The costs of a bad hire

As you know, small businesses often do not have the budget for an HR manager. Getting one is also often not appropriate considering the small scale of operations. As a result, the task is often left to people who lack human resource knowledge or, the founder (owner/operator) shoulders the task thus spreading thin his or her precious time.

In either case, the result is often a bad hire. And while getting a hiring manager is costly, the repercussions of a bad hire can cost a lot more.

According to a survey of 444 companies by Right Management, companies experienced the following after a bad hire:

  • 66% experienced a decrease in work productivity
  • 51% suffered higher training costs
  • 44% dealt with increased recruitment costs
  • 40% faced higher severance costs
  • 54% lost their customers and/or market share

To assist small businesses, Nectjobs developed a hiring guide for small business designed to equip you with the right tools, techniques, and strategies on how to recruit the right person. You can access it for free by clicking on the hyperlink with no opt-in or email capture.

The guide focused on the most crucial areas of the recruitment process in chronological order:

Knowing what you really need

  • Nailing the job design
    • Nailing the job description
    • Attracting the right talent
  • Knowing what to offer
    • Writing and posting a killer job post
  • Learning the techniques of the hiring process
    • Shortlisting candidates
    • The interviewing process
  • Effective employee orientation techniques
  • Onboarding smoothly and keeping them hooked

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