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February 9, 2017 / in Blog, Employee Retention, Employers / by McLean Thompson
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One of the primary concerns for every business owner is costs.
Every penny gets accounted for – how much you’re spending on supplies, how much you’re paying employees, rent, insurance and more are all included in the tally.
The goal is to reduce costs as much as possible, while still having a thriving business.
However, something that often does not explicitly show up on the books are the detailed costs of a bad hire. Hiring the wrong person can force your company to spend more money than it you’d think, all on a person that does not meet expectations.
But how exactly does a bad hire cost your company money?
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Let’s say you run a small business that sells computer parts. You sell replacement parts to other businesses and consumers, so that their computers can get back up and running after they break down.
You’ve been in business for a few years, and you’ve decided that you would like to start expanding your business, and feel that you can handle more customers.
With this in mind, you begin searching for someone to run your marketing campaigns.
(Knowing that this story is going to end in a bad hire, we can already see the first cost associated with it: your time.)
The time spent searching for candidates ultimately costs your company money, in that you could be spending that time doing something more beneficial.
On top of that, if you place ads to get the word out about your open position, you have to pay for them.
Candidate emails begin flooding your inbox, and now you have dozens of resumes to sift through, using up even more of your time.
You conduct the interviews, run your background checks, and talk to their references. By now you’ve spent hours looking for the right person, and when you finally conclude the process, you believe you’ve found them.
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You extend an offer to your new hire, Brian, and he happily accepts.
Now you have your new employee, and he needs some training.
You spend a few days working closely with Brian, showing him the ropes of your business and going over what is expected of him.
Even once the training is done, you still spend extra time with him in the beginning, just to be sure he knows how everything operates.
Once Brian begins to work autonomously, you can get back to your normal duties, now that you have one less thing on your plate.
Everything seems to be going well at first – Brian has started a marketing campaign, and even brings in a few more customers!
It isn’t until the end of the quarter that you realize Brian has spent more on marketing than you had budgeted for. You hope that this is just a small oversight and plan to discuss it with him.
For the next quarter, you have to cut back on some expenses to make up for the extra marketing budget, so you take a small cut in pay.
You give Brian a second chance and allow him to continue running the marketing department, only checking in from time to time.
At the end of the second quarter, you are not seeing results from the marketing campaign, and consequently, profits have dropped.
Brian says that things will rebound, and that they need more time, and you believe him. However, you have to cut back some more, and so you begin scaling back the hours of some of your other employees.
Not happy about the reduced hours, the quality of work from your other employees begins to suffer. Customers begin to complain, and before long, you’ve lost a few of them.
In turn, this leads you to terminate a newer employee, as you are no longer able to afford to pay them.
You decide that marketing needs more of a hands-on approach from you, so you begin to micro-manage Brian to attempt to right the ship. This takes more time on your part, and he is not happy with the extra scrutiny.
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The relationship between you and Brian begins to deteriorate. You have more stress since you are now essentially doing their job, and they do not like being micromanaged. Ultimately, the marketing plans fail, and after several months of working there, you need to let Brian go. You are now in need of a new person to manage your marketing, only this time your company is worse off than when it started.
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As you can see, there is a large cost associated with making a bad hire.
You spend time searching for a candidate, interviewing them, and checking their background.
Once hired, after you spend money training them, you can lose money on their potential mistakes, waste further time if you need to micromanage them, and they can cause harm to company morale.
This is all on top of the salary you are paying this person – not to mention benefits – which will ultimately go to waste when you decide the hire is not working out.
By the end of the whole ordeal, your company could have spent thousands upon thousands of dollars, all for naught.
It may seem like a bad hire would be obvious, and that once you see one of the warning signs, you can simply let them go and move on. However, sometimes the signs of a bad hire are not that apparent, and your company is wasting money without you even noticing it at first. This is why it is so important to get each hire you make right.
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Leave hiring to the experts
Don’t let a bad hire set your company back. It is essential that when you go through the hiring process, you get it right the first time.
This is where we come in. By allowing us to conduct the hiring process for you, you increase your chances of getting a good employee, rather than a bad one. We have the expertise necessary to make good judgments about candidates, and to make sure that they are the right fit for your company. With so many ways for a bad hire to harm your company, you don’t want to leave it to chance.
Give us a call today to learn more about how we find the best employees for your company. A few months from now, you don’t want to deciding between cutting your losses with a bad employee, or spending more money to try and salvage the relationship. Let us handle the hiring process for you so that you can focus on growing your business, and not the lost money of a bad hire.
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To speak with one of our recruiters directly, call 561-910-4847
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