Bad Hires Cost More
Hiring the wrong employee is detrimental for many reasons. Bad hires cost more. And they affect more than just the job at hand. They negatively affect the whole team and may cause adverse experiences for customers. The actual cost of a bad hire can be nearly three times their annual salary. Hiring the right person the first time will save you challenges in the long term.
Bad hires cause 80% of turnover. But it’s not just the individual employee at risk of leaving. Bad hires can also cause good employees to leave your organization, creating a snowball effect that can be difficult to stop. Developing an environment where employees want to work and succeed is one part of the solution. Hiring people who are excited to work and can thrive is also essential.
You may be concerned that no matter how well you vet an incoming employee, you can’t always account for every eventuality. How do you avoid risk while hiring top talent? Research shows that employers find hiring challenging and risky, so they often cut corners to make concessions for other aspects of the business. One problem is many companies approach every new position as something that needs to be filled externally. But companies that promote employees see more retention, and it’s easier to hire more entry-level talent.
Hiring the right employees should result in one important metric: improved performance. While productivity can be measured in infinite ways, a good employee will contribute positively. Top talent is up to eight times more productive than the average. But how do you know you’re hiring the top percentile of talent until they’re on board? Understanding metrics and hiring for potential are all parts of the experience.
Prevent Employee Burnout
The right match for the job isn’t only about performance and productivity. It’s also about job satisfaction. The right person for each position is the person who is the best match for that job in your environment. It can be a complex network of individual traits that put the perfect candidate in the right place, but when those stars align, it’s magic. 87% of professionals have indicated that they are passionate about their jobs, but 64% still feel stress or anxiety about work. Hiring the right person and providing the best resources can help improve this number in your workplace.
Faster Training Process
It’s clear when someone understands a concept and excels at their work. It takes much less time to train the right candidate. It can take up to eight months for a new employee to get up to speed enough to match the investment made in their employment. However, this varies for each new employee and the company itself. However, the better match you make between the new employee, the job, and your corporate culture, the less time it will take for them to grasp the essential concepts of the job.
Improve Team Morale
No one works in a vacuum. Even employees who work remotely interact with others, even asynchronously, to ensure that the result is satisfactory. You can put together a team of superheroes by hiring the right people for each specific role. Thor, Ironman, and Black Panther are incredible heroes on their own, but once they’re in a team, they’re unbeatable. The same is true when you hire the right people in your organization.
Conclusion: Next Steps for Hiring the Right Employees
Hiring the right people for your company is an art and a science. A lot of data and psychology goes into making that best decision. It’s okay that you can’t do all that in your brain. It takes the right tools to make it happen. That’s why having good technology can give you a hiring advantage.
As you make these hiring decisions, having the best technology to enhance your experience will be one of your most significant investments.
You can use technology to assess top talent for your company for every new position. An applicant tracking system can provide you with additional insights as you search for candidates who match the skills and background of each job.
With more competition for top talent, it pays for companies to consider all their advantages and the use of tools to assist in the quest to find talent. HireHive helps busy people hire great people. By having your entire recruitment process all in one place, you can post jobs, streamline your online application process, improve the candidate experience, and tap into vast global networks.