Bad hiring decisions can be costly in more ways than one. According to a recent survey, twenty-seven percent of U.S. employers reported that just one bad hire had cost their company tens of thousands of dollars. Another survey indicated that a miss-hire costs a company 200% of their annual salary. In addition to financial costs, the recruiting, training, and rehiring processes also cost companies a great deal of precious time. Moreover, making a bad hiring decision creates a ripple effect among organizations that negatively impacts employee morale, leads to a decrease in productivity and disruptions on projects, and can hurt relationships with clients.
The art of making a good hire does not come from being good at skimming endless amounts of resumes for keywords and qualifications. Managers that invest their time and energy into creating a strategic, structured hiring process and a well-thought-out position description that aligns with company goals will find the best candidates with the right level of technical expertise and leadership skills to make a positive impact on their organization.
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