As companies ramp up hiring and quality candidates become harder to find, organizations are more apt to make hiring mistakes. In fact, 95 percent of companies admit to making bad hires, according to research firm Brandon Hall Group.
In should come as no surprise that a bad hire can cost your organization money and negatively impact productivity. The cost of a bad hire is different for every organization, but adding the compensation for the job, the cost of training and the cost to hire (posting job, interviews, etc.) will give you an idea of your bad hire costs.
To reduce bad hires at your organization, familiarize yourself with these common hiring mistakes and the steps you can take to remedy them.
Lack of Standard Interview Process
According to the Brandon Hall Group, 69 percent of companies said a broken interview process is the primary cause of a bad hire. They also found that organizations without a standard interview process are five times as likely to make a bad hire than those with a standard process.
Solution: Create a standard interview process with uniform procedures to accurately compare and evaluate each candidate. You should also ensure your hiring managers have the resources they need to conduct a successful interview.
Weak Candidate Experience
Poorly written job descriptions, a cumbersome application process and a lack of communication during the interview process all contribute to a poor candidate experience.
Solution: When organizations invest in their candidate experience, they improve their quality of hires by 70 percent. Fixes you can employ include developing detailed job postings, investing in a mobile-friendly website and application process, streamlining your application process, and establishing follow-up procedures for every applicant.
Maintaining a positive image and reputation are vital if you want to attract quality candidates. Organizations that invest in branding are three times more likely to make a quality hire.
Solution: Invest in marketing and advertising to communicate your mission, goals, and values. Utilize social media to showcase your company culture and brand. Encourage customers and clients to write online reviews of your company.
Relying on Online Job Boards Alone to Find Candidates
When it’s time to hire, many companies make the mistake of only posting their job to an online job board like Indeed or CareerBuilder and wait for people to apply. But this will only expose your job to 15-20 percent of qualified candidates.
Solution: The most talented candidates are likely already employed, but the good news is 45 percent say they are willing to learn about new opportunities. To truly get the best candidate for your position, you need to pursue these “passive candidates.” The best way to reach passive candidates and expose your job to as many qualified candidates as possible is to work with a staffing firm like Morgan Hunter.
We specialize in engaging passive candidates using proven recruitment strategies developed throughout our 30-year history. Plus, you will unburden yourself from the added responsibilities of sourcing candidates and weeding through unqualified applicants. While our sole focus is on finding you quality candidates, you can focus on your day-to-day.