10 Reasons Why You Can't Afford the Luxury of a Mis-Hire

Hire Right the First Time With Disciplined Job Approach

Bad hires are draining, both financially and emotionally.

Today, more than ever, it's important to understand the system you employ to find new talent will determine whether you make a sound and strategic hiring decision.

Here are 10 reasons why you can't afford the luxury of a bad hire and what inevitably happens when you hire the wrong person for the job.

• Wasting time and money defining the job, advertising for the position, recruiting potential candidates, and interviewing key prospects.

• Paying unrecoverable fees to recruiters, and incurred legal fees (should the ex-employee sue).

• Wasting time and effort on existing employees during the on boarding and training processes, as well as getting the new hire acclimated to your business.

• Turn out less work or fewer, if any, results for every dollar and hour you invested, because the bad hire did not do their job.

• Frustrate and negatively impact the workload of all the people who worked with the bad hire and who were expecting better performance; some may disengage as a result.

• Lose opportunities to engage and sell to new and existing customers; as a result, you may sour relationships with potential new clients.

• Destroyed long term relationships with key clients.

• Other people you employ may be led in the wrong direction.

• Lose the time invested in coaching and other attempts at corrective action.

• Depending on the job, total dollars lost in opportunities. The collective effort of others in the company could range from a few months of payroll (never less) to tens of millions of dollars in less than two years.

I don't know any business that can afford these multiple and sometimes hidden costs of a single bad hire.

From front line workers to CEOs, you must hire right the first time with a disciplined benchmarking and job-matching process. The process I have used in my business, supported by TTI assessments, has been successful for every level of employment.

I encourage you to find a benchmarking system that works best for you.