Finding out that the person you hire is not a good fit for your company is disheartening. As it turns out, this lousy hire may cost you a considerable sum of money too. Estimates suggest that it costs $250,000 to find and hire a new employee. Worse still, this figure does not include the toll it takes on a manager’s patience and colleagues’ morale.
The Cost of the Wrong Hire
There are several different formulas for calculating the cost of recruiting, hiring, and retaining talent, and the results may shock you. When you add in the losses from turnover, making and keeping the wrong hire can impact and damage morale, diminish productivity, and create HR headaches. There are several factors involved in calculating the cost of replacing a bad hire. These factors may include any or all the following:
- Recruitment advertising fees
- Expenses associated with onboarding and training new employees
- The hours spent reviewing resumes and interviewing candidates
- Time and energy managing poor work performance
- Impact on team morale and stress
- Drain on productivity
- Increased risk of legal fees for unlawful termination
How to Avoid Making a Bad Hire
To avoid making a bad hire, interview multiple candidates. Even if the first person you interview seems like a great fit, take the time to see what other candidates can bring to the table. As you interview multiple candidates, consider using more than one interviewer. A different perspective may be able to pick up on something that you miss. You might even consider letting someone else conduct the entire interview on their own. Allowing another person to interview will give you a chance to compare notes and get a clear idea of what you both agree on from the interviews.
Never rush the process, even if you need to hire someone as soon as possible. Hiring an employee is a big, expensive decision, so take your time and move at a pace in which you are comfortable. Remaining patient, while you have an urgent need, is not easy, but rushing this process will have more significant consequences if you get it wrong. Ultimately, if you do get it wrong, you will be right back to the beginning of the process, which will waste more time.
It is essential to conduct background checks. These checks can help you weed out candidates who are not the right fit for your company. Try to run the same background check on all candidates, and you are better off hiring a company that specializes in this process rather than attempting it yourself. If you have experience conducting job interviews, try to use your experience as a guide. Try to recall the hiring mistakes and avoid repeating them.
Use a Professional Staffing Agency
If you are looking for top healthcare candidates who are screened and credentialed, check out CnStaffing. The professional recruiters at CnStaffing perform screening and skills assessments on every candidate to ensure they are an excellent fit for your organization.