Not many people like going around in cycles doing one thing over and over again; ideally we all want to something once and get it right the first time. Admittedly things don't always go our way and we find ourselves having to correct mistakes of the past.
Though mistakes are an essential part of learning, and indeed integral in achieving success, very few would disagree that mistakes are costly. They cost time and they cost money; two luxuries that many cannot afford to misuse.
Over and above the monetary cost to the company for hiring the wrong person, there's the cost to morale in the team. You end up with an unhappy employee whose negative energies can affect the productivity of the rest of the team.
The Economist notes that unsuccessful hiring is “the single biggest problem in business today” and The Harvard Business Review points out that as much as 80 percent of employee turnover is due to bad hiring decisions.
You might be asking yourself, "if hiring the wrong person is so costly, why do so many companies continue doing it?" Poor skills match is the main reason why companies hire the wrong people. This is mainly due to confusing job description with the job criteria. We can then not over-emphasise the importance of involving those that actually do the job in writing job description.
Research shows that it costs on average one-third of a new hire’s annual salary to replace him or her. “Plus, whenever someone is terminated, there’s a disruption among the other employees who begin to question what caused the termination and does it affect how their performance is evaluated, not to mention the increased work load on all the other employees who have to pick up the work of the employee who was let go,” explained Jean Gamble, who describes herself as a Human Capital Strategist and Recruitment Specialist.
To avoid these costly mistakes, learn from ANTS Projects on how you can avoid them. Download the Information Pack entitled "How To Attract Highly Qualified Staff" and learn simple ways to recruit the sight staff for the right positions.