The Cost of a Bad Hire and How to Avoid It!
Multiple organizations spend many hours sourcing applicants, reviewing profiles, interviewing candidates, and have internal discussions among their recruiting team. Employers are battling the war of talent, grabbing all the best possible resources they can to make the right hiring decision.
But some of the companies ignore one of the most important points of the recruiting process is they spend very little time recruiting. This process sometimes leads to bad hires.
Hiring the wrong talent or bad hire is a common problem in the business world. This could impact businesses in many more ways than you might think.
Knowing that organizations are looking for new and creative ways to recruit. Struggling to find the right talent and bad hires are the most common reasons where many industries are facing skill gaps.
Sometimes sourcing could be like throwing spaghetti at a wall and hoping something sticks. But this is not the way, HR teams should find time to identify some best new sources like approaching recruitment companies, freelance recruiters,…then tracking the performance of employment agencies when having openings, through these companies can pull in the right talent.
With the increasing demands of changing work environments, no wonder that qualified professionals can seek organizations that allow them to enhance their potential. Likewise, it is also important for companies to focus on recruiting talent that can take their organization to the next level of growth.
Hiring the wrong talent could be like in a bad relationship and it is neither beneficial to candidates nor organizations. You might be surprised to discover the cost of a bad hire adds up to your company and how prevailing the issue is.
Considering the results of career builder survey:
- The average cost of a single bad hire is nearly 10 lakhs, including the recruiting, interviewing, and selection process, training, and salary.
- 2 in 3 employees have accepted for a job, later realized as a poor fit. Half of these employees quit within six months, making their employers start all over again the searching process.
- 74% of employers have stated that they have made a bad hiring decision.
Defining a Bad hire
Whom exactly we are talking about when we are referring to the bad hires? Some common qualities associated with wrong hires include people with:
- Misinterpretation of skills and knowledge during the interview and hiring phases.
- Fail to meet organizational minimum standards of performance and quality of work.
- Lack of commitment and
- Possessing a negative attitude—this is proven to be very dangerous as it can be contagious in the workplace.
- Unable to fit within your workplace culture or struggles to get along with the colleagues.
- Displaying poor judgment in making decisions.
Above are some qualities that are usually obvious within a short period of time once after a candidate accepted and starts a job with your organization.
Hiring the right employees is so incredibly important. After all, your workforce is what makes your company.
In 7 ways bad hire can cost you big:
- Loss of productivity
- Lost time spent on hiring and training
- High costs for recruiting and training
- Affects negatively to employee morale and workplace culture
- Unhappy clients
- Stunted organizational growth and flaw to your company’s reputation
- Exposure to liability
The cost of a bad hire is very high and vast-ranging, including both monetary and non-monetary impacts the businesses.
By understanding what bad hires entail, the kinds of havoc they can wreak and what one can do to avoid this scenario, is be better prepared and won’t be a part of those three-fourths of employers who make major recruiting mistakes.
How Recruitment Companies help in hiring the right talent?
Today’s “time spent on recruiting is time well spent” reminds you to think about the quality of hiring over quantity. It is great to have several applicants, but if they are not qualified well…this really matters!
Hiring top talent is an art that will take your business to the next level. Well, the best recruitment companies support this statement perfectly. To get the best candidates for the job requires looking at various aspects like your company culture, recruiting techniques and hiring practices.
The HR departments are often burdened with multiple tasks right from employee engagement to managing change. It is critical to HR teams to manage the hiring process to create a distinction between activities to elevate the business growth. A recruitment agency can add value to your entire hiring process.
In this issue, Incruiter as one of the best recruitment agencies in Bangalore simplifying your hiring issues to build your company’s performance, profitability, and productivity. We have been providing the top-notch staffing services for employers and enterprises who are in need of workforce temporarily or permanently.
Incruiter is the leading online recruitment agency providing better access to quality passive talent. India’s number one fully automated marketplace for freelance recruiters and recruitment agencies where you are ensured to access an extensive talent pool of various domains.
Most of the staffing companies have made it their job to unearth such networks of recruiters and hiring agencies by offering best-in-class staffing services to cultivate passive talent.
- Get your recruiting strategy
- Assess right-fit job candidates
- To develop a strong and attractive brand
The good staffing companies like us build and maintain an ongoing relationship with the passive talent and act as career coaches for candidates as well. They represent profiles whom they know personally or referred by their trusted networks. Employment agencies know the traits, skills, and behaviors of the candidates, both positive and non-positive. They only suggest the right candidates who can surely fit the job, and genuinely interested to explore as many possibilities, looking at the long-term haul.
Presenting end-to-end recruitment/staffing services through crowdsource staffing agencies where hiring made simple and 10x faster. Employers can source candidates with the required skill set and every candidate has to go through a detailed filtering process and later validated by our expertise and experienced recruitment team.
Our crowdsourcing services made recruitment much easier at a much faster pace. Our candidate search follows a rigorous job tracking methodology to screen applications. We not only cater to skilled profiles but also the right character to fit your organization’s culture.
An intense assessment of the candidate’s knowledge, experience, and is carried out for specific job functions. AI-based resume screening and we work with our clients to know their specific requirements to facilitate them with the best possible candidates.
We not only just offer the right candidates but also providing expert online interviewer services from various verticals, who are experienced and great at judging candidate’s knowledge, skill base, performance, and cultural adaptability. We are also offering Interviewing freelance jobs where one can use their expertise and experience to interview candidates and can earn more on an hourly basis.
Develop an Adaptive Workforce
For companies to become more accessible and fluid, so all employees can thrive to be productive in an environment of trust and belonging, capabilities, and new adaptive skills that need to be developed in your workforces. To build a productive workforce choose better HR technology of the best staffing agency that can align with your HR strategy. InCruiter the leading recruitment agency in Bangalore is such a platform with scalable features and staffing services that can help your business to achieve its goals.