- July 5, 2018
- Posted by: Smith & Smith
- Category: Advisory Services
Identifying the suitable candidate for your organization is extremely important as a bad hire can have a huge impact on your business. Therefore, it is important for an interviewer to know how to carry out an interview and ask the right questions. Reports suggest that an amount of around $72 billion is spent every year in the US on recruiting employees and people still make mistakes while selecting the right candidate.
Rushing to fill a vacant position might give rise to several demerits for your company and the cost of bad hiring could be immense. Therefore, be patient and smart before deciding to shortlist someone. Sometimes, a candidate whose CV looks outstanding and gives a brilliant interview might not give his utmost after getting hired and he might fail to meet your expectations.
Here’s how a bad hire can have an impact on your company
Your Staff Morale Can Diminish: Motivation can play a huge role in producing great results. But, the quality of work produced by an inefficient employee can largely have an effect on your company. Looking at him, even your other employees’ morale might reduce down because a positive environment in a workplace urges people to give their best.
The Financial Cost Could Go in Vain: When you hire a person, you not only give him his monthly salary but, might also invest some money for his training. And all that money may go in vain if the person is not being able to cope with the work or resigns from his position soon.
Dispute Among Employees: An employee who has great adjusting powers can manage in every situation. If he begs to differ in every instance, other employees may have a problem with him which might turn into a dispute. And a healthy relationship among all the employees results in great outputs.
Low Productivity: An inefficient employee might not do his utmost to meet the target which will certainly result in low productivity. And lower the productivity, higher the chances of loss. You might be doing everything to meet your company’s goal but a bad hiring decision can restrain it from happening.
The interviewer must keep the company’s principles in mind before hiring an individual. A bad hire can certainly have a negative effect on the work culture. Your business may lose out on a lot of money, time and effort due to a wrong hire.
Call Smith & Smith CPAs today at 817-442-2019 to know how to give your business a boost.