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Hiring FOMO: What happens if you don’t hire the best candidate?

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Submitted by Anonymous (not verified) on Thu, 09/05/2019 - 09:36
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Your business loses time, money and effort when recruiting and training people who might not have the right skill set or culture to assimilate to your organisation.

So, you’ve found great candidates, shortlisted them and interviewed them. It’s down to two candidates now but you’re not sure who to hire? The fear of missing out on hiring the right person for the job is a real thing - something we deal with on a daily basis. We understand that it is your goal to always only find the best person and it’s our job to support you in that search and connect you with the best professionals the current market has to offer. The question is though, what is the true cost of hiring the wrong person?

Your business loses time, money and effort when recruiting and training people who might not have the right skill set or culture to assimilate to your organisation. You might also deal with the chaos of having the wrong employee part of your business - may it be losing business when the individual interacts with the customers or the cost you incur when you have to repeat procedures due to incompetency, and workload needing to be picked up by other employees. 

However, it doesn't end there. 

Considering the monetary expense and hassle that you could face, having to dismiss these people from your work, in the long run, it is more difficult for the manager and team to accommodate an under performing person than it is to invest in attracting and hiring the best talent. 

The best thing would be to put in the time and effort to find quality candidates and make sure you are on top of your game to reduce the risk of them moving forward with a different role. You can be sure that if they are of top calibre, many other organisations would want them too. 

The cost of a bad hire

A bad hire is mostly unavoidable. Sometimes, candidates look great on paper but may not have the right culture fit for the organisation in question. We have put together these three consequences that your business may encounter. 

1. Lost productivity

If you do not hire the best person fitted to your skill set needed, then that person will not be able to deliver to the best of their ability which would result in wasted time. 

The organisation may be investing the same amount of resources in the staff member, but seeing significantly less output in return. Over a period of time, this can really impact the overall performance of the team.

When a member of the team is struggling, you may find other employees start assuming tasks that do not sit in their job description. This in itself will not only affect their individual performance and productivity but also their ability to maintain standards, keep appointments and hit targets. 

2. Lower staff morale

Having a bad hire could result in the team working below capacity, be it due to lack of skills or motivation which can quickly bring about a domino effect of low and negative team spirit. 

If other employees are asked to do more to compensate for a struggling colleague, it will potentially cause tension and conflict particularly if there were no additional personal compensation towards them. 

Due to the incompatibility of the role with the potential hire, they would likely face challenges in fitting into the existing team morale and culture. This can impact the work environment and in the long run, impact the longevity of good employees staying within your organisation as they will find difficulty in performing tasks.  

3. Time/Monetary costs of finding a replacement

Going through the hiring process and replacing employees can be a very costly affair to organisations, money wise and time wise. A lot of resources go into creating job descriptions, advertising roles, CV screening and running interviews. Whilst all this is happening, your organisation may already be operating short-staffed. Even if a new hire is made, there is on-boarding expenditure to be considered as it takes some time for them to assimilate to company do’s and don’ts.

In short, to overcome a bad or wrong hire requires a lot of allocation of people and resources which might cause the organisation to be in an even worse place than it currently is in and you end up back to square one. 

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