Hiring mistakes that the boss might be making right now.

Many executives and hiring managers think that the economy is on the rebound and the worst is behind us. Everyone was watching their hiring and human capital expenses when there was more instability in the market. Now some of these executives and managers are taking a big sigh of relief, but there is never a good time to relax your focus on hiring well. The following four areas are where many are unknowingly making hiring mistakes: Waiting too long to hire, not focusing enough on "fit," underpaying new hires and investing too little in "onboarding".

1. Waiting too long to hire
Most executives recognize the threat of waiting too long to reduce cost when economic times get rough. But there is an equal danger in being slow to hire ahead of the growth. Whether it's just procrastination, or having trouble pulling the trigger, companies often wait too long to hire new employees.

During this recession, companies have been justifiably hesitant to bring new people on board. Many times, managers decide to hold tight and ride out the storm, but this strategy can backfire once the market turns around. When this happens, it is easy to find, in hindsight, that the company has missed out on opportunities because they didn't hire early enough.

If you think the economy is going to take off in the second or third quarter of 2011, now would be the time to begin bringing on the team you'll need. Just as with the stock market, those who make it big are those who are able to see changes coming, and respond to them.

2. Not focusing enough on Fit
Just as individuals have their own attitudes and talents, different companies have different goals and different cultures. The trick to having a high yielding company is to find people who are compatible with the company and can thrive in that environment.

Hiring people who are not the right fit for your company is a costly mistake. Getting it right starts with making sure your hiring profile is thorough and complete. There is more to a successful employee than looking good on paper. Look at what skills, character traits, and attitudes are prevalent amongst your top employees and make a company profile to match it. Then outline the personal attributes you want your prospective employee to have and consider the unique company characteristics that can impact that person's fit and share that with your recruiter.

There are also online hiring profile tools available for companies that want to measure a candidate's personality and skills against what is required for a good fit for the position. Partner Professional Staffing uses one of these tools to test prospective employees as part of our process. These tools are not perfect, but they can help throw up red flags early in the process.

3. Under Paying New Hires
Companies are always interested in cutting costs, but when a company is considering hiring a new employee, cutting costs should not be the priority. Your priority should be to get the skills needed. If you have the right person, the person with the skills and the fit for your company, then spend the money. Specialized workers are still in high demand.

"All intelligent employees will at some point recognize their true market value. When they do, they will perceive that their employer is taking advantage of them. When this occurs, they will seek new employment with an employer that they think will treat them fairly. For this reason, paying new or existing employees less than a market rate, is a false economy, " says Craig Fowler, a Senior VP in HR with 35 years experience in corporate human resources.

4. Investing too Little in "Onboarding"
Onboarding is often a step that is not given enough consideration, bearing in mind that it is one of, if not the most efficient way of getting new hires to produce at higher levels. In the first couple weeks of getting hired at a new job, new hires are often just trying to adapt to their new environment. However, the faster they can get assimilated into that company's culture, the faster they can get comfortable with their work and start to produce at higher levels.

Companies need to make this assimilation as seamless as possible, and the cost savings will follow. There are three main ways to do this: First, give the new employee a written plan outlining the goals and expectations for the first few weeks. This ensures less confusion around job responsibility and opens the dialogue to discuss concerns or new opportunities. It's critical to schedule time to give your new employee your undivided attention during orientation sessions. Being distracted by taking phone calls and allowing other disruptions send the message that you're not really that interested in them.

Second, make the employee feel that they are part of the team. Provide staff members with the new employee's job description and background information. Then advise them to send a description of their own positions and the ways that their roles will interact. Vary the schedule those first few days by including more casual gatherings between meetings to introduce the new employee to the rest of the team.

Finally, a manager needs to look to the future. After the first few uneasy weeks, the new hire will really be ready to perform with a great work ethic and fresh attitude. Capitalize on this without overwhelming the new employee. It is important not to burn the new hire out. A way to keep the new employee from getting burnt out is to keep the compliments coming. If he or she does a good job on something, make sure to let them know! Praise is a powerful tool to "milk" high level performance.