Core rule
Use "affect" as a verb most of the time. Use "effect" as a noun most of the time.
- The policy affects hiring.
- The policy had a major effect on hiring.
When exceptions happen
In psychology, "affect" can be a noun. "Effect" can be a verb in formal contexts meaning "bring about."
Editing checklist
If you can replace the word with "influence," choose affect. If you can replace it with "result," choose effect.