A bad hire can cost your company more than you might think. In fact, a bad hire can cost up to 30 percent of the employee’s salary.
Of course the cost of a bad hire is different for every organization, but adding the compensation for the job, the cost of training and the cost to hire (posting job, interviews, etc.) will give you an idea of your bad hire costs.
To reduce bad hires at your organization, familiarize yourself with these common hiring mistakes and the steps you can take to remedy them.
Lack of Standard Interview Process
According to a survey by Brandon Hall Group, 69 percent of companies said a broken interview process is the primary cause of a bad hire. They also found that organizations without a standard interview process are five times as likely to make a bad hire than those with a standard process.
Solution: Create a standard interview process with uniform procedures to accurately compare and evaluate each candidate. You should also ensure your hiring managers have the resources they need to conduct a successful interview.
Weak Candidate Experience
Poorly written job descriptions, a cumbersome application process and a lack of communication during the interview process all contribute to a poor candidate experience.
Solution: When organizations invest in their candidate experience, they improve their quality of hires by 70 percent. To improve your candidate experience, focus on developing detailed job descriptions, making your website and application process mobile-friendly, simplifying your application process, and establishing follow-up procedures for every applicant.
Poor Brand Reputation
Maintaining a positive image and reputation are vital if you want to attract quality candidates. Organizations that invest in branding are three times more likely to make a quality hire.
Solution: Invest in marketing and advertising to communicate your mission, goals and values. Utilize social media to showcase your company culture and brand. And encourage customers and clients to write online reviews of your company.
Relying on Online Job Boards Alone to Find Candidates
When it’s time to hire, many companies make the mistake of only posting their job to an online job board like Indeed or CareerBuilder and wait for people to apply. But this will only expose your job to 15-20 percent of qualified candidates.
Solution: Rather than relying on job sites to bring in top talent for your open positions, consider working with a staffing firm to help you make quality hires. Staffing firms like Burchard & Associates specialize in proactively recruiting the best candidates possible for your open positions.
At Burchard & Associates, we have an extensive network of quality professionals we can tap into to find someone that matches your ideal candidate.
Plus, you will unburden yourself from the added responsibilities of sourcing candidates and weeding through unqualified applicants. While our sole focus is on finding you quality candidates, you can focus on your day-to-day.
To learn more about our staffing solutions and eliminate bad hires at your organization, contact us today.