How to Hire Slow, Fire Fast in Business

2022’s labor market is characterized by the Great Realignment, or the movement of millions of workers from jobs they voluntarily left into new workplaces.  Both companies and employees look at work differently this decade.  As companies grapple with new hires, many are realizing they made a mistake.  Nearly 3 in 4 employers they’ve hired the wrong person for a position.

Given the shifting workforce, businesses are renewing their commitment to a hire slow, fire fast philosophy.  The phrase may seem like common sense, but how is it implemented?  Several misconceptions exist around hiring slow, fire fast thinking.  Hiring slow does not mean waiting for the perfect applicant, nor does it mean having overly exacting expectations.  Selective hiring is a luxury for most companies.  Instead, hiring slowly means reevaluating hiring criteria when a position becomes open.  Consider current company needs and make sure the job description lists the skills necessary for long-term success.

On the other hand, firing fast is not the same as firing on a whim.  New hires need time to learn about their roles.  The real question is fit; is the new hire gelling well with their team and the company?  If not, their hire was a mistake.