Bad hiring is simply taboo in today’s industry. This is possibly the first thing which HRs across the industrial realm are instructed and trained to avoid while the risk of bad hiring is something they have to be aware of constantly throughout their careers. CodeForce 360 has observed that companies tend to lose a lot of money in the process of bad hiring while an even higher sum is spent in fetching replacements.
Bad hiring doesn’t just leave a bad taste in the mouth but also cripples an organization’s financial and operational stability in every way possible. In this article, CodeForce 360 explains the causes and costs of a bad hire:
1. Reliance on previous roles and JDs: Hiring professionals in some cases fail to refresh their company’s job requirements without being aware of a change in the same. Bad hiring is the end result of hiring professionals being inept when it comes to analyzing the change in company policy/requirement. This leads to hiring a fresh employee whose presumed JD might not be the company’s agenda.
2. Overlooking candidates’ intellectual traits: Today’s competitive industry is mostly about involving trained professionals in teams thriving on cohesion. Hiring professionals sometimes fail to screen or surmise candidates’ prowess in quintessential soft skills. This leads to a chalk-and-cheese situation between the team and a fresh candidate who lacks these skills.
3. Lack of rapport during the hiring process: Effective hiring is all about gauging the candidate’s technical and intellectual machinations in every possible. This is critical as establishing a professional rapport during the process of hiring gives hiring professionals a closer look at the candidate’s qualities. This, in turn, provides them the conviction to take a call on whether or not the candidate is good enough to hire. Failure in establishing this rapport could result in hiring a candidate based on surface-level analysis.
4. Lack of utilizing available resources: The hiring process is always the start of things to come. This clearly means that hiring professionals ought to use every single tool at their disposal such as networking platforms and colleagues for useful referrals.
5. Being unable to attract the cream of the crop: The most sought after candidates are given glittery job offers from the best companies in the industry. It’s up to hiring professionals to look for these top draws, reach out to them and hand them enough reasons to choose their company/offer over the rest. Hiring professionals who fail to do the above end up pooling talent with stagnant skill sets and zero professional chutzpah.
WHAT ABOUT THE COSTS OF BAD HIRING?
1. Decrease in productivity: A bad hire is sure to gain to your workforce’s attention. In the process of a below-par performance by a bad hire, a company’s workforce begins to critique the management’s hiring aptitude which ultimately leads to losing confidence thus precipitating a decrease in productivity.
2. Employee resignations: With the decrease in productivity and morale hitting an all-time low, employees who are efficient and invaluable to the company’s business objectives begin to doubt their future and target a possible departure.
3. Stymies a company’s progress: A bad hire who’s not ideal to work alongside a company’s proficient workforce drags the whole team behind as cohesive teams’ progress is defined by their collaborative efforts. This ends up in having your best employees work during downtime to cover lost ground, hurting your company’s business objectives.
4. Reputation hits rock bottom: Bad hires are sure to step on the toes of your best employees. In frequent cases, word of mouth spreads about the bad hiring at your company and the consequences faced by the workforce. Moreover, the digital age has everybody connected round-the-clock through social and professional networking platforms. So any negative feedback that spreads online carries the risk of spreading further and tarnishing your company’s image.
5. Extended onboarding which costs time and money: Bad hires with their blunt skill sets and lack of spark take treasure troves of time to streamline themselves with the company’s flow. In most cases, the bad hire’s onboarding time is extended since letting go of the bad hire will result in the waste of resources exhausted in the hiring process. This extended onboarding will not just give extra work to your existing workforce to help put the bad hire on track but cost precious time and money.
A PRICE TOO HIGH TO BE PAID:
According to CodeForce 360, today’s competitive industry that brings the challenges of implementing cutting-edge technology, overcoming stiff financial obstacles and beating stifling competition provides no room for hiring errors. This is because bad hiring ends up costing the company time and money, which are unbelievably precious commodities to thrive in the industrial realm.
CodeForce 360 believes that a bad hire can stall progress, create a stagnant working environment and determine a company’s fortunes altogether and it’s imperative that hiring professionals at companies of all scale, tick all boxes during the hiring process.