Mis-hire
“If you hire people just because they can do a job, they’ll work for your money. But if you hire people who believe what you believe, they’ll work for you with blood and sweat and tears.”
- Simon Sinek
Are you hiring? So, it seems, is everybody else. Trouble finding the right fit for the position and culture seems like an epidemic. And while there are some great tools that allow you to post your job opportunity in hundreds of places now, it almost feels like our needle is getting even smaller in an increasingly larger haystack!
And let’s be honest, we’re all doing our best to look away from the mounting pile of evidence of how much these mis-hires are costing us, but it's getting pretty hard to ignore. And the pressure to get it right continues to increase.
- A study from the Dept. of Labor three years ago says a mis-hire will cost you a minimum of $11,714 - while business leaders surveyed at the time talked about a number 3 times that one.
- A recent survey by “Fast Company” reported 41% of employers say the cost is $25,000 and another 25% say the cost is $50,000 for a mis-hire.
- Most estimates point to a 25-50% cost of their first year’s annual compensation as the bill for this kind of mistake.
Sadly, the cost of a wrong hire is way more than just financial:
- Lost worker productivity (our teams spending time trying to make our bad hires work)
- Lost time due to having to recruit and train another worker
- Expense associated with recruiting and training another worker
- Negative impact on employee morale
- Negative impact on client relationships
A friend of mine lamented over dinner that they had been having a hard time filling a crucial position. After one month of posting on one of those sites that blasts the ad to hundreds of potentials, they only had a handful of inquiries and none had seemed to be a fit. When I told him I had begun using the powerful elements of story to craft unique job postings, and had seen really good results for some other business leaders, he wanted to give it a try.
The ad we created contained some of the same information, but was crafted in a completely different way with a different focus.
Here were the results:
- So many replies they had to turn off the ad after 3 days
- A bunch of really great prospects for the job
- Three superstars they interviewed that they would have been happy to hire
- One hire who they still can’t believe is joining their team
All prospects independently mentioned that their inquiry about the job was 100% related to the unique type of job posting.
If you have done the hard work of creating a great culture as our clients are doing, you deserve to be able to hire really great people.
Differentiating yourself in a crowded marketplace full of others looking to hire, is getting really challenging. The cost of getting this right is worth 10’s to likely 100’s of thousands of dollars for even the smallest businesses.
- Build a great culture.
- Differentiate yourself from the millions of other looking to hire.
- Hire great people that are a great fit to your culture.
Consider
- Looking for some new folks to hire?
- What has been your track record and experience in hiring?
- What is not having the right team costing you?
- What is not having a great culture that you are clearly connecting to the potential workforce, costing you?