You work diligently to recruit top talent every day. Despite your best efforts, you may make a bad hire. And the cost of doing so can significantly impact your company’s bottom line.
What a Bad Hire Costs
Research indicates a bad hire typically costs approximately 30% of an employee’s expected annual earnings. For instance, if you make a poor hire and the worker’s yearly salary is $50,000, this means it’ll cost you about $15,000.
There are many costs to consider relative to a poor hire. These include:
- Training and onboarding costs
- Time and resources spent managing the worker’s poor performance
- How did the worker’s lack of productivity impact your overall business productivity
- The worker’s impact on your business’ morale
- Costs relating to potential legal claims from the worker for unlawful termination or discrimination
You need to plan as much as possible for hiring job candidates. That way, you can guard against poor hiring decisions.
1. Use an Extensive Screening Process
A comprehensive screening process helps you identify quality job candidates. The process can be fine-tuned over time and helps your company avoid poor hiring decisions now and in the future.
The best screening process can involve multiple rounds of interviews with various team members. This enables your team to meet with a candidate and evaluate their fit. In addition, you can request work samples from a candidate to get a good idea about whether this individual can perform myriad work tasks.
2. Offer a Trial Period
You can offer temporary, temp-to-perm, and contract roles. This allows you to see how a candidate performs in your work environment for a set amount of time. Furthermore, a candidate can evaluate their fit with your company and determine if he or she wants to be a part of it going forward.
During a trial period, give a worker every opportunity to succeed. Treat the employee in the same way you would any other member of your team. And ensure the worker receives adequate training and support. If the worker thrives, you may want to make him or her a permanent addition to your team.
3. Partner with a Professional Staffing Agency
Reach out to a professional staffing agency with experience in your industry. The agency can vet job candidates on your behalf and put you in touch with top talent at any time.
As you work with a staffing firm, you can receive access to a large talent pool. From here, you’ll be well-equipped to make informed hiring decisions.
Marquee Staffing Can Help You Avoid Bad Hires
Marquee Staffing is a professional staffing agency unlike any other. We go the extra mile to help companies recruit exceptional job candidates. And we can make it easy for your company to avoid bad hires.
We are here to help you fill job vacancies across your business. To learn more, get in touch with us today.