Top talents are crucial in a slump economy

Given the new rounds of store closings, mergers, bankruptcies and layoffs happening nearly every day in the jewelry industry--and across the retail industry at large--there's a growing talent pool of good employees looking for new career opportunities.
But don't be fooled into thinking that just because the economy is slow, these employees will be available indefinitely. There's always a market for top talent, and strong performers never have to look very long to land a new position, even in a struggling economy.
Unfortunately, many jewelers have yet to learn this critical lesson. In recent months, we have found ourselves really leaning on clients to pull the trigger on hiring some of the wonderful talent we have identified for them. The old maxim "You snooze, you lose" really applies here, because even in this market, waiting too long to make a hiring decision on a great candidate could mean having a competitor grab the person right out from under your nose.
Indecision over hiring a good candidate can cost a company thousands of dollars in terms of time wasted and potential business lost.
Another troubling phenomenon that has resulted from the struggling economy is a growing number of hiring decisions being made by committee.
Many companies are so worried about making a hiring mistake, that groups of five to 10 staffers (or more) are assembled to interview and assess candidates in an attempt to somehow lessen the risk of a bad hire. The problem with this strategy is that these staff members often have different (and conflicting) hiring styles, needs, objectives and criteria for selecting candidates. Furthermore, even if they all manage to agree on a candidate, the candidate will not get hired if the highest-ranking staff member says no.
Our company had one such situation with a client company recently. We selected a candidate that was a fantastic talent and a perfect fit for the company, and others in the organization agreed. However, the president, who was having a tough day, interviewed the candidate for 10 minutes and decided to "pass" on her because he felt she did not have an "immediate chemistry" with him. Needless to say, the company did not hire her.
Because of his position, no one would challenge the president on his decision. But quite honestly, this kind of behavior does an outrageous disservice to your company, the candidate, your future business and the internal or external hiring people who have spent hours finding these candidates, prepping them and then doing background, credit and reference checks, and the like.
Our advice to jewelry personnel decision-makers is this: When you see a great candidate, make the decision and hire that person, even if it means taking a long, hard look at your staff and letting a lesser performer go.
Be sensitive to what you are putting the candidate through. This is not an exercise in interviewing skills. Candidates are there because an agency such as Diamond Staffing Solutions or your own management team thought they were qualified and went to great lengths to pre-qualify and prepare them. You cannot afford to delay bringing on a great candidate for fear that it would be a hiring mistake. You usually will know within 30 days anyway if the candidate is going to be a good hire or not.
If you have numerous staff members interviewing a candidate, have a hiring plan and questions that each person will ask of the candidate, even if some of the questions are the same. And remember that not everyone might "like" the candidate. After all, this is business, and "liking" the candidate is merely a bonus.
The real issue is whether or not the candidate can execute the responsibilities of the position, add value to your business and improve its bottom line. After the interview, it is important to gather everyone together to exchange thoughts. You might come away from the meeting feeling totally different about the candidate after hearing what colleagues have to say.
Although it has never been more important to hire the best talent available, make sure you do not "overthink" and second-guess your hiring decisions. Utilize the same skills you drew upon when the market was good. In other words, go with your gut instinct.
Also, keep in mind that not every candidate is a professional interviewer. Rather than interrogating prospective hires, be prepared to grant these candidates some grace and help them to relax and be themselves. Always bring candidates back for a follow-up interview, but not with 10 people. And limit your decision-makers; otherwise, the process becomes far too complicated.
Lastly, accept that you cannot run your business in fear of making a hiring mistake. We have all made them. Risk is a part of life, and every new hire is a risk, no matter how good he or she initially appears to be. You cannot afford to freeze up on hiring great talent simply because the market is down. It is far better to risk making a good hire than to let your competitor take the risk and end up with the best candidate.