The costs of a bad hire and 3 ways for prevention

Mindflash.com recently created an infographic highlighting Careerbuilder.com research on the staggering costs of a bad hire.

How could this be prevented? Here are a few tips:

• Profile your ideal candidate. So often, organizations fail to truly assess what competencies are required for on-the-job and organizational success by conducting job analyses and/or competency modeling. Additionally, for those organizations that have undertaken such research efforts, efforts are sometimes not regularly made to ensure such data are always up-to-date.
• Do not rush the process. In the highly competitive business environment, many organizations needed to fill a position yesterday. This, unfortunately, may lead to many of the aforementioned issues. Thus, try to take your time by fully vetting candidates. This includes, but is not limited to, conducting structured interviews and performing appropriate reference checks.
• Assess, assess, assess. One of the best practices for preventing a bad hire is to take advantage of validated leadership assessments. Such assessments allow you to bypass what’s on the surface of a candidate and truly get a peak of what’s “under the hood”–giving hiring managers access to role and cultural fit data. What’s even more astonishing is that pre-employment assessment investing is only a fraction compared to the costs of a bad hire, so it makes business sense.

Have any other tips to share? Let us know within our LinkedIn group!