Hiring the wrong person can be a nightmare. You’ve wasted time sourcing their CV, bringing them in for an interview, and arranging their start date. And now, you see it has all been for nothing.
And, according to Robert Half UK, it can be apparent that a mistake has been made in as little as two weeks with 39% of employers saying they could tell within a fortnight if things were not going to plan with a new hire.
The consequences of a bad hiring decision can be dire. The top three problems bad hires are found to cause are increased workload for colleagues (50%), increased stress on colleagues (39%) and lost productivity (33%). Aside from increased stress and workload for management, other negative consequences include higher recruitment costs (32%), lost business opportunities/revenue (24%) and low staff morale (24%).
However, firms take different approaches to fixing the problem – one third (33%) of employers turn to staffing agencies to find a replacement, while the same portion restart the hiring process from the beginning. Surprisingly, 32% adopted a wait and see approach to see if the employee’s performance would improve on its own.
“Whether organisations decide to terminate their employment or invest in training them, it will impact the company financially and cause significant disruption and stress to the existing workforce. It’s therefore critical to get it right the first time,” said Matt Weston, UK Managing Director at Robert Half.
“Businesses go to great lengths to find and attract the right candidate, but the cost of making the wrong hire can be significant.”
The most common reasons for failed hires were mismatches of skills (44%), underqualified candidates (42%) and people found to be lying on their CVs (37%).
“While some factors, such as cultural fit, attitude, or even lies or embellishments on a CV can be challenging to account for in an interview, an experienced hiring manager and a thorough process should be able to identify most of these,” added Weston. “It’s important to ask the right questions, thoroughly test skills and perform meticulous reference checking. Employers would benefit from reviewing their hiring policies to ensure they strike the right balance between efficiency and rigour.”