Any recruiter knows that hiring the right person can be difficult, and hiring the wrong person can be costly. From re-investing time in reviewing resumes and conducting interviews, to spending more money on advertisements, plus the cost of training, having to re-hire for a position that was inadequately filled, can be a huge burden on an organization. An article posted on Smart Planet notes that 69% of employers admit to having suffered from bad hires over the past year. 41% of these companies estimated the cost of the bad hire to be over $25,000.
Adverse affects of bad hires include lack of productivity, increased costs for recruiting, fewer sales, legal issues, a negative impact on the morale of employees as well as a negative impact on clients.
So how do you avoid bad hires? Some employers note the importance of not rushing the process, while others express how essential it is to check references. In some instances, a decreased workforce of recruiters leads to a problematic system of hiring. In this instance, you may need to get creative with how you evaluate potential candidates and ensure that the right hire is made. Check out this video which features Heineken’s unique hiring initiative that netted a successful hire: