The Cost of a Bad Hire
Any hiring manager will tell you that the hiring process is long and full of uncertainty. A candidate might seem great, but is he or she the right fit for the job? Does he or she have enough experience? All these questions and more are constantly in the back your mind as you move toward making the final decision. But what happens when you make the wrong choice?
According to eFinancialCareers editor Fred Yager, a bad hire could end up costing your franchise two and a half times that person’s salary on top of the already negative impact to productivity and employee morale.
How it Happens
There are a multitude of reasons that would lead to bringing on a bad hire. Perhaps there was a position that needed to be filled immediately and the employee’s skills were not properly tested or an adequate reference check was not performed. Maybe you chose someone based on a “gut feeling” or because you liked their personality - only to come to realize that the candidate was not capable of performing up to standards. Whatever the case may be, it is important to spot a bad hire and correct the situation before it ends up costing your franchise more money in the end.
How to Move Forward
Realizing you made a poor hiring decision is never easy, but keeping an underperforming employee on your payroll can hurt your franchise even more. After giving the employee a reasonable amount of time to prove themselves, it is time to consider the next steps. If you feel that the individual is not the right fit, then do not waste any more time. Talk to the employee face-to-face, take responsibility for your mistake and offer to help them in their search for another job by providing them with a reference or recommendation. Always do your best to make sure the experience goes as smoothly as possible. Be aware of the fact that a disgruntled employee can severely affect your reputation within your community and online; it’s best to not let things escalate. Always do your best to leave on good terms if possible and help in any way you can.
How Hireology Can Help
Moving forward, it is important to know that simply matching keywords on a resume to a job description doesn’t always lead to a perfect hire. Hireology provides an automated platform for hiring managers to conduct skills testing, personality profiles and background verifications to provide added assurance that a prospective candidate’s skills are in-line with your franchise’s needs. Automating your hiring process can help weed out any bad matches before they ever make it through to the final interview. Hireology’s software platform and predictive analytics can help you identify which candidate is best for the job. Part of the automation includes the algorithm-backed SmartRank™ application survey and interview scorecards, to give your franchise the peace of mind it needs before moving forward with any hiring decision.