The Great Gamble with your Hiring Budget: A Bad Hire Costs up to Five Times their Annual Salary!

Bad hires are expensive. In fact, you can lose up five times the employee’s annual salary, according to a study conducted by the Society for Human Resources Management (SHRM). And, your losses unfortunately don’t stop there. A bad hiring decision affects client relationships, puts a strain on management – and negatively affects employee morale throughout the company.

Strengthen your company by making better hiring decisions, the first time around. Read on to discover tips for avoiding expensive pitfalls.

Avoid the Time Trap

Picture this. Your team is slammed, morale is declining fast – and you needed someone…yesterday! Many managers fall victim to hiring the first person; feeling pressure to plug the leak. However, even more importantly, companies hire mediocre talent because they lack several viable candidate options. If the latter is you, please call us today – we can help!

Why is this so important? According to a recent survey, conducted by CareerBuilder job vacancies that are left unattended will ultimately crush revenue and morale causing devastating affects. About 33 percent of employers say vacancies have created low morale and reduced profits. In fact, 17 percent of hiring managers say vacancies are causing higher turnover.

By, focusing on detailed interview questions, including: situational, behavioral and direct questions, you can ensure the job seeker possesses the competencies you need most. If you need training assistance, CERS can help.

Focus on Traits

Focus on what makes an employee a good fit for your organization. It’s not the same for every company. For example, your company might value humility, teamwork and an entrepreneurial sprit. Be prepared to explain to a new hire, what you’re looking for, and expectations for the position. As a result, the new hire will understand the position better – because you’ve outlined what is needed most to perform well.

Soft Skill Screening

Do you want to reduce bad hires? Here’s a tip. Focus heavily on soft skills screening. Here’s why. It’s harder to coach a new employee on behavioral skills, then teaching them the technical aspects of the job.  People that fail in a job, usually lack behavioral skills; they’re simply unable to develop good relationships with peers, subordinates and management.

That’s why asking soft skill interview questions is very important. Through these questions, you’ll get access to valuable information; helping you understands how the job seeker deals with conflict, rationalizes behavior and accepts responsibility. Also, focus on uncovering career aspirations.

On-Boarding

Want to make new hires valuable faster? Use the right on boarding approach to accomplish this. A management team that makes it a priority to communicate expectations with new hires, will enjoy a better ROI. Plus, new hires integrate easier into your organization. .

Recapture wasted dollars! Let’s face it. Bad hiring decisions cost your company large amounts of money. If you need help safeguarding your organization from bad hiring costs – let us help! Plus, stay tuned for some of the most shocking problems companies are facing right now.

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