The true cost of a bad hire

There’s nothing worse than employing someone, then 9 months down the line you’re having to fire them. That one bad hire is the biggest mistake you can make. Nothings more disappointing than realizing the person you thought would be your next superstar isn’t even a one hit wonder.

According to a 2015 survey, 46% of all new hires are deemed failures by the 18-month mark.

‘’According to Oxford Economics and Unum, the average cost of taking on an employee (on a salary of £25k) is £30,165. This incorporates an average spend of £5,433 on recruitment and absorbing the loss of productivity, while training the new employee to a level of proficiency, taking an average of 28 weeks’’

A bad hire can darken your entire company, make you question your leadership skills and put the growth of your entire business at risk. But they don't have to happen as often as they do. Hiring the right employee is a challenging task let alone hiring the wrong employee which is can be expensive and time consuming.

Top tips for not making that bad hire.

1. Hire for personality over skill

Skills can be taught. Personality cannot. Hire the people who you get on with and then teach them the skills they need to be successful.

2. Be Patient

Patience is a virtue. Take your time during the hiring process.

3. Give them what they want

When you have the right perks, work life balance, pay, structure and culture you will automatically attract the type of people you want to hire.

4. Invest in your employees

Your employees are your greatest asset. Invest time and money to make them better at their job so they can take your business to the next level.

5. Know what you want

When you hire people, you need to know exactly what skills, experience, and personality you are searching for. When you know what you are looking for, it is easier to find it.

6. Get a second opinion

Always consult your team and get their opinion before you send out that job offer as they may see something you have missed

You should always apply these tips for hiring great employees. Be proactive when it comes to hiring the people who are going to be part of your team. With the right people in place your company can be more successful than ever.