The hiring process is complicated. It is time-consuming and stressful, and frankly, round after round of interviews followed by multiple games of “Reference Check Phone Tag” are no one’s idea of a good time. It is also a high-pressure part of the management role. Hiring the right people is crucial to the well-being of your company and team members.
A recent CareerBuilder survey found that the real cost of a single bad hire clocked in at $14,900, and another study, conducted in late 2020, showed senior management reporting the amount of time lost due to bad hires averaged at four months.
The search for the right candidate can be overwhelming, especially when staring down a pile of resumes from people who all look like good candidates. This, though, is where the process, when done right, works its magic.
A company is more than just the product or service sold. It is a culture and a team; it is a set of values established over years of experience and hard-won victories. We know this at GS&A because that is how we became who we are as a company. We spent years in the business and fought hard to create the company we wanted to work for.
That is why our search process is a holistic one. We evaluate the whole of the job, hiring company, and candidates to create a comprehensive picture of the ideal match. Doing so makes it much easier to push through the crowd of candidates and opportunities to help our client find the right hire for the right job.
What does this look like in practice?
- Knowing the base job requirements
Though seemingly obvious, clarity on job requirements and description are often overlooked, and any solid partnership must start with a solid foundation in the basics. Education, experience, and background requirements are legitimate and important components for almost every job description. Daily responsibilities also fall into this category.
- Understanding the culture and strategy of the hiring company
Every company has its own culture and values, and every team has specific communication and collaboration styles. Yes, understanding the basics of the job is important; however, if your aim is to match the right applicant with the right company in the right role, it is understanding how the job needs to be done that is critical.
- Learning the candidates and their worlds
The wants and needs of candidates indicate where they are now and where they want to go. The right candidate’s wants, and needs will mesh with the wants and needs of the right company, both in the present and the future.
The right hire will do more than fit into the existing culture and atmosphere; they will add to it, and in doing so, they will become an integral part of the team. While a round peg can fit in a square hole just fine, it will not fill in the gaps. It will not bond with the whole or strengthen the unit or brace the corners, and that is where problems begin to brew in the long-term.
What do you do if you already have a bad hire? Is it worth starting over from scratch? According to the statistics, it absolutely is.
The cost of a bad hire is high on its own; the cost of losing a good hire as a consequence of keeping a bad hire nearly doubles it, averaging at $29,600. In both studies, management largely defined a bad hire by their toxicity and destruction of group morale.
Employers surveyed by CareerBuilder also noted that bad hires resulted in a substantial loss in productivity and work quality across the business, not just in the role of the bad hire. Of the employees surveyed, only 54% felt their workplace was loyal to them, and 31% expected to leave within 12 months.
One of the quickest ways to lose a high-quality employee is to make them feel undervalued. Time-consuming or not, avoiding the frustration of restaffing a bad hire is not worth the loss of a good one. Do not pay the high price of a bad hiring decision, and do not let your employees pay it either.
You could face down all those resumes on your own, or you could let GS&A help you make an informed decision. We find teammates, not employees. Let’s talk.