Upon learning about the theme for this month’s Business World, I reached back into my vault and pulled out one of my earlier articles and gave it a fresh coat of paint.

In his book "EntreLeadership," Dave Ramsey tells us to hire slow and fire fast-and for good reason. According to the U.S. Department of Labor, the price of a bad hire is at least 30 percent of that employee’s first-year earnings. Ouch! What can you do?

It is in our best interest to do all we can do to ensure we not only hire well, but are diligent and consistent in our onboarding process to foster short- and long-term success of our employees. Invest up front in your new hires. Cutting corners in the beginning will cost your business much more than you ‘saved’ by withholding valuable resources in time and people.

Here are five practices that any business or organization can incorporate into their HR process that will significantly improve new hire success.

1. Filter first for fit, then for skills and experience. I certainly am not suggesting you hire the guy who is a perfect culture fit with no accounting experience as your new head of finance. However, a candidate who gels with your company culture and either possesses the necessary skills or has the capacity to learn the required skills will be well worth your investment. In other words, don’t get hung up on a dreamy resume and ignore the culture fit red flags. A word of caution — this only works if you have established a set of Core Values that permeates your business. Everyone on our team knows what our Core Values are and how they look in practice. We use them to hire, fire, reward, and recognize in our review process. As an EOS® (Entrepreneurial Operating System) run company, we have a Core Value speech delivered by the owner/CEO that is intended to leave no doubt in our prospect’s mind that she will not make it in our organization, regardless of skill or productivity, if she does not fit our company culture.

2. Roll out the welcome wagon! Be prepared for your new hire. Set up her accounts, phones, computers, etc. If fun is part of your culture, have balloons and champagne waiting on her desk. Make sure your new hire gets time to meet and spend some time with not only members of her team, but other departments as well. This can be formal or informal, depending on the size of your organization. Plan a team lunch or breakfast. This helps reinforce your culture and provides an opportunity to build relationships quickly. Assigning a mentor or a buddy (who has training on the support he is providing) will increase early success and productivity of your new hire.

3. Share your company’s vision and goals. Provide a clear road map so she understands her roles, responsibilities and what expectations you have of her. In a perfect world, this is a two-way street and you also understand her expectations of you. It is important that your new hire is aware of how her role will bring success to your company. This provides her with purpose-one of the three legs of the motivation stool.

4. Do not micromanage! You have set up a clear path by outlining his roles and expectations. Provide the necessary tools and guidance and GET OUT OF HIS WAY! Your people cannot succeed if you micro-manage their projects and relegate them to ‘cog’ status. Most people will not work to their potential under your thumb. Give them autonomy, the second leg of the motivation stool.

5. Create a development plan. Are there additional training or courses that are available or are there books (Audible is great), podcasts or any other form of information that can further your new hire’s training and skill? Make it available! This will not only improve her performance and productivity in her current role, but could help her advance in the organization. This communicates to your people that you have a vested interest in their success and promotes Mastery, the third leg of the motivation stool.

Remember, people are the MOST important asset in your organization — the one thing that can set you apart from your competition. Your employees are not there to serve you, as a leader you are there to serve them. When you bring on a new team member, it is not enough to show them to their desk and offer an overview of daily tasks and how to log into the Company Intranet (where they can read your policy manual — woo hoo), you must put in the time to coach and guide your new hire to success. In reality, this is true for ALL of your people. Be available to mentor and guide your direct reports and coach them to do the same for their direct reports. Follow these guidelines and your people, and therefore your business will thrive.

Cheri Dudek-Kuhn is a Professional EOS Implementer and CEO for Orchard Corset. Read her leadership blogs at cheridudek.com/category/latest-news.