Hiring a new employee is a task most executives look forward to with great anticipation, but also with a certain amount of apprehension.
From a cost standpoint, it’s difficult to put an actual figure on a hiring mistake, but by some estimates, it can amount to as much as two to three times the person’s annual compensation. Consider some of the numbers you can verify: the cost of advertising the position, the time spent on screening and interviewing potential candidates, the money and time spent on training and re-training, and the salary and benefits paid to an individual who is not performing up to expectations.
One solution is using systems that assess “soft skills” and workplace behavior (personality, values, team orientation) that can correlate to actual job specific traits necessary for optimal performance.
Posted on January 19, 2011 at 7:48 pm