In a recent study carried out by Careerbuilder more than half of the 6,000 hiring professionals, in each of the World’s *ten largest economies, reported having felt the effects of hiring someone who turned out to be a poor fit for the job.
The figure recorded for UK employers reporting ‘bad hires’ was a staggering 62 percent, with the breakdown of the impact on companies recorded as:
- Lost Productivity: 23 percent
- Affected Employee Morale Negatively: 22 percent
- Negative Impact on Client Relations: 16 percent
- Fewer Sales: 12 percent
- Cost to Recruit and Train Another Worker: 22 percent
These figures clearly illustrate how hiring the wrong person can have serious implications both for companies and economies overall.
Here are three clear solutions on how to resolve the issue:
1 Avoid a bad hire in the first place
If you are using Job boards, notoriously known as the ‘post and pray’ option, the chances of appointing a poor candidate escalate hugely. Actively seeking passive candidates using the latest advances in big data recruitment offered by companies like JobsTheWord, has proven itself to be a swift and cost effective solution. Now the UK market leaders in the data-driven approach to recruitment, the company has revolutionised the way employers source fresh talent. Their ability to specifically target and attract the perfect passive candidate, in the right location, means the chances of recruiting a bad hire is considerably reduced.
2 Use the ‘Fail Fast’ approach
Zappos CEO, Tony Hsieh, is renowned for his determination to create a working environment where people care for each other and thrive. As a result he fires those who don’t fit the culture – no mater how talented – allegedly paying them $2,000 to make a quick exit. When you consider the impact a bad hire has on any organisation, as illustrated in Careerbuilder’s survey results, this could certainly prove to be the most cost effective solution.
3 Build in a ‘Fail Safe’ approach
Chartered psychologist, Peter Honey, tired of hearing about Google’s eccentric recruitment methods, came up with a common sense approach to the:
soundest way to select people with a good likelihood of them performing well in the job.
His initial suggestion of taking great care over the job/person description and making it as specific as possible is of paramount importance. Number five on the list is to score candidates against the job/person spec and, if there is a good match, offer them the job with a probationary period of at least six months. This is your get out of jail free card. You can read his full article here.
* The Careerbuilder survey was conducted online in the UK, US, Brazil, China, France, Germany, India, Italy, Japan, and Russia among 400 to 2,611 hiring managers and human resource professionals (employed full-time, not self-employed, non-government) in each country during November 2012. You can view the full results here.