Avoid Mis-Hires: What Can You Do to Improve Your Odds?

Avoid Mis-Hires: What Can You Do to Improve Your Odds?

You might be surprised to know that nationally, across industries, it is reported one out of every two hires is a mis-hire. Because unemployment is at an all-time low, making smart hiring decisions is more important than ever before. Here are some tips and information that will help you avoid mis-hires.

What Are the Costs of a Mis-Hire?

National statistics show that half of hires for new roles will end up with the hire leaving or being fired within the first year. That means millions in wasted dollars and hundreds of hours because of bad hires. Just one mis-hire can cost a company 100 hours and $100,000. The real cost of bad hires extends beyond time and money. Mis-hires affect team morale, customer satisfaction, company growth, and revenue targets. A truly bad hire will bring down the whole team by forcing the company’s top performers to become overloaded and dissatisfied and can even start questioning leadership competence.

Always Be Hiring

One of the best ways to decrease your odds of a mis-hire is to always be (open to) hiring. If you wait until you need to fill a position to start looking for candidates, you’re more likely to make a bad hire under time pressures. When you’re constantly hiring and interviewing candidates, you’ll have better results for finding quality talent when you need to. This is because people are selectively open to considering a new opportunity whether they need a job or not. When you make it a habit to meet with qualified people, you’re less likely to miss out on top talent. The key is to have a sense of the candidate pool before a position opens so you aren’t in a rush to make a hiring decision.

Be Clear about Expectations

Communicate clearly to interested candidates what your opportunity entails, and make sure when you evaluate their past experience you assess their ability to perform the job requirements. Too many people are hired solely on personality and not on job fit. This contributes to mis-hires. You want to make sure they understand what they should expect once they’re hired.

Have a Clear Plan for New Hires

Be clear about the onboarding process? People are not ‘all in’ from the first day. It’s your job to help them click in from the first day. How will you bring them up to speed? Consider an internal mentor who has experience with the company and enough authority to assist with roadblocks. The goal is to ensure that the candidate you hire is on a path to succeed from the first day.

No company wants to waste money, or valuable resources, or go through the hassle of having to hire a replacement because of a failed hire. Through careful planning and an ongoing hiring plan, you can take to reduce mis-hires. Understanding what causes a bad hire in your company, actively searching for talent at all times, and being clear about expectations will give you better odds that your hiring will be successful.

Are you looking for top talent in insurance, accounting or banking?

Contact us to learn more about how we can streamline your hiring process and get you the talent you need to succeed. Our focus on developing strong relationships and long-term partnerships in our specialized practice areas is the advantage that keeps our clients in the top positions as industry leaders.

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