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Tips to avoiding costly Hiring Mistakes

Given today's extremely competitive hiring market, companies can't afford to take a casual approach to recruitment. A bad hire can lead to a number of repercussions like a costly turnover and too much time. It can also negatively impact the organizational performance of a business and, therefore, its long term goals.

The Society for Human Resources Management quotes,

 "The cost of replacing an employee could end up amounting to anywhere between 50 percent and a few hundred percent of the individual’s yearly salary"

Unlike the earlier times when the market competition was low and it was easy to source quality candidates, it has now become imperative to create proper hiring strategies and correct implementation to attract, onboard and retain top talent. Companies thathire students face the condition of turnover only in two cases:

 1. Either they are looking to fill the vacancy very quickly or;

2. Failing to test or research the skills of the candidate well enough

 According to Nancy Halverson, general manager, franchise operations for MRINetwork,

 “There are many factors that come into play when determining whether someone is a suitable candidate, including their skill set and background, as well as how well they fit within the corporate culture. To avoid the risk of costly hiring mistakes, there are key steps companies need to take - starting with getting a clearer picture of who their ideal candidate is.”

 Following tips will help the recruiters to clearly define the traits of a good candidate:

A good candidate profile

Having a good candidate is directly attributed to how specific business is about what its ideal candidate looks like. Most of the times, recruiters cast a wide net in hopes that the high caliber candidates will simply come to them. This does not work. There needs to be a more specific picture of what that candidate looks like, the exact skill sets he/she should have and what will be expected of them.

This practice in fact helps both the hiring managers and the students. Studies have found that the disconnect between the expectations of an employer and the candidate leads to bad hires. Candidates also reported asking for more clear instructions as to what the role and responsibilities are.

 “Candidates want to know what to expect - both from the position and company,” notes Halverson.

“It’s important that they’re able to get a clear understanding of what working for a company would be like before applying - let alone committing - to a job.”

Do not hire based on Biases 

Most often, hiring in entry level jobs are influenced by personal perceptions which in turn lead to hiring blunders going forward. Lou Adler also explained the same in a LinkedIn article. To cut this out, Organizations should clearly define roles and responsibilities, as well as the required skill-set for undertaking those responsibilities - not just which ones they require, but why and how they will be utilized on the job. Moreover, the success of those skills also needs to be tracked.

 “By outlining the attributes, characteristics and duties of the candidate ahead of time, employers will be better positioned to hire someone who fits the bill,” says Halverson.

Conclusion

Such ingredients are needed to create a performance-preferred job description which enables employers to minimize bias attributed to a lack of context and, in turn, reduce their risk of making costly hiring mistakes.

Moreover, there are online assessment platforms in India which help Companies to hire job-ready candidates.

HireMee is one such platform which is trusted by 3800+ colleges and 2100+ corporate. It offers 100% customization of the test platform and the content. You can also schedule the test by sending a test invitation to candidates at a time you want. It supports all major types of tests like MCQs, Fill Ups, True/False, Essay writing and even has a hands-on coding simulator where you can test a student's coding abilities. With advanced AI-proctoring to ensure test integrity and Real-time reports (HTML/PDF/Excel sheets), HireMee ensures you get to choose only job-ready candidates.

Let us know what you think about the tips discussed in this article. 


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