Hiring a new employee is an important decision for any business, and it's important to get it right. Hiring the wrong person can cost thousands of pounds.
Here are some of the reasons why hiring the right person saves businesses money:
- Reduces turnover costs:?Turnover costs include the cost of recruiting,?hiring,?and training new employees,?as well as the lost productivity that occurs when an employee leaves.?A study by the Society for Human Resource Management found that the average cost of replacing an employee is 6 to 9 months of salary. Don't under estimate the time of onboarding a new employee, let alone the Hiring Managers time reading CV's, screening calls, interviewing and then inducting.
- Improves productivity:?When employees are the right fit for their roles and the company culture,?they are more likely to be productive and engaged in their work.?A study by Gallup found that highly engaged employees are 17% more productive than their less engaged counterparts.
- Reduces errors and accidents:?When employees are properly trained and have the right skills and experience,?they are less likely to make mistakes or have accidents.?This can save businesses money in terms of lost productivity,?product recalls,?and liability claims.
- Improves customer service:?Employees who are happy and engaged in their work are more likely to provide excellent customer service.?This can lead to increased customer satisfaction and repeat business.
Fit to culture and values is essential for hiring the right person. Employees who are a good fit for the company culture are more likely to be happy and engaged in their work. They are also more likely to stay with the company for the long term, which ultimately saves businesses money on turnover costs.
Here are some of the benefits of hiring employees who are a good fit for the company culture:
- Increased employee engagement:?Employees who are a good fit for the company culture are more likely to be engaged in their work.?This means that they are more likely to be productive and motivated,?and they are also more likely to go the extra mile for the company which means it is good for customers too!
- Reduced turnover:?Employees who are a good fit for the company culture are more likely to stay with the company for the long term.?This saves businesses money and time on turnover costs,?such as the cost of recruiting,?hiring,?and training new employees.
- Improved customer service:?Employees who are happy and engaged in their work are more likely to provide excellent customer service.?This can lead to increased customer satisfaction and repeat business.
- Define your needs.?What skills and experience are required for the role??What kind of personality and work style are you looking for?
- Write a clear job description.?Be as specific as possible about the job duties and requirements.?This will help you to attract the right candidates and weed out the ones who are not a good fit.
- Use a variety of recruiting methods.?Don't just rely on free job boards.?Use your social media and your network,?and employee referrals to reach a wider pool of candidates.
- Screen candidates carefully.?Review resumes and cover letters carefully, check out social profiles for social proof.?Conduct phone interviews initially to narrow down the pool of candidates.
- Hire for fit.?In addition to assessing candidates' skills and experience,?make sure to assess their fit for the company culture.?Ask competency based questions about their values and work style.
Hiring the right person is one of the most important things you can do for your business. By taking the time to find the right person, you can save money in the long run and boost your bottom line.
We work with businesses in true partnership where we take the time to understand your business, your culture and your values. That way when we are doing all the time consuming hard work of screening candidates, we can be sure to check fit against culture and values as well as skills and experience.
Any questions about this or need some help, please get in touch!
