When a single new hire doesn’t work out, stress ripples through the organization. When it happens repeatedly, those ripples of stress quickly become a tidal wave that wipes out profits, employee engagement and revenue growth. Once a company acquires a reputation for having heavy turnover, it will be seriously challenged to attract new talent, new customers and even suppliers.
So why are companies making poor decisions when it comes to the hiring process? It may be that your company in too much of a rush to fill a position and your vetting process is simplified to save time. Your business may be assessing the wrong skills and a complete overhaul of your assessment tools is needed. A lack of behavioral interviewing, discovering how a candidate acts in a specific employment-related situation, is an issue because you won’t get a sense of how a hire will work for company until their first day.
The infographic below, What Are Bad Hires Really Costing Your Business?, provides a high-level overview of the costs of bad hires, why it happens and how to fix it. For new companies, it’s an excellent place to start putting together a solid recruiting team and interviewing process. For everyone else, the infographic serves as an excellent reminder and useful in-house training tool. Read on to learn more.