The Hiring Problem
In business or in government, hiring the right person for a senior-level position can mean the difference between success and failure for your team, and perhaps your entire organization.
Without question, hiring a high-quality and long-lasting employee is the number one priority for most managers. Good employees mean good business.
Yet, still, far too many managers leave important hiring decisions to chance. Or worse, they relegate them to under-qualified people or incomplete processes.
Cost of a Bad Hire
No one intentionally hires the wrong person. But often standard interview and screening techniques are inadequate and do not present the whole picture about a potential employee.
A candidate who interviews well and is able to parrot back the “right” answers does not always translate into an insightful employee. Moreover, interviewers are sometimes drawn to candidates with traits or personality profiles much like their own—someone they feel compatible with. But more often than not, the best person for the job possesses a very different skill set than that of the interviewer.
A bad hire can result in tremendous cost to the organization—in lost revenue, poor productivity, lost sales and low team morale.
A recent survey conducted by Right Management found that a bad hire can cost an organization anywhere from one to five times the employee’s annual salary. Twenty-six percent of survey respondents reported that replacing an employee who doesn’t work out cost their organizations three times annual salary, and another 42 percent said bad hires cost two times annual salary.
In addition to the cost of recruitment time, agency fees, advertising, training and salary, there are the less tangible---but very real--costs of lost productivity and low team morale.
For many organizations, it is simply too expensive and not an option to ‘just hire and see how it goes.’
The Goodenough Method
