The Hiring Gamble
Hiring quality employees can be a game of chance. But in this game, the odds of identifying the candidate who possesses the high level of quality talent you need aren't always in your favor. And you know all too well how high the stakes can be.
Even the most experienced HR professional or business owner has probably experienced the following scenario at least once. Have you?
There is a new opening to fill. You are tasked with identifying the right candidate, someone who possesses the quality of talent required to be successful in the role. Countless hours are spent sorting resumes and vetting candidates. Finally, you think you've found "the" person. The candidate has a resume that seems to meet your criteria, and he or she gave all the right answers to the interview questions.
An offer is made and accepted. The candidate becomes an employee. The organization believes it has gained quality talent, and all is well. Right?
The company invests time, money and resources to onboard and train the new employee. The employee was added to payroll and the company health insurance plan. Maybe business cards were ordered, and the company personnel directory was updated.
And then, after a short period of time, the honeymoon is over. It becomes painfully clear that this person just doesn't have the skill set you thought. Productivity suffers. You are pretty certain you are losing your bet in the hiring gamble. You need to cut your losses. But how?
The Stakes Grow
Employee terminations, even the most justified, are inherently risky. Risks of legal exposure. Risks of tarnishing your organization's reputation. Risks of the employee taking valuable trade secrets, or maybe even customers, with them. There is rarely an instance when terminating an employee is entirely cost free. The Society of Human Resource Manager's, (SHRM), 2016 Human Capitol Benchmarking Report, tells us that on average 8% of an organization's employee turnover is a result of involuntary separation.
Maybe the odds shift, and the employee saves you from having to terminate by resigning. While most employers consider this a better scenario, it still leaves the problem of a vacancy… again. Now the hiring process starts all over, while the workload grows.
How much did the gamble cost you?
You know the lost productivity that was experienced during the now ex-employees tenure, however short it may have been, is impossible to recapture. While the exact cost associated with that loss can be difficult to quantify, it's real.
But, what about the fully loaded costs of training and onboarding a new employee? New hire costs vary widely depending on the role, the industry and the organization itself. However, SHRM's 2016 Human Capitol Benchmarking Report reflects that the average cost to a business for a new hire is $4,129.00.
And the average time to fill a position? SHRM found it takes 42 days, on average, to fill any given position. That's 6 weeks of even more lost productivity. (Source: Society of Human Resource Manager's 2016 Human Capitol Benchmarking Report)
XFactor Changes the Game
What if you could you shift the "hiring gamble" odds and put them back in your favor? Or better yet, eliminate "gambling" from the hiring process entirely? What if you could be completely confident that an applicant has the quality of talent needed before making an offer? Wouldn't it be advantageous if you could perfect your hiring process?
XFactor can give you that advantage. Our solution is scientifically proven. By leveraging the XFactor process, you will have the insights you need to hire the high level of quality talent you seek. XFactor will help you identify the candidate with quality talent before you hire, saving you time and money.
Before you gamble on another new employee, let us share our report, Perfecting the Perfect Hire with you. It's free and you can download it below. You can also reach out to us directly to learn more about how XFactor. Hiring quality talent just got easier. Contact us.
Based on this article, we recommend you read: Are Job Boards Really the Best Way to Find Quality Employees?, 3 Factors to Consider When Searching For Quality Talent, and 3 Reasons Why You're Not Hiring Quality Talent.
NEXTAFF helps companies Hire Quality Employees. By offering a complete range of temporary staffing agency services, we help your company – no matter where you are in your business evolution – raise productivity through hiring better quality employees. We are able to service all your staffing agency needs with local staffing offices in Raleigh-NC, Overland Park-KS, Topeka-KS, Kansas City-MO, Dallas-TX, Houston-TX, Gulf Coast-MS, Phoenix-AZ, Miami-FL, Orlando-FL, and Harrisburg-PA.
