Every leader knows they are only as good as their team, and oddly enough we spend hours in the hiring process and even then there is a chance of hiring the wrong candidate.

Hiring the wrong person can be very expensive. The U.S. Department of Labor currently estimates that the average cost of a bad hiring decision can equal 30% of the individual’s first-year potential earnings. That means a bad hire with an annual income of $50,000 can equal a potential $15,000 loss for the employer.

On the flip side, wise executives hire with these three keys in mind:

Entice Talent In  – Have you ever read the job postings online? Did you ever stumble across one that sounded very enticing? So enticing that you applied to the job dreaming of what it would be like to work there? For example, Apple job ads convey a hip, cool place to work while surrounding yourself with smart people. Maybe your company isn’t as fast moving as a software company, but certainly there are attributes you can add to the posting to make your job jump off the board. Writing a powerful ad is a sure fire way to attracting passive talent into your competition. LinkedIn reported in 2014, that 85% of the global workforce is passively looking for another job. You read correct. Passive candidates are getting up, going to work and surfing online at Career Builder at their desks.  Ads should talk about the job, the leadership and always consider what’s in it for the candidate. Most postings out tend to be sterile at best. The first step in hiring top talent is attracting them into your organization.

Modify the job to fit the right candidate – Skill gaps can be taught, but the intangibles like passion, integrity, intuition –  can never be taught. The best leaders are always willing to see talented people whether or not they had an open job to fill. They kept their hand on the pulse of top talent and kept track of them whether there was a vacancy or not. They are also willing to modify an open job to attract and better meet the career needs of a strong person. People are more creative when they feel passionate about their work. Whether they are driven by interest, enjoyment, satisfaction, or challenge, they are more likely to take risks and look for multiple solutions to a problem.  Smart managers know this is what you want on your team.

Hire Smarter Than Yourself! The most successful and polished female leaders I have ever known hire and surround themselves with individuals that are smarter, faster, better than themselves. Smart people keep you on your game and if you are very lucky, will share with you how they made it. Never be afraid or jealous of hiring someone smarter than you. Employees that feel respected and like their boss, often share more information. Leverage their brainpower. For the good of you, the team and the company.