The Cost of Making the Wrong Hire
As your company grows, the imperative to build your team with new and productive members becomes a top priority. Hiring the right person is a process that takes a plan, a system, and The Profile XT® tool that you can use in the interview process.
The cost of making the wrong hire can only be detrimental to your company. While the adage that it is better to hire too soon rather than too late is true, the path to hiring needs to be a clear one which avoids the cost of making the wrong choice.
According to a survey conducted by Career Builder, 41% of companies say that a bad hire in the last year has cost them at least $25,000. This statistic is alarming for businesses everywhere. Typically, businesses feel that a loss of money is the worst result of making the wrong hire. However, when speaking about the “costs” of making a wrong hire, a lot more than money can be lost.
Hiring the wrong individual can be detrimental to your business because of the potential loss in productivity. The amount of time managers and HR professionals spend training the wrong hire can interfere with time that could have been used to accomplish other tasks. Career Builder also reported that 40% of companies lost time due to recruiting and training another employee.
It is important to consider your current employees, as well. The company’s culture can be negatively affected when a wrong hire joins your team. According to a survey conducted by Robert Half, 60% of hiring managers and HR professionals said bad hires do not get along with current employees. Ninety-five percent of financial executives surveyed agreed that a bad hire can somewhat affect the morale of a team. Again the question arises: do you have a process, system, and assessment tool to promote from within?
The hiring process can also be strenuous at times, so strenuous that businesses often seek professional consulting to assist with hiring. Jeff Miller has a reputation for counseling businesses on best practices. His years of experience as a business coach and hiring professional can help guide you through the process to ensure that you’re making the extra effort to acquire the best talent. To get started, please tell us a little more about yourself and we’ll set up a time to start the conversation.
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