A few months ago, the labor market underwent a major shift called The Great Resignation. 4.5 million people voluntarily left their jobs, leading businesses across industries to rush into hiring replacement workers. Some jumped the gun on their new hires; nearly 3 quarters of employers say they’ve hired the wrong person for a position. As a result, businesses are bringing back the old philosophy of being slow to hire and quick to fire.
But what does that look like in practice? What does it mean for a business to hire slow, fire fast? To start, let’s clarify what the phrase does NOT mean. Hiring slow is not the same as waiting for the perfect hire to come along. Few companies can afford to have overly exacting expectations. On the other side of the coin, firing fast is not the same as terminating employees on a whim.
In hiring, companies should reevaluate their job descriptions before posting. Does the listing accurately reflect current company needs? Are the skills listed needed for long-term success, or is something missing? When considering termination, fit is the key. New hires are bound to have an adjustment period, but they need to complement the team.