The actual cost for a bad or incompetent hire can be more than what you might think. Just like a good hire can assist your business to change its course when it comes to high productivity, a bad hire can pose detrimental impact on your business growth. Many businesses who hired a wrong match ended up in costing their business money, time, as well as resources.
“In UK alone, 85% of HR managers admit the fact that their firms have experienced bad hiring and 33% believed that poor recruitment severely impacted their business”
Nobody likes firing their employees, do you? Of course not! It may be perilous for both employers and employees. For an employer, it takes sufficient time to search for another skilled employee and that process involves spending adequate money and time. Poor recruitment may often end up in either termination or an employee attrition that may lead your business to invest more money to hire and train new employees.
Don't rush into bad hiring!
No doubt, bad hires may happen for various reasons. Here, it is essential for a hiring manager to spend adequate time while evaluating the candidates. Workplace culture plays a crucial role in employee satisfaction, and unsatisfied employees are found to be less productive and less creative.
If you are a business owner and plan to hire new talent, you will need to spend money on advertising jobs, identifying suitable job applicants, executing interviews and making a final choice on whether to hire a candidate or not. Doesn’t this recruitment process seem like a chore? What if, your next hire is not the right fit?
Once you have hired an employee, you must provide them:
Better career opportunities to climb up the success ladder.
Adequate training to upgrade their skills and loyalty with the firm.
Employee perks for employee motivation that will boost creativity.
In a nutshell, by adhering to these points, recruiters can retain talent in organisation that will guarantee their business success.