A hidden cost of business is the cost of a ‘poor hire’!

A hidden cost of business is the cost of a ‘poor hire’, especially for mission-critical executive roles.

Sometimes the cost only becomes apparent after the settling in period for the new hire is over and results show. It may be that they underperform in some areas. It could be that they meet but don’t exceed most of their KPIs, which may not seem like an issue but could be an indicator that they weren’t the best hire.

In all of these situations, the hidden costs are either slow to reveal themselves, or stay hidden altogether.

These costs include: lost opportunities for the business through underperformance; a trickle down of underperformance of team members; the cost of having to recruit again if the performance makes the poor hire obvious; and even lost goodwill with other candidates in the initial hiring process.

In all cases, the cost is too high, and not one a business should bear.

How does your organisation evaluate your hiring process for senior executives? Apart from the performance of the person hired, what processes do you have in place to tell you whether you got the best hire or not?

Your recruitment process might be ‘good enough,’ but without regular review, you won’t know if there’s room for improvement or not.

PS. Here are a few resources to help you in finding your next role -

1. Download a copy of my free book here.
2. Follow the Arete Executive - Executive Search & Executive Career Coaching Linkedin page for further updates.
3. Listen to my podcast episodes with many inspiring Senior Executives.
4. Do you have a recruitment vacancy that you need help to fill? Arete offers a shortlist recruitment solution for $9,500+GST. Find out more here.