Counting the Cost of Bad Hires
Hiring the right talent is undeniably one of the most significant challenges faced by businesses today. Making a “bad” hire can prove to be an expensive mistake. Reports suggest that the actual cost of a poor hire can range from $15,000 to a staggering $240,000.
The Root Causes of Poor Hiring Decisions
Several factors contribute to making unfortunate hiring decisions. Urgent staffing needs, inconsistent hiring procedures, and using incorrect criteria for selection are just a few examples. In a Career Builder survey, 43% of hiring managers admitted to making suboptimal hires because they felt pressured to fill positions quickly, while a significant 69% attributed the decline in hiring quality to a flawed interview process.
Unlocking Success with Pre-Employment Assessments
So, how can companies ensure they hire the right candidates from the start and avoid costly mistakes? The answer lies in implementing an effective pre-employment assessment solution. While it may seem challenging, a winning approach often involves a combination of formal tests, assessments, and a structured interview process. These assessments can reveal invaluable insights into candidate behaviors and tendencies that standard job applications or face-to-face interviews may miss.
Scheig’s SelectRight™ Hiring Solution: A Game Changer in Hiring
Scheig’s SelectRight™ Hiring Solution stands as a groundbreaking approach, combining job specificity and performance-based assessments. By analyzing the behaviors of top performers in a given industry, Scheig creates unique assessments tailored to each job. These assessments take just 20 minutes to complete and build profiles based on the ideal employee characteristics for that role. This approach significantly reduces subjectivity in the hiring process and promotes nondiscrimination.
The 70% Factor: Why Behaviors Matter in Hiring
In most jobs, technical skills account for only around 30% of success. The remaining 70% is attributed to human factor behaviors. Experience, while important, does not hold as much weight as behavioral compatibility with the job. Scheig emphasizes the significance of hiring for behaviors and then providing skill training, as behaviors are harder to change than skills. Attitudes are intrinsic and cannot be taught.
Reducing Employee Turnover: The Path to Better Hiring Decisions
A staggering 80% of employee turnover results from poor hiring choices. Given the high costs associated with bad hires, it is imperative for employers to seek reliable solutions. Tools like Scheig’s SelectRight™ Hiring Solution boast accuracy rates exceeding 90%. Employing these proven strategies for identifying the right solutions can dramatically reduce turnover, saving businesses valuable time and resources.
Contact Us to Learn More
Do not hesitate to reach out to us to discover more about Scheig’s hiring and development solutions. Make informed hiring decisions and build a team that drives success from the very beginning.