August 2018 By: KOMAL DANGI
Last month, I addressed some questions we have received from recruiting professionals who reached out to me for after reading my prior articles. This month, I will answer some more: how to maintain an even keel during tumultuous times, how to attain balance in volume hiring, and determining — and overcoming — the costs of a bad hire.
The Staffing Rollercoaster
We can all agree that 2018 has been a rollercoaster in the staffing world. Both recruiters and candidates are experiencing highs and lows that haven’t been seen in years. How do you handle it? How can you keep yourself, and your business, on a more-even keel during tumultuous times?
Maintaining Quality During Volume Hiring
Is volume hiring an essential element of your business? It can be a time-consuming and costly venture, with the potential to drive revenues sky-high — or cause you to crash-and-burn if you don’t handle it correctly. As the pressure for large hiring volumes increases, recruiting high-quality talent must remain a priority. How do you strike the perfect balance between volume, speed-of-hire, and candidate excellence, the balance that keeps you and your clients happy and satisfied?
The Consequences and Costs of a Poor Hire
While the financial impact of a bad hire is quantifiable, chief financial officers actually rank the morale and productivity impacts ahead of monetary losses. Disengagement is contagious, which may be why employers can’t seem to defeat it. Since Gallup began tracking employee engagement in 2000, less than one-third of U.S. employees report being enthusiastically involved and committed to their work. When disengaged hires don’t pull their own weight, good employees get burned out making up for it.
While it is difficult to pinpoint the total, actual cost of a bad hiring decision (or the choice not to hire at all), most accepted assessments put the cost of a bad hire between 150% and 300% of the annual salary for that position, for each year they remain employed.
The costs of a bad hire can be devastating to an employer. Not only is the replacement cost high, but a bad hire can also have a negative effect on the rest of the employees, the work culture, and the customer experience. To lower the chances of costly turnovers, hiring managers need to be diligent in finding the right candidate to fill a position. It’s up to you to help bridge that gap and be the solution for your clients! By investing time in properly wording and formatting the job posting, conducting and shepherding along the interview process, and pinpointing the proper hiring procedures, you can help ensure a better return of investment for each new hire.
Remember: Recruiting and staffing are all about finding as many facts as possible to help candidates and clients alike make the most informed decision hiring decision possible.
Speak to a talent advisor to understand how VeriKlick could work for youSchedule Now
Request a demo to see how VeriKlick makes hiring & recruiting simpleLearn More
Request a free trial to get started using VeriKlick to find, recruit & hire candidatesTry It Free
© 2019 VeriKlick. All Rights Reserved