Hiring the right talent for your business is crucial for success – but what happens when a hire doesn’t work out? The cost of hiring mistakes can be high – not just in terms of wasted time and resources, but also considering the negative impact on your team and reputation.
What’s the true cost of a hiring mistake?
This depends on many factors, but here are some key impacts:
- Financial loss: A new hire costs more than $4,000, even before wages and salary, which includes the cost to advertise on various job sites, onboarding and office equipment. Training costs add up as well, not to mention possible legal fees you may incur.
- Time wasted: It can take weeks to fill an open position and at least 30 days for a new employee to become fully productive on the job. As a result, a hiring mistake can set a project back by weeks or months.
- Damaged morale: Despite your efforts to develop a positive team culture, a hiring mistake can negatively impact relationships on your team. Frustration voiced by good employees can spread a lack of trust and motivation.
- Reputational risk: Unfortunately, one bad hire can hurt your reputation with customers and potential employees. Word can spread quickly about a software bug, poor service or rude/unethical behavior.
One caveat: No one can ensure hiring success 100 percent of the time. However, partnering with a staffing solutions firm like BravoTECH can help you avoid some of the pitfalls of recruiting and reduce your risk considerably. Here’s how.
- Experience and specialized expertise: Experienced recruiters have extensive knowledge and experience identifying candidates with the specific skillsets required for each role, even niche roles that generalist recruiters may not be familiar with. Because they understand technical aspects of the role as well as the soft skills you’re seeking, they can help you profile the ideal candidate and verify resumes. Staffing firms are also experienced in human nature (they’ve seen it all, so to speak), which enables them to weed out candidates who may look good “on paper” but may not be a fit for your team.
- A vast network of candidates: You can get some of the more tedious steps, like validating candidate credentials, out of the way by starting with the staffing firm’s large pool of pre-screened candidates. When you need to hire quickly, BravoTECH recruiters hit the ground running with a pipeline of qualified candidates, enabling them to spend less time gathering resumes and more time vetting qualified candidates.
- Time and cost savings: BravoTECH has numerous case studies documenting our ability to locate top candidates not just faster than clients’ internal staff, but faster than other staffing firms. We get the job done without sacrificing vetting and screening processes, saving you both time and money. And by outsourcing your recruiting efforts, your managers can stay focused on their work and your human resources department can dedicate their time to onboarding, training and ensuring great employee experiences.
- Reduced risk: When a new role has been created, or when you need people to execute a special project, adding full-time headcount adds cost and risk that may not be prudent. Consider hiring these new team members on a contract basis and converting these roles to full-time once their long-term value is established. Because BravoTECH assumes complete responsibility for the contractors they provide, your legal, financial and reputational risk are minimized. If a contract employee doesn’t work out or you need to reduce headcount, you can terminate the contract.
Hiring mistakes can be costly, but BravoTECH can help you reduce your risk by providing top talent on a contract or contract-to-hire basis. Let us help you develop an effective recruitment strategy to build an agile technical team that can flex to meet your changing requirements. Connect with us at 800.762.7286 or [email protected].
