How to Avoid and Expensive Mis-Hire!
People are the life-blood of any business. It is critical for success to have the right people, in the right place at the right time.
In 2016 an article in the Entrepreneur described the consequence of getting recruitment wrong as “a cash furnace for your business.” In Australia research has found that a bad hire costs on average between $25,000 and $50,000 in lost recruitment costs alone. If you add in the cost of lost productivity, lower morale and lost customer opportunity you are looking at a cost of of 2.5 time the person’s first year salary! So if the job earns $70,000 that could mean you have thrown $175,000 into that furnace!
Astoundingly and to show you that you are not alone, 81% of business owners admit to making a bad hire. Zappo’s CEO, Tony Hsien, admits that his bad hires have cost Zappo well over $100 million. Scary isn’t it.
There is good news, together, we can put a stop to recruitment being a burden and a cash furnace by implementing Job Benchmarking into your recruitment and on-boarding processes. Job benchmarking will directly and positively affect your bottom line. You will not only attract the best candidates, but you will save time and money by hiring the right people the first time and reduce the learning curve with new employees who are strategically matched to fit your company.
What is Job Benchmarking?
Job benchmarking is a system that uses the suite of TTI Success Insight behavioural assessments to develop the ultimate position description. Once you have this position description you can use it for recruitment, on-boarding, employee development and training, succession planning and workforce planning.
Job benchmarking comprises of three key steps:
How can I help you?
I can help you make sure you do not throw more money into that cash furnace and make the recruitment process an enjoyable experience by making sure you get the right person for the job the first time. If you would like to know more please contact me on 0447 228 669 or email firstname.lastname@example.org