Would you enthusiastically rehire each of your employees?
Do you have an employee who you know is not in the “right seat”?
You are not alone. Most businesses struggle to find the perfect fitting hires for their open positions. It often seems that it is hard to see how much of the promises made by the potential employees during the interview and on their resumes are actually going to create value in a position. Most of the time businesses are in an impossible hurry to hire someone for an open position yet they lack a consistent and thorough interview process that would allow fast and accurate decisions.
The hidden cost of
bad hiring practices
If your hiring process lacks the ability to discern a good fit from bad fit, you have to realize the cost associated with these risky hiring decisions. The cost of a bad hire ranges through many different categories depending on the position and reasons for the bad fit:
- Recruitment advertising fees and staff time.
- Relocation and training fees for replacement hires.
- The negative impact on team performance.
- The disruption to incomplete projects.
- Lost customers.
- Outplacement services.
- Weakened employer brand.
- Litigation fees.
These costs are often not as obvious during the time when your business is in a hurry to fill a position quickly and cheaply. At the end of the day it is all about getting the right person in the right seat and that is often not necessarily the person with the shiniest resume or the most charismatic interview impression.
Of course, face to face interviews as well as resumes listing a candidate’s previous experience etc. are important business tools to make some important first screening decisions and figure out a pool of people that could potentially be the right fit. However, most businesses will go from there and take a gamble based on impression or similar subjective information to pick someone out of that pool. This is not only risky but as listed above, it can also be very costly for your business.
What can your business do?
Your takeaway from all this? It is more crucial than ever in this fast-paced economic environment for businesses to invest in a hiring process that works to find better fitting employees. In the long run it is simply a great sustainable business investment.
Look at your current hiring practices as well as employee turnover and the average employee performance. If you feel like any of these factors could be improved upon it is important to try and optimize them before long lasting mistakes may occur.
We can help you!
If you are unsure about the quality of your hiring process or simply want an orientation, please feel free to contact us for a free consultation. We at Upside Business Solutions have specialized in the art of finding the “right person for the right seat”. Let us help you to take your business to the UPside!