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WHAT PRICE DO YOU PUT ON A BAD HIRE? IT’S TIME TO STOP WASTING MONEY ON THE WRONG FIT

Finding and attracting new talent to your business shouldn’t be rocket science, yet it’s something that many of us struggle with.

From encouraging individuals to apply for a position, to whittling down a candidate list and offering the winning prospective employee a role, it’s a process that runs like clockwork.....until it goes wrong. It’s a huge financial risk often overlooked before we dish out that new contract.

Regardless whether you’re an FTSE company, a leading firm in your region or a start-up, we can all make the wrong decision when it comes to finding the right fit. Recruitment mistakes are costing UK businesses a pretty penny every year and it’s no surprise that 51% of HR directors admit to not knowing the true cost of a failed hire, particularly when considering not only the loss of salary and investment in that individual but the loss of team productivity and wider impact on the business. But it’s not always easy to define what it is that we are actually doing wrong.

Whereas it’s likely to always be a requirement, unless you’re prepared to offer training, hiring based on skillset alone is no longer enough. Nor is ‘gut feel’. We now need to consider whether our new potential candidate has the personality and values to complement the rest of our existing team. It’s not just about who can get the job done, it’s about making the decision to bring someone onboard who can make your business and team thrive. 

One thing we are big believers of at DKS Straightforward is the culture catalyst and ensuring businesses are promoting a positive cultural change both by hiring the right people whilst also looking after current staff. The people we hire are the heart of our business and play an integral role in our growth and delivery, yet we can neglect their happiness and satisfaction within the workplace. In order to get our recruitment right, we need to understand our people, our values and our culture so we can implement a strategy to start hiring smarter.

The war on talent is only getting fiercer so now is the time to make sure you are attracting the best of the best in your industry, whilst ensuring they are the correct fit for your business. Here’s some tips to get you started: 

PUT A STRATEGY IN PLACE

A solid recruitment strategy in place can help you to track and evaluate potential employees every step of the way and ensure you are speaking to the right people in the first place. Products such as PXT Select can help with this by removing any bias and assisting you to make the right decisions based on your criteria, whether that's for a new role or an internal promotion. 

DEFINE YOUR BRAND VALUES

As our businesses grow, the messaging of why you got started in the first place can get lost. So, what does your business stand for? What kind of person do you want associated with your brand? What is it that really makes your company tick? 

Establishing what your core values are, as well as ensuring your existing team is onboard with them, is a great place to start when you’re looking for someone new. You want to bring someone in who is on the same page as you, not writing a completely different book.

ADDRESS YOUR CURRENT WORKPLACE CULTURE

Making sure you have a happy workforce should be a no-brainer and it’s the key to retaining your top talent. But creating a fantastic culture goes beyond just offering a free lunch occasionally, it’s understanding what your employees want and need in order to grow. 

Tools such as Everything DiSC are great for engaging your team and de-coding the different ways that people communicate with each other. By offering your team a personalised insight into how both they and others work, engagement and communication internally can improve drastically. 

BE TRANSPARENT 

Transparency with new employees can be key in ensuring they choose your business over a competitor. Is there potential for them to develop their skills and grow with your business? What are your people really like? You may think it’s a fantastic place to work but why does the rest of your team choose to stay? 

Asking these questions to yourself ahead of time can help you craft a conversation during the interview process that allows you to put your business on top and also gives both you and the interviewee the opportunity earlier on to see if they are a great fit for the environment you are offering. 

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