Everyone knows the phrase “learn from your mistakes.” Some know it better than others.

As a St. Louis staffing and recruiting company specializing in finance and accounting, we understand how critical hiring decisions can be. In this economy, companies cannot afford to take risks on promising candidates. Executives are either spending more time evaluating each prospect or, even worse, not evaluating any prospects.

In the September issue of The Staffing Industry Review, the monthly publication for Staffing Industry Analysts, executives from across several industries were asked to share some of their most costly mistakes in staffing. It doesn’t matter if you’re in sales, finance, accounting, health care, or any other industry– whether you’re a staffing company or a company who hires on its own, these are relevant tips for any decision maker out there.

Here are some of the key mishaps:

• Don’t overpay for talent…

  Staffing executives and employers understand the importance of recruiting and hiring a candidate that has a track record of success. But it’s imperative to know that success doesn’t always translate from one company to another. By investing in and training less experienced individuals you may be spending more in the short term, but can save the company a lot of money and time in the long run.

• …Or compromise on quality.

  We’re not trying to confuse you. The difference between investing in less experienced talent and spending the extra dollar on top quality is your company’s specific need. If you or a client has lost a couple stars, don’t try to bridge the gap quickly by hiring quickly. The more seamless the transition is for the client, the better.

• Hire those who fit in with your company.

  It’s been stressed before, and it will be stressed again. It won’t do you any good to hire the top talent if they cannot fit in with your company’s culture. Whether you use online profile tools, a more rigorous face-to-face interview process, or both, it’s critical that you know the potential hire is a fit. It can be very costly for a company to hire and lose a talented individual because there was no communication about the company culture. Speaking of communication…

• Communication is critical.

  Whether your company is a six-person operation or operates out of six cities it is imperative that your employees are on the same page with each other and with their superiors. This communication has to be in place when coordinating with potential and new hires, as well—it boosts morale, reinforces the culture and increases productivity.