Your company is growing and it’s time to fill in the gaps as quickly as possible. You’ve hired new employees. Some are good and some are just bad. But if you have more bad than good, then you have a case of the bad hire blues. Placing the wrong person in the position can be costly to your business. Costs associated with missed business opportunities, hiring costs, and training costs could result in your business losing hundreds or even thousands of dollars! But, bad hires won’t just cost you money. Let’s take a more in-depth look into what a bad hire can truly cost your business.
Before we get in too deep, how does bad hiring even happen? Let’s retrace the steps. There are a few possible ways that you’ve hired a bad hire. The most common reason is that the position was filled entirely too quickly. If you’re not giving your business enough time to actually thoroughly hire properly, then you’ve already lost the battle. It’s well known that your best work doesn’t present itself when you’re clearly rushed. You have to be able to deeply evaluate each potential hire. Make sure you are weighing all the possibilities with a sharp eye.
This leads us to possibility number two, they were simply unqualified. Did you spend a decent amount of time analyzing their skills? Did you compare their skill level to what’s actually needed to match the position? Realistically you wouldn’t hire a mechanic to decorate your office space now, would you? Skill matchup is vital! In order to maximize your business’ productivity you need your new hire to already possess the required skills.
But besides hiring too fast and not carefully analyzing the potential hire, you might just be mentally overwhelmed which can cause you to make some pretty bad decisions. And why exactly are you overwhelmed? Probably because you’re doing this process all on your own! Your recruitment team might not be as dedicated as you are to bringing in the best-qualified workers for your business. So you chose to take it upon yourself to make the increase in staff happen. Make the decision to decrease your workload and never suffer from the bad hire blues again. Seek assistance from an award-winning staffing firm.
Now that we have looked into the reasoning behind these bad hires, let’s investigate the indirect cost of bad hires.
- Bad hires mean a loss of productivity – Always remember that good employees equal good productivity. And good employees produce the best work to drive a successful business, not a bad hire! A bad hire won’t know how to connect your business to a happy customer presenting a disconnect in client relationships. They won’t know the difference between what works for your business and what doesn’t resulting in productivity loss, the main component of your business. OUCH!
- Bad hires have a negative impact on employee morale – If someone isn’t happy about their job, they’re going to make it known. Whether it’s through verbal communication or body language. Their negative energy won’t only affect your business but, it will affect your valued employees’ energy. Be sure to focus on the red flags because they’ll direct you into taking action. What are a few signs that you have unhappy workers on your hands? A higher rate of absence, reduced commitment, and constant lateness. Sooner than later their performance will go from ideal to poor.
- Bad hires cost your business time – Time is money! You could catch your most valued employee playing catch up from your bad hires job. Potentially giving your valued employees thoughts of leaving themselves. The exact moment your valued employee decides to leave you’ll be saying hello to turnover. By not resolving your bad hire blues you’re asking for constant juggling of employees. Drawing time away from what your business actually needs to increase the bottom line.
If you have the bad hire blues, allow our award-winning staffing firm to save your business. With such a great pool of top candidates, your business is bound to be the best it can be. We can save your business lots of money by hiring correctly the first time! We have an amazing page entirely for sharing all available job openings. Contact us now for a free consultation.