VLOG - Hiring Right First Time

Too many business leaders have faced the commercial disruption caused by a poor hiring decision. These leaders understand first-hand the effort required to rectify a hiring mistake, restore a team to productivity, and return a business to a healthy operational state. With a massive 81% of new hires failing in some form the consequences of a bad hire extend far beyond an immediate inconvenience.

When bad hiring decisions are made the financial costs can be staggering. They include but are not limited to recruitment expenses, training investments, and the potential loss of business from decreased productivity and errors. The cost of a bad hire can be more than 200% of the employee’s gross annual remuneration which for small and medium businesses will represent a significant financial hit and will have a crippling effect on future growth.

There are many negative consequences when a bad hiring decision is made and the ripple effects on team morale and productivity is one of the more concerning. A bad hire can disrupt team dynamics, causing frustration and disengagement among employees. This disruption often leads to decreased productivity because team members are expected to compensate for the shortcomings of the new hire. In worst-case scenarios, valuable employees will leave the business, leading to further turnover costs and instability.

With this in mind, the need for training leaders to make informed hiring decisions cannot be overstated. Leaders equipped with skills including behavioural interviewing techniques, understanding cultural fit, and leveraging assessment tools to gauge candidate potential can reduce the risk of hiring mistakes. Alternatively outsourcing your recruitment requirements to professionals will significantly reduce the risk of making a bad hiring decision.

Whether you choose to upskill your leaders or outsource your recruiting requirements the investment will minimise the likelihood of costly mistakes saving your business valuable resources including time and money. Your business will also experience greater success rates in hiring. If you are wanting to reinforce your recruiting practices and make better hiring decisions that will build a stronger more resilient business, it is worth considering investing in a robust hiring process that will prevent the costly and disruptive consequences of a bad hire.

To make the right choice for your business today and secure the talent that will drive your success tomorrow, reach out to me today at 027 647 5000 or kayleen@ripple.net.nz.