Do You Know What A Mis-Hire Costs?
Studies show that 80% of all employee turnover is the result of a mis-hire. Many organizations leave hiring to chance, and every day that your job remains open costs your organization more than just money. So here are some tips from us to you on how to navigate hiring in 2022 and avoid possible mis-hires.
- Instincts Can Be Powerful, But Consistency is Key
As a hiring manager, chances are you have encountered a situation where there has been a bad hiring decision. According to the U.S. Department of Labor, the average cost of a mis-hire is at least 30 percent of the individual’s first-year expected earnings, and the cost to an organization can be around $15,000. A mis-hire can also lead to low employee morale, decreased productivity, and poor performance. While many hiring managers may have a “good feeling” about a candidate, this is not enough to ensure they’ll be the perfect fit for your organization. Make sure to narrow down your job descriptions, and include any and all requirements needed. Any potential candidates that are unwilling to meet these requirements will not make it through the interview process. In addition, creating an objective rating and evaluation system that is consistent among hiring managers is a good start to making better hiring decisions. Other helpful assessments are skill-based assessments and behavioral-based interviewing. You can review our Team Interviews blog if you are conducting a team interview.
- Quality Over Speed
The main issue when it comes to hiring is the idea that speed is more important than quality. You don’t just want a warm body filling your role because chances are you’ll be looking for another person to fill that exact same position six months down the road. Leaving a position vacant until the right candidate comes along will actually decrease your chances of a mis-hire, and decrease stress among your team. If the hiring process is rushed, and you get too anxious about filling a position, a mis-hire could be made and the whole process worse. Strong employees are essential to organizations and finding the right person can be a challenge, but in the long run, it’s better to have a qualified candidate that you know is right for your organization. A study by CareerBuilder found that nearly 60% of mis-hires happened because the employee could not produce the level of work required by the employer. Make sure you address all possible concerns you have so you don’t make the same mistake twice.
- Hire A Recruiter
Hiring a recruiter to help with your hiring needs is sometimes the best and most reliable option to make sure there aren’t going to be any mis-hires going forward. Because job seekers are connected to the internet and social media 24/7, If you add a bad hire in the mix, it will have an impact on your reputation. An experienced recruiter will be able to help define the scope of the role, determine the best fit for your organization’s culture, and set realistic expectations in regard to level of experience, and availability of the candidate in the market. Firms like ours provide organizations with experienced talent for key roles, so that is one less thing they need to worry about. Using our Peak Process
, we help find you the best talent while preventing mis-hires, lowering their time-to-fill, and improving retention. While there is no formula to ensure that every hire is a great one, hiring a recruitment firm like ours is an option to reduce hiring anxiety.
- Final Thoughts
It’s not easy finding qualified candidates that are high performers, but as part of our Peak Process, you will always be kept in the loop with what stage in the process we are working on, and be able to provide feedback at any time because we don’t leave anything to chance. The cost of a mis-hire is just too much for any organization, so Check out our other blog about why you should work in the Solar Industry, and for specific questions contact us at solarrecruiters@gmail.com.