The Cost of a Bad Hire: What To Do To Avoid Costly Mistakes
If you’re in charge of hiring at your company, you probably know firsthand that making a bad hiring decision happens sometimes. Candidates lie on their resume or in the job interview, misunderstandings happen, and work styles can clash suddenly in the worst ways. Unfortunately, the cost of a bad hire manifests on multiple fronts: productivity, team morale, and the bottom line, among other places. If you’re looking for strategies to deal with this, either before it happens or during the aftermath, we’re here to help.
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The Real Cost of a Bad Hire
To get a sense of what’s really at stake, here’s what a bad hire will end up costing your company in the long run.
Recruitment fees
The recruitment pipeline from candidate to employee has many points of expense, including posting jobs to job boards, recruiter fees, onboarding, and training.
Lost productivity
The time spent with a vacant position wreaks havoc on your team and slows down operations.
Low team morale
When you can’t properly fill a position, your team suffers just as much. Morale loss and increasing turnover can make a bad situation worse.
Replacement costs
A bad hire incurs replacement costs to rehire, retrain, and re-integrate a new employee.
Catch Incidents Before They Happen
The best time to catch a bad hire is, obviously, before you hire them. Watch for red flags during the interview process and ensure that nothing slips through the cracks.
- Inconsistent resume information: The candidate’s resume might look fine at first. However, on closer inspection, their information doesn’t line up with what they say.
- Poor communication skills: The candidate can’t express themselves well or has difficulty answering questions beyond basic things.
- Hyperfocus on compensation: The candidate is overly focused on how much they’ll get paid and is disinterested in responsibilities and growth.
- Company culture misfit: The candidate’s personality traits don’t line up with your company’s values.
Tempstar Staffing Minimizes Hiring Risks
Staffing agencies like Tempstar Staffing help minimize hiring risks by making sure you get the best-possible employee the first time. If by some reason, it doesn’t work out, we’ll do everything we can to make it right.
- Pre-screening expertise: Tempstar works diligently to verify resumes, qualifications, and ability to work.
- Broad talent pool: Our large roster of candidates means you’ll get the best possible employee for your open positions.
- Variety of hiring arrangements: Tempstar can assist with all kinds of hiring arrangements, from short-term to temp-to-hire and more, that support your business while minimizing risk.
- Industry expertise: Our team knows a lot about the industries we work with and can help you make informed decisions about hiring.
Get in touch with us today to learn more how we can help with your hiring needs!