The Staggering Cost of a Bad Hire

THE STAGGERING A BAD AND HOW TO AVOID ONE BAD HIRES YOUR COMPANY IS GROWING RAPIDLY, AND YOU'RE DESPERATELY LOOKING TO FILL IN THE GAPS AS QUICKLY AS POSSIBLE. HOWEVER, PUTTING THE WRONG PEOPLE IN THOSE POSITIONS COULD LIES LATE ULTIMATELY END UP COSTING EVEN MORE. THANKS TO LAZY A SURVEY PUBLISHED BY CAREERBUILDER, WE LEARN 4' JUST HOW MUCH BAD HIRES COST COMPANIES. 3' THE TRUE COSTS PERCENT OF RESPONDENTS OF COMPANIES SURVEYED SAY THAT A BAD HIRE IN THE LAST YEAR HAS COST THEM AT LEAST $25,000. 41% OF COMPANIES SURVEYED SAY THAT A BAD HIRE IN THE LAST YEAR HAS COST THEM AT LEAST $50,000. 25% BUT THE COSTS GO BEYOND JUST CASH. THE FOLLOWING ARE THE DIRECT AND INDIRECT WAYS COMPANIES SAY THEY'VE PAID FOR HIRING THE WRONG EMPLOYEE. PERCENT OF RESPONDENTS 41% 40% 37% 36% 22% LOST WORKER LOST TIME DUE TO EXPENSE RECRUITING AND NEGATIVE IMPACT ON NEGATIVE IMPACT ON PRODUCTIVITY RECRUITING AND TRAINING TRAINING ANOTHER WORKER EMPLOYEE MORALE CLIENT SOLUTIONS ANOTHER WORKER WHY DO COMPANIES HIRE BAD EMPLOYEES? PERCENT OF RESPONDENTS ACCORDING TO THE CAREERBUILDER SURVEY, COMPANIES HIRED BAD EMPLOYEES BECAUSE: 38% 34% 21% 11% THE COMPANY NEEDED TO IT JUST DIDN'T WORK OUT. THE COMPANY DIDN'T TEST OR RESEARCH THE COMPANY DIDN'T PERFORM FILL THE POSITION QUICKLY. THE EMPLOYEE'S SKILLS WELL ENOUGH ADEQUATE REFERENCE CHECKS. BREAKING THE BAD: IRING THE WRONG EMPLOYEES HOW YOUR COMPANY CAN AVOID EMPLOYERS SAY THAT THEIR BAD HIRES DISPLAYED THE FOLLOWING CHARACTERISTICS. IDENTIFY THESE PROBLEMS BEFORE YOU MAKE THE HIRE TO SAVE YOUR COMPANY MONEY- AND A HEADACHE. 100% PERCENT OF RESPONDENTS 63% 63% 62% 56% 49% 48% 50% 0% FAILURE TO PRODUCE THE PROPER QUALITY OF WORK NEGATIVE ATTITUDES FAILURE TO MEET DEADLINES FAILURE TO WORK IMMEDIATE EMPLOYEE CAUSED WELL WITH OTHER PROBLEMS WITH CUSTOMER EMPLOYEES ATTENDANCE COMPLAINTS COMPANIES ACCORDING TO SMALL BUSINESS are made prom EXPERT/BLOGGER JAY GOLTZ, THE FOLLOWING ARE WAYS IN WHICH GREAT EMPLOYEES YOU CAN IMPROVE THE CHANCES OF HIRING THE RIGHT EMPLOYEES. CONDUCT GREAT INTERVIEWS. ENTREPRENEURS, ALTHOUGH OFTEN SKILLED AT TALKING, CAN MAKE AWFUL INTERVIEWERS. IT'S IMPORTANT THAT FOUNDERS, IF INCAPABLE OF CONDUCTING A GREAT INTERVIEW THEMSELVES, FIND SOMEONE WHO CAN ASK THE RIGHT QUESTIONS AND DIG DEEP TO FIND SOLID TALENT. ALWAYS CHECK REFERENCES. GOLTZ SAYS THAT FAILURE TO CHECK REFERENCES IS "LIKE PLAYING WITH FIRE." IF REFERENCES ARE HESITANT TO TALK MUCH ABOUT THE PROSPECTIVE EMPLOYEE, CONSIDER THIS A RED FLAG. BUT DON'T MAKE YOUR DECISION FROM ONE REFERENCE. CALL ALL OF THEM AND SAVE YOURSELF THE HEADACHE OF DEALING WITH A BAD EMPLOYEE. GIVE YOUR EMPLOYEE A GREAT FIRST DAY ON THE JOB. HELLO MY NAME IS THIS CRUCIAL STEP WILL HELP THEM FEEL CONFIDENT THAT THEY MADE THE RIGHT DECISION TO WORK FOR YOUR COMPANY. MAKE THEM FEEL COMFORTABLE BY HAVING WELCOME! THEIR WORK SPACE PREPARED BEFORE THEY ARRIVE, FEEDING THEM LUNCH, AND INTRODUCING THEM TO ALL THEIR COLLEAGUES. THEIR EXCITEMENT TO BE AT YOUR COMPANY WILL KEEP THEM MOTIVATED, AND HAPPY WITH YOUR DECISION TO HIRE THEM. mindflash.com SOURCE: Careerbuilder.com DO0 J00 000