No one likes making a mis-hire, and rightly so! The cost of putting the wrong person in the wrong place is astronomical. Studies show the cost can be at least five times the salary of a mis-hire. Now, that’s a lot of money! Just think: that $100,000 salary quickly becomes a $500,000 mistake. Not only have you lost the salary of that person, but the costs add up when you consider the time lost, the money spent on recruitment postings, interviewing, training and on-boarding.
Mis-hires are also a liability and can cause financial and cultural damage even during short periods of employment. Especially at senior levels, mis-hires can be seriously detrimental to a company’s success. In the worst-case scenario, mis-hires can make decisions which cost significant amounts of money, lose customers, cause tension among the other members of the team and worsen company culture. It’s no wonder mis-hires are costing companies more than $1 billion a year.
Common reasons for a mis-hire can be hiring too quickly or – more importantly – too slowly. We’ve all seen those emotional hires before: ‘I feel it in my gut’ or ‘I know them! They worked well for me in my last company!’ Just because someone clicks with you immediately or worked well for you before doesn’t guarantee their success in your new company. You have to take the time to evaluate a candidate’s soft skills to ensure the cultures are compatible. Conversely, if you take too long to make a decision, you run the risk of losing top talent to your competition. Especially in a job market like we have today, it’s important to ensure your process isn’t getting in the way of making a good hire. Are your hiring managers evaluating talent correctly? Is your recruitment process limiting your ability to attract top talent?
Partnering with a top recruiter in your specialty can help you minimize mis-hires. A good recruiter who truly understands your company and your industry will be your best partner in knowing exactly what makes a good fit for your business. That knowledge, coupled with a broader talent pipeline and ample experience in the hiring process, helps us to interview objectively in order to ultimately make the right match for you. As top recruiters, we have the ability to open doors to some of the best candidates in the industry who are not actively looking. This broadens your reach considerably and allows you to connect with candidates who won’t be looking at your job posting. The relationships we build with people in your industry translate to huge savings in your recruitment process. We’re typically able to fill positions quickly and efficiently, helping you avoid hiring mistakes.
Think about it. When you weigh the cost of making a mis-hire against the cost of working with a quality recruiter who can bring you thoroughly screened top talent, the value is clear.
Let me know how we can be of service to you. I’d love to share why our clients use us to help build their teams.