In today’s fast-paced business world, hiring the right people for your organization is crucial for success. However, as organizations grow and expand, it can be challenging to maintain consistency and clarity in hiring practices across different departments and teams. This is where the concept of “Maverick Spend” comes in.
Maverick Spend refers to the situation when employees make purchasing decisions outside of the company’s established procurement process, resulting in unapproved or unauthorized expenses. In the context of hiring, Maverick Spend occurs when hiring managers or recruiters deviate from the company’s established hiring process, resulting in inconsistent or suboptimal hiring decisions.
Maverick Spend in hiring can manifest in several ways. For example, a hiring manager might bypass the established process and hire a candidate they know personally, without considering other qualified candidates. Alternatively, a recruiter might use a different screening process for one department than they do for another, resulting in inconsistent candidate evaluation.
Maverick Spend in hiring can have several negative consequences. First, it can lead to inconsistent hiring decisions across the organization, resulting in different standards for different teams and departments. This can create a perception of bias and favoritism and damage employee morale. Second, it can result in missed opportunities to hire the best candidates, as well as increased costs associated with hiring and training suboptimal candidates.
So, how can organizations bring clarity to their hiring practices and reduce Maverick Spend in hiring?
Here are some tips:
1. Establish clear and consistent hiring policies: 💼
Develop and document clear hiring policies that outline the steps and criteria involved in the hiring process. Make sure these policies are communicated to all relevant stakeholders and updated regularly as needed.
2. Standardize candidate evaluation: 📋
Develop a standardized candidate evaluation process that includes specific criteria for evaluating candidates’ qualifications, experience, and fit for the role and company culture. Make sure all hiring managers and recruiters are trained on this process.
3. Use technology to streamline the process: 🌐
Consider using an applicant tracking system (ATS) to manage the hiring process, which can help standardize the process, improve efficiency, and reduce the risk of Maverick Spend.
4. Encourage collaboration and communication: 💬
Encourage hiring managers and recruiters to collaborate and communicate throughout the hiring process to ensure consistency and reduce the risk of Maverick Spend. This can include regular check-ins, sharing candidate feedback and notes, and involving other stakeholders as needed.
5. Monitor and analyze hiring metrics: 📊
Monitor and analyze hiring metrics such as time-to-fill, cost-per-hire, and candidate diversity to identify areas for improvement and track progress over time.
In conclusion, Maverick Spend in hiring can have negative consequences for organizations, but there are steps they can take to bring clarity and consistency to their hiring practices. By establishing clear policies, standardizing candidate evaluation, using technology to streamline the process, encouraging collaboration and communication, and monitoring and analyzing hiring metrics, organizations can reduce Maverick Spend and make more informed hiring decisions.
Want to Simplify Your Staffing Processes?
At Enterforce, we consult with our clients and potential clients to help them identify areas of improvement including areas of maverick spend or hiring practices that aren’t aligned with the company’s goals. With our workforce and MSP solutions, we are able to bring our clients increased visibility into their hiring practices and analytics and help them standardize their workforce systems through rigorous training and standardization. Contact us today to learn more about any of the strategies and solutions above.
