Business Development Bank of Canada Offers Hiring Process Guide

The Business Development Bank of Canada (BDC) has published guidance for businesses on establishing a formal hiring process to ensure the successful recruitment of new staff. The advice focuses on moving beyond simple intuition towards making objective, fact-based hiring decisions.

According to BDC, effective recruitment requires deliberate planning and a structured approach to minimize costly hiring mistakes and maximize the chances of finding top performers. While entrepreneurs may possess good instincts, the bank stresses that hiring decisions should be founded on solid, objective factors.

Key steps highlighted in the guide include defining the company's culture, creating detailed job descriptions, and conducting well-structured interviews. BDC suggests employing behavior-based interviewing techniques that assess past performance in specific situations. The importance of practical skills tests and thorough reference checks is also emphasized.

Furthermore, the guide encourages looking beyond the CV to understand a candidate's broader interests and ambitions. It also points to the significant impact of a strong onboarding program on new employee retention, citing research that indicates higher retention rates with effective orientation. Documenting each step of the process with objective reasons is advised for final hiring decisions.