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Tips for Making Better Hires

Bad hires can cost plenty. A new book proposes four deliberate steps to hiring the right person for your company's needs and culture

As the United States slips into a recession, it's not surprising that many managers are reassessing their corporate strategies. But in a compelling read, authors Geoff Smart, CEO of management assessment firm ghSmart, and Randy Street, president of ghSmart executive learning, make the case that managers' biggest problems may not be what they're doing—but who they are hiring.

In their new book, WHO: Solve Your #1 Problem, Smart and Street draw upon insights from 300 CEOs and more than 20 business billionaires to identify the four parts of the hiring process where managers make critical mistakes. Managers only hire the right person for a job 50% of the time, according to Smart and Street. And they estimate hiring mistakes cost companies 15 times an employee's base salary in terms of both hard costs and productivity loss.