How Long Does it Take for You to Realise that you hired the wrong person?
Almost two in five businesses take just two weeks to discover that they have hired the wrong person.
After a study of almost 5,000 managers in 13 countries around the world, 39% typically realise within a fortnight that a new hire is not meeting expectations.
Meanwhile, 15% of employers realise they’ve made a mistake within a recruit’s first week on the job.
The most common reasons given were a mismatch of skills (44%), underqualified candidates (42%) and people found to be lying on their CVs (37%).
When asked what steps they took to address a poor hiring decision, 40% of employers said they terminated the employee’s contract and had to rehire for the role.
This is compared to 39% who developed a training program to build the employee’s skills.
Surprisingly, 32% adopted a wait-and-see approach to see if the employee’s performance would improve on its own.
Hiring the wrong person for the job can significantly impact an organisation. The top three consequences of a bad hire according to managers 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%).
Bad hires can be highly costly for companies, though many companies struggle with accurately calculating the cost of hiring the wrong person.
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.
Businesses go to great lengths to find and attract the right candidate, but the cost of making the wrong hire can be significant. It’s therefore critical to get it right the first time.
It is important to ask the right questions and address the red flags with skill tests or Psychometric testing and perform a thorough reference check and background checks.
Hire Once, Hire Right!
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