Cost of a Mis-hire: Why Hiring the Wrong Person Is More Costly Than You Think

Hiring the wrong person can be more costly than you think

Sales are what drive growth for most businesses. The lack of sales talent can substantially impact a business. It is vital for companies to take the proper measures during the hiring process to ensure to avoid mis-hires. Hiring the wrong person might end up costing more money than you think.

27% of employers stated that the wrong hire cost their company more than $50k

The same study by CareerBuilder showed that 66% of employers reported bad hiring! According to these statistics, it is very possible that your company has experience with hiring the wrong person in the past. Many times it's not the hiring manager or the company to blame, but instead the choices they have in front of them.

There are 3 keys to hiring people likely to exceed expectations

1. Proactive Search

The best candidates are usually people who are already working at another company and not actively searching for a job. In order to attract these "high value targets" someone has to reach out to them directly in order for them to even consider taking another position.

2. Utilize Online Networks

In today's modern age, the internet is the primary source for finding candidates. Utilizing online networks such as business networks, university and alumni programs, job sites, social media groups, associations are all ways to cover as much ground as possible for your search.

3. Assessment of Experience and Behavior

Identify the important aspects and key competency areas that encompass the successful profile of the job you are hiring for. The assessment should also screen for behavioral patterns and discussing in depth the candidate's past work experience.

Any company is susceptible to mis-hires. The best way to avoid mis-hires is having the proper hiring strategy in place. Companies often do not properly research and spend the required time to build an optimal hiring strategy. The result is the inability to acquire top talent for the company. An ideal hiring strategy should be able to screen and recognize talent while avoiding individuals with low production. It is important to stay ahead of your competitors and build a reputation to attract top talent in your industry.