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By: Ron Guest, Senior Partner TwoGreySuits
www.twogreysuits.com
rguest@twogreysuits.com
Ok, most managers I know will admit to making hiring mistakes with some hiring mistakes being in the ‘very expensive mistake’ category. In this blog I will attempt to answer the ‘why’ behind hiring mistakes and also offer up the solution going forward. The true cost of hiring mistakes is always more than what meets the eye. Researched estimates of hiring mistakes costs are between 1.5 and 2X the annual salary of the person hired if they don’t work out.
Hiring is serious business, but not taken as seriously as it should in many cases in my experience. ie) very poor interview preparation – little meaningful interviewing experience, lack of up to date job description or sometimes no job description at all, no list of hard or soft skills required, no behavioural interview questions, no 2nd opinion in the process, no references, no interview notes, no means to compare candidates, no formal candidate assessment, poor presentation of the hiring company, etc. The list goes on.
When companies repeatedly make hiring mistakes, at some point the tendency sometimes is to let the non-performing new hire stay far too long in the job in the hope
that it will work out…but at the expense of other well performing employees, negatively affecting company culture and values along the way. This is a lose/lose proposition.
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