here’s one word that makes C-level executives, human resources departments, operations personnel, sales teams and financial staffs shake with fear:
Turnover.
When a single new hire isn’t the best fit for the position or for the company, organizations can chalk it up to bad luck. But consistent turnover can affect almost every part of an organization. Hiring mistakes hurt morale, productivity, customer relationships and brand image. Once a company acquires a reputation for having heavy turnover, it will be seriously challenged to attract new talent, new customers and even suppliers.
So why are companies making poor decisions when it comes to the hiring process? It may be that your company in too much of a rush to fill a position and your vetting process is simplified to save time. Establishing a standardized, documented hiring process with skilled personnel will help you reduce the risk of making a bad hire. With 74% of companies admitting that they make at least one bad hire annually, this isn’t the area that you should put aside and hope for the best. Prioritize your hiring process and watch your new hire retention skyrocket. If done well, employee morale and engagement will increase while your hiring costs, ($15,000 is the average amount companies lose in direct costs on a bad hire), will greatly be reduced.
For more on this, continue reading our guide below created by Torch Group.
The problem is that people hire people who interview well, which are not always the people who work well. The worst thing you can do is hire the candidate who interviews well but shows up on the job with a few regretable and unexpected characteristics.