According to a recent Forbes article, the cost of on-boarding an employee is at roughly $240,000. And, according to the U.S. Department of Labor, the price of a bad hire is at least 30 percent of the employee’s first-year earnings. For a small company, a five-figure investment in the wrong person is a threat to the business. The True Cost of a Bad Hire – It’s More than You Think, (Forbes, September 2016)
Do you have a well-defined hiring process? Or, do you spread the word, post the job and then interview those candidates who express interest and seem to have the most applicable background? If you’re not investing in your hiring process, you may pay a high price, not only in dollars but also with the impact on your reputation and culture.
So how should you be hiring? Several steps are easy to skip or gloss past when it’s critical you get someone onboard quickly. A few of the steps you want to ensure you don’t miss are defined below:
- Building the Candidate Profile – It’s hard to hit the target if you don’t know what you’re aiming for. You should build a profile of the ideal candidate based on the components identified in the position description and aspects of your company culture. Using an assessment to benchmark your best talent and further hone in on the right attributes for future hires is one of the best ways to ensure a strong hire each time.
- Developing the Attraction Campaign
- Setting the Compensation Band
- Putting together your Marketing pieces
- Sourcing and Qualifying Candidates
- Initial Interview/Phone Screen
- Final Interviews
- Offer and Negotiation
- Acceptance and Start Date
- On-boarding Plan for Accelerated Success – But wait, you’re not done yet! Don’t overlook the importance of effectively on-boarding your new hires: http://jessisearch.com/how-jessi-search-closes-candidates/
If these steps are more than you and your team have the time to invest in when you have hiring needs, you may want to consider partnering with a reputable recruiting agency or talent acquisition consultant to assist you. It will soon become apparent that having a trusted talent acquisition partner sets you apart and results in accessing and closing the right people so you can achieve your business goals.