Cost of a Bad Hire and How to Fix It - Remke Blog

Improve Hiring Practices and Reduce HR Costs

Hiring new employees is never easy, but improving your hiring practices can pay off tenfold in the long run. The cost of a bad hire can reach staggering proportions when you consider opportunity costs, compensation and HR time.

But there are better ways to hire the right people for your company!

It comes down to talent, methods and getting to the heart of what’s really important.

 

The Cost of a Bad Hire

“Poor hires do more than drain your time and energy – they disrupt your business in multiple ways.”

This infographic from RobertHalf.com shows how lost opportunities, unhappy workers, expenses and time all play into the high cost of hiring the wrong person.

Cost of a Bad Hire Infographic by Robert Half

 

 

Best Practices for Hiring

There are many resources available for creating a better hiring process, just do a quick Google search for ideas.

The main themes you’ll find revolve around finding the right talents and strengths, not just the right skills and experience.

This infographic from iSqFt.com outlines important factors that go beyond skill and job knowledge. These are relevant points for any industry, not just construction.

Best Practices for Hiring for talent and fit from iSqFt - Remke Blog

 

 

You could take it a step further, like Google, and ask interview questions that reveal how a person thinks, solves problems and generally perceives their world.

Hiring questions from Google

 

The Generation Gap

Also consider which generation you’re dealing with as you recruit and interview. They each have different approaches to work, and where they look for jobs.

Consider these tips from Indeed.com to attract top talent from every generation.

Hiring Different Generations by Indeed

See the full infographic

Related post: Solving the Manufacturing Talent Shortage

 

Uncovering Passion and Purpose

Digging deeper to uncover the passion, purpose and drive of a candidate unveils a talent pool you may have not considered.

This TED Talk by Regina Hartley: Why the best hire might not have the perfect resume offers some great advice on how to sift through stacks of resumes and pick out the hidden gems.

She talks about how companies who value diversity in their ranks outperform competitors on a regular basis. People who have faced and overcome adversity seem to flourish in changing workplaces.

“Choose the underestimated contender, whose secret weapons are passion and purpose,” she says.

 

How much of a challenge is hiring for your company? Have you made any recent improvements?  

Share your insights below in the comment section, or share on social media.