There’s a reason why companies take their sweet time selecting an appropriate candidate for a position during a team search. It’s because a bad hire has so many negative implications that go beyond monetary damage.
Ryan Holmes, CEO of Hootsuite, says that hiring the wrong candidate takes a toll on a team’s productivity and work flow, and eventually, affecting those around them like a ripple effect. He explains, “One subpar employee can throw an entire department into disarray. Team members end up investing their own time into training someone who has no future with the company.”
Moreover, a Harvard Business Review points out that 80% of employee turnover is due to a bad hiring decision. Not only do businesses need to find a replacement candidate or do a team search sooner than they’d like to, but another hiring process will inevitably take up more time and energy than necessary.
Here are more highlights from studies and researches gathered across the net about what a bad hire can end up costing a company:
Instead of wasting time and resources on a bad hire, make sure to conduct your team search thoroughly, study candidates’ credentials well, and more importantly, ensure that they will be the right fit for your company the next time the need to recruit arises. Manage expectations up front so that you and your hires don’t have any remorse when they begin working for your company.
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