The cost of a mis-hire is 6 to 15 times a person’s salary.
This includes: recruitment fees, compensation, opportunity cost, disruption cost, severance, maintenance, etc.
Here are 3 keys to better hiring:
- Be Thorough!
This is the secret to winning in hiring! For each of their past positions, ask:
- What were you held accountable for?
- What were your key successes and accomplishments? And how did you achieve them?
- What were your failures or mistakes? (Does your candidate learn from mistakes or do failures repeat themselves in many jobs?)
- What will your boss say in a reference call, about your strengths, weaker points and overall performance?
Spend most of the time on the more recent jobs. Look for emerging patterns.
- Do the interview/ask these questions with someone else on your team.
This second opinion is very valuable!
- Ask the candidate to set up reference checks with former managers/bosses.
‘A players’ (the best people on the market) can’t wait to have you hear what their bosses say.
‘C players’ can’t seem to get their former bosses on the phone…
For a Nurse Practitioners/NP or Phsyician Assistants/PA the cost of a mis-hire is around $837,495.21.. Can you afford a mis-hire?
This information is mostly taken from Brad Smart, www.smarttopgrading.com