80% of employee turnover is attributed to poor hiring decisions. So why do companies struggle with making the right hire and whats the secret sauce to drive great hiring consistently?
The single most important differentiator when it comes to winning in the talent economy is hiring the right people - plain and simple. Yet, despite all the best recruiting efforts, hiring team collaboration, metrics tracking, etc. companies are still challenged with recognizing what makes a great hire and how to recruit them to their organizations.
The primary reason companies nd it di cult to de ne what makes the right hire, is that they have a tough time recognizing the right drivers of good performance - and then translate them into structured criteria for hiring. Don’t leave your success to luck. The “right hire” varies between organization because your business, your process, your culture are unique. Even more di cult is that many hiring teams simply lack the objective historical and current performance data. These gaps make it di cult to set expectations for how long it should take to hire the right people. Consequently, most organizations settle for less - deciding on availability of a candidate, rather than using concrete data.
Rushed hires can often equate to bad hires, and the impact on organizations is devastating. For example, it takes 2-5x the annual salary to replace a bad hire. Further, according to Harvard Business Review, up to 80% of employee turnover is attributed to bad hires - which can result in prompting your A-players to look elsewhere. Finally, marginally bad hires that stay with your company are incredibly costly. Organizations pay for less dramatic mis-hires through bulging training budgets, which total over 140% of hiring budgets.
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