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Bad hires have cost Zappos over $100 million, as estimated by CEO Tony Hsieh. Two hiring mistakes seem to have cost $ 9 million to Facebook because they failed to assess the talented candidates and rejected them. A study by Harvard revealed that biases of race and colour still guide hiring decisions. Another research reveals that 95% of organizations end up with bad hiring decisions.
Bad hiring decisions, not only cost money to the organizations, it affects the morale of the employees, the reputation of the company, performance dips, and has many more negative consequences. So, what could be some of the most common causes of bad hiring decisions? Jeff Haden, contributing editor at Inc shares six common reasons:
There are a number of factors to be considered when hiring a candidate. Education, qualification, experience, attitude, emotional intelligence, social skills, potential to learn, enthusiasm, and ambition are just a few of the factors. And chances are that most recruiters find it impossible to take each factor into account.
David Hoffeld, author of The Science of Selling: Proven Strategies To Make Your Pitch, Influence Decisions, and Close the Deal, shares two comprehensive steps to decrease bad hires.
Identification
If you do not know what you want, you will not be able to find it. Yet, this is something that a lot of companies overlook. Important steps in finding the right candidate are:
Verification
Once you have identified and defined the qualities that you need in a candidate, you can proceed to verify if candidates have them through interviews and other verification methods.
Background verification can help in assessing candidates. Here’s how:
Once you are done with the interviews and assessing the candidate within the organization through interviews, bring in professional background verification. Most companies include it in the hiring processes.
So, do you think it’s time to revamp the hiring process in your company?
References
Zappos: https://www.youtube.com/watch?v=9C36EYM-mWQ
Facebook: https://www.smartrecruiters.com/blog/did-two-hiring-mistakes-cost-facebook-9-billion/
Two steps to decrease bad hires: https://www.fastcompany.com/3061879/scientists-explain-all-your-dumb-hiring-decisions
Common reasons for bad hires: https://www.inc.com/jeff-haden/6-reasons-employers-hire-the-wrong-person.html
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