise not come to the forefront. For example, offer your current employees a financial incentive to bring on their friends or colleagues from a previous employer. You can gain access to those workers that are not actively looking to make a change.
Get the interview right
Every company has its own interview process and strategy. Some like to run the candidate through a series of interviews with different stakeholders. Other companies need only a single meeting with the immediate supervisor to make a decision.
However you do it, put your best foot forward. Remember that the candidate is evaluating you just like you are considering them. Be open and honest and don’t hide any less than desirable aspects of the job or the company.
About Ferrari Energy
Ferrari Energy is a family-owned private oil and gas company focused on mineral and leasehold acquisitions. Founded in Denver, CO, with a focus on educating landowners, Ferrari Energy has consistently served the needs of the landowner community in the basins in which it works. Its operation covers several areas throughout Colorado, Wyoming, Utah, and ND. Ferrari Energy has provided oil and gas leases to over 850 homeowners and held multiple lease signing events to accommodate the residents of Broomfield, Colorado.
Ferrari Energy took its name from its founder, Adam Ferrari. Adam is a native of Chicago and was formally educated in chemical and biomolecular engineering. He completed his degree at the University of Illinois at Urbana Champaign and finished at the top of his class, graduating magna cum laude. As a young professional, Adam worked in the operations and business sides of the energy industry. After gaining ten years of direct industry experience, he took his passion for the energy industry and launched Ferrari Energy.