01.23.08
The Cost of Hiring the Wrong Employee
As small business owners, we know just how frustrating it can be to hire the wrong person. I firmly believe that we feel the impact far worse than a mid to large size firm because we are so dependent on a select few being able to perform and do their jobs well. Hire the wrong employee and it will definitely cost you. Just how much will probably shock you.
Brad Smart, author of Topgrading: How Leading Companies Win by Hiring, Coaching, and Keeping the Best People, interviewed his readers about how many hours managers spend smoothing things over with the ticked off customer, unruffling feathers with co-workers and support staff, coaching and mentoring, lost opportunity, missed goals, performance meetings, severance packages and other distractions resulting from hiring the wrong person.
Smart found the average time spent working with a mis-hire is 150 hours for an employee earning between $90,000 and $150,000. Do you have 150 hours to waste on trying to “fix” a wrong hire?
The moral of the story: while no one may enjoy taking the time or spending the money to do a thorough interview to find the right candidate for the job, it will definitely costs you alot less in the long run.
