The Collateral Damage of Bad Hires
The collateral damage of bad hiring decisions can be eye watering. When the cost of hiring can be up to 200% of the position’s gross annual remuneration you are hopeful that every hiring decision you make is a good one. But every business has first-hand experience of a bad hire.
It is important to note that a bad hire does not mean the person is bad it means the right fit was not achieved and this is the case in a staggering 4 out of 5 hires and there is collateral damage always!
Do you have customer enquiries that fail to convert to engagements or loyal customers who are becoming unhappy with something or someone in your business? For every dissatisfied customer there are 26 other unhappy customers who have remained silent, and a bad hiring decision could be causing this damage.
There are numerous opportunities for collateral damage when we make poor hiring decisions:
- lost productivity of team members involved in the hiring process
- reduced staff morale as they compensate for shortfalls in the new hire’s performance
- episodes of bad hire bad behaviour
- reduced profits as the hard costs of errors like incorrect invoicing occur
- repeat resignations if the business has a pattern of making bad hiring decisions
Bad hiring decisions can be born out of poor preparation and desperation. It is critical that everyone involved in the process sourcing, screening, interviewing, and hiring has a thorough understanding of the job description, employment contract, and the businesses’ policies and procedures and that they adhere to the business’s Recruitment Policy and Procedure and they have undergone training in these functions.
We have amazing bespoke service opportunities and training programmes that will elevate your employee engagement, improve productivity, increase profitability, grow your market share, and bolster your business resilience and we can help you access government funding for our services, so I invite you to reach out to us today.