Have you lost time and money hiring the wrong person? Avoid costly recruitment mistakes in the future. Partner with a top-tier recruitment firm: Contact NewConfig today.
Hiring managers and recruiters estimate the cost of a bad hire to be “in the thousands.” The US Department of Labor estimates the price to be 30% of the hire’s first-year salary. A simple Google search yields a host of similar financial stats.
However, an experienced hiring manager knows the real cost of a bad hire exceeds mere financials.
Most hiring managers understand these costs. So why do so many hiring managers end up chasing candidates?
Here’s the situation: Imagine you’ve found the perfect candidate with the right skills and a great personality. The only problem? The candidate is just not interested in your opportunity.
Why? The reasons vary. He may not like your office. He may find your business boring. Perhaps he sees the position beneath his skills or experience. Maybe he just doesn’t like you.
You have two options. Let the candidate go. Move on. Find another candidate with the right skills and a great personality. And most hiring managers do move on—they just don’t have the appetite for the chase.
However, many hiring managers—especially over-achievers like entrepreneurs or corporate leaders—are used to winning. Rejection hurts their egos. They end up chasing candidates. They offer inflated salaries—up to 25% higher than the previous max. They court the candidate with excessive communication: additional interviews, phone conversations, or meals.
In the End, the Result is the Same
In my experience at NewConfig, I’ve witnessed this dilemma countless times. In the end, the result is the same: The dream candidate gets away. In one case, I had one of these dream candidates accept an offer for $50,more than they asked at the beginning of the process. This candidate lasted eight months—eight months wasted, at a truly disruptive cost.
The lesson here is clear: Don’t let your ego guide your hiring decisions. The market is the market. Respect rejection and move on. You’ll save yourself a tremendous hassle—and you’ll save your company incalculable costs.
The best candidates stay on the market for ten days or less. To find—and hire—the best candidates for the unique needs of your company, you need the expertise of a top-tier recruitment firm, like NewConfig. To learn more about our recruitment services, contact us today.