Sometimes good employees leave. Maybe they had a job offer they couldn’t refuse. Maybe family circumstances required them to leave or to move somewhere else. Whatever their reasons, now you have to look for a replacement, who will have some big shoes to fill.
Replacing good employees is difficult. They’re essential to the running of the company and in their absence, everyone else is swamped. New help is needed as soon as possible. But hiring quickly just to get someone in that position can actually do more damage than waiting to find the right person.
One bad hire can cost your company far more in productivity than holding out for a good replacement will.
A bad employee, hired in haste, can drag the rest of your employees down with them. If an employee isn’t a good fit with the company or with their team, then that can cause lost productivity. Tasks and projects can be affected, as can be employee satisfaction.
While your employees may be stressed and overworked with the position empty, the damage done by a poor fit can be worse than leaving the opening free for a while longer. It takes even more employee time if they have to fix the mistakes of the bad hire. That bad hire could reflect poorly on not just the team but also the company as a whole.
It costs money to hire and train a new employee. The recruitment process alone can cost a significant portion of the job’s annual salary. Then there’s the loss of productivity as the new hire learns the ropes. The last thing you want is to have to go through the entire process again because your new hire didn’t work out.
Depending on the position and its duties, the cost to the company could be up to 150% of the employee’s salary. The higher the position and the salary, the more the cost to the company. It saves the company both time and money to get hiring right the first time.
Missing Out on a Good Hire
If you fill the position with the first candidate that meets the qualifications, you may miss out on a much better prospective hire. The candidate hired would go through weeks or months of training and work before it’s discovered that they’re not a good fit. In that time, a much better candidate could have become available but the position with your company is no longer available. That good candidate could then have been hired already by the time the job is open again.
Hiring No One
The recruiting process isn’t one in which there has to be a winner. If you’re interviewing several candidates and none of them seem to be right for the position, then it may be best to hire none of them. It will save your company time, stress, and money in the long run to hold out for a candidate that is the best possible fit instead of quickly hiring to fill a position.
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