When it comes to filling a job vacancy, every company wants to make the perfect hire.
But try as they might, the harsh reality is that a lot of companies don’t and when they don’t they can get stuck in a vicious cycle of employees coming and going and coming and going. The worst thing a company can do is make a bad hire and then keep that person on.
When that happens, three things happen and none of them are good:
- Productivity decline: A survey of executives by Robert Half reveals that poor skills match and unclear performance objectives are two of the biggest reasons for failed hires. Added together, both of these things mean a loss of productivity. Bottom line: when an employee can’t do their job, it means the company is wasting time and over time, that can have some very serious consequences.
What are those you may ask? If an employee can’t cut the mustard, it forces other employees to pick up the slack, which they might not really enjoy doing.
- Lower morale: In today’s fast-paced world, employees are busy all the time. When they’re asked to do more work or work that’s not in their job description, things can get rough. Covering for a colleague who’s less than stellar can lead to a lot of tension and may cause negative attitudes toward that person and maybe even in-fighting among a staff.
Companies these days are all about working like well-oiled machines and if one cog in the machine isn’t up to par, it can affect the rest of the machine’s parts I.e. a company’s employees.
- Spending more money: When companies have to hire and fire people and continuously repeat that process, it can cost an awful lot of money.
Companies may not think it costs that much, but studies have shown that a bad hire with an average salary of around $200,000 can cost a business three times that much when you factor in staff turnover, productivity decreases and time spent on training. That also doesn’t factor in the time or money a company may spend on creating job descriptions, taking out ads or reading through resumes to find good candidates.
So what can companies do to ensure they’re getting the absolute best people? The best answer is for companies to use executive search firms. Nothing can end a cycle of bad hires than good executive search firms, who can offer a lot to a company.
What can they offer? In short, executive search firms offer key benefits, including:
- Objectivity: Every hire a companies making should be treated as an important one, with specific goals and knowledge expected of each employee in each position. If a company is looking for a fresh prospective, executive search firms can offer it. They can identify what’s important to a company and then find the best candidates that fit the company’s ideals. They do it all, with an expert, objective opinion that eliminates bias.
- Knowledge: Executive search firms and executive search consultants travel all over the country, helping companies in different industries find the right employees. That means they’re up on all the latest trends within an industry and can help companies find employees who can keep them moving forward. Companies should take the chance to soak up knowledge from HR consults and use it to improve the way they do business.
- Help: For a lot of companies, the hiring process can be difficult. If a company gets a ton of resumes, it can be hard to sift through them all to find the right people. Fortunately, executive search consultants can make things easier by identifying quality candidates and putting them in front of company execs.
The simple fact is that enough bad hires by a company over a period of time can greatly damage that company’s reputation. Customers will leave if customer service isn’t up to snuff, prospective employees may not want to work there and ultimately it’s hard to rebuild trust with customers or employees once It’s been broken.
With executive search firms, companies can stop spinning in circles trying to find the best candidates.