Your company’s hiring managers are working tirelessly to write accurate job descriptions. You’ve made interview checklists and performed background checks, but somehow several new team members are just not working out. And, it’s costing your company big. So, what went wrong? What can you do? First, let’s examine what exactly these bad hires can do.
Bad hires can wreak havoc
HR.com, the largest social network and online community of HR executives shares some eye-opening information about who you are really hiring. For instance, did you know that 53 percent of all job applications contain inaccurate information and that 34 percent of all application forms contain outright lies about experience, education, and ability to perform essential functions on the job? It’s activity like this that can really do some damage to your bottom line.
In fact, the U.S. Department of Labor estimates that the average cost of a bad hiring decision can equal 30 percent of a person’s first-year potential earnings. So, for example, one bad hire with an annual income of $50,000 could equal a possible $15,000 company loss. Don’t you work too hard to have your company take a hit like that?
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About the Author
Utilizing more than a decade of human capital management, sales and leadership experience, Greg Moran is Founder and CEO of Chequed.com. Chequed.com is redefining the way companies hire with a singular goal… No Bad Hires. Ever. Their Predictive Talent Selection™ platform helps leading brands worldwide make hiring more efficient and data driven through cloud-based, automated, predictive reference checking. In partnership with the University at Albany, Chequed.com works with organizations to implement best practices in talent selection, which are scientifically proven to reduce cost per hire, increase quality of hire and improve organizational productivity. For more information, visit www.Chequed.com.
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