Accountable Leaders & Teams
As a hiring manager, if you've experienced bad hires in the past, you know how expensive these can be.
According to Dr. Bradford Smart's research identified in his book "Topgrading," the cost of a mis-hire could range from 5 to 27 times an employee's salary. This is why it's essential to use effective methods and tools to recruit and retain top-notch talent for your organization.
One such technique is Job Scorecard which helps evaluate candidates based on their skill set and experience for the company. Offering insightful analytics such as resumes reviewed, interviews conducted, background checks made, etc., Job Scorecards can help determine a good hire according to specific criteria. Additionally, Gallup data suggest that bad hiring decisions cost the US economy over 1 trillion dollars annually - yet another reason to ensure you get it right!
Furthermore, you need to keep track of all the costs associated with hiring someone. This includes factors like recruiting expenses; testing (if any); HR time and administrative costs; developing job scorecards and posting job descriptions; compensation; training costs; severance/lawyer fees (if any); lost business opportunities due to mis-hires; wasted hours spent managing or dealing with weak points due to failed hires etc.
It pays off in the long run for organizations to make sure they invest the necessary time and resources into finding the right fit. Taking measures against botched interviews or bad hires and reducing the turnover rate drastically in their organization will result in increased profits from higher customer satisfaction rates & improved productivity.
At Rhythm Systems, we know the proof is in the results. Let us show you how culture and strategy can help you attract and retain employees to win the talent war.
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