Hiring the right person for your business has a hugely positive impact on your workforce and business, however, bringing the wrong person in can be very disruptive, can drain your productivity, time and ultimately affect the bottom line.
A global survey, carried out for CareerBuilder and including more than 6,000 hiring managers and human resource professionals, found that a huge number had hired someone who turned out unsuitable for the job or did not perform well. This always had a negative impact on their business in terms of loss in revenue, productivity and challenges with employee morale and client relations.
According to the U.S. Department of Labour, the price of a bad hire is at least 30 percent of the employee's first-year earnings. For a small company, a five-figure investment in the wrong person is a threat to the business.
As a general rule of thumb:
What are the costs of a Bad Hire?
Why do companies make bad hires?
If bad hires cost so much money, why do they keep happening?
The researchers at the National Business Research Institute found the following:
10% of respondents said that they just don’t have the resources to go through applications looking for the best candidates. But the number one reason, 43% of companies made what turned out to be a bad hire: They needed to fill the job quickly and as a result offered the role to the wrong person.
How not to make the wrong hire
See here for tips on how to work with a recruitment partner: https://www.inspireselection.com/how-to-get-the-best-out-of-a-partnership-with-a-recruitment-consultancy-
Posted on Sunday Jan 27