How Much Are Bad Hires Costing You?

Have you ever calculated the cost of hiring the wrong person? TTISI has provided a simple calculator to do this. Download it here.Hiring the wrong candidate is costly in terms of money, lost productivity, poor morale and possible damaged customer or vendor relationships. Over the past 30 years poor hiring decisions have cost me. What can you learn not to repeat or at least minimize this? A few key insights:Never Hire Alone. Make sure your hiring process involves at least 3 people who share their insights on any candidate. Discuss and compare interview feedback. And hire on consensus.Use this Hiring Decision Ratio. 30% Interview Feedback, 30% Referrals, 30% Assessments, and Profiles, 10% Gut Feeling.Ask the Acid Test Question. (Learned this from Gazelle Scaling up). “May I call your previous two employers and ask for their feedback on you as an employee and team player?” If the answer or candidate body language is negative, beware!Employ “American Idol.” Ask the candidate to give you a 3-minute impromptu presentation while standing to this topic: “Why I want to Work for Your Company.”Beware of Masks. All candidates put on their best mask during the interview. Use Behavior and Motivator Profiles like TTISI provides to explore the candidates leadership and team style as well as what drives this person to succeed. Profile sharing builds trust and gets to the “true candidate.”Go Beyond the CV or Resume. A clear concise resume is a good indicator, but better you look for linking the candidate history to their future potential. Explore more the potential for competency development to succeed in your company.Employ these six hiring guidelines and save your company significant money, and, you less headaches!Have a Great Hiring Week!