If we’re being honest with each other, calculating the true cost of a bad hire can only be an educated guess. Research shows there are often long-lasting effects when client-facing employees, for example, are misaligned or improvement opportunities from operational employees go unrealized. Given the multitude of data on employee engagement, the investment in a valued, trusted search firm that understands your organization, culture, and values is PRICELESS.
As more technology enters the talent market, there will no doubt be advances to streamline the recruitment process with promises of a “silver bullet” every employer is desperately seeking. Even with these advances, executive search firms are continuing to have banner years with double digit growth. Clearly, employers are seeking the right solution to uncover, attract and land the best candidates and search firms are part of that equation.
Technological advances to recruiting have provided great aggregation of resumes matching keywords identified in the job description for the role. However, technology can only get us so far. Titles, job descriptions, and responsibilities are fluid and vary from company to company, and industry to industry.
Examples of key areas where technology improvements fall short in the recruiting process:
- The cultural fit of the organization is not factored in and it remains elusive even to the smartest Artificial Intelligence (AI).
- Many of the algorithms are too rigid and are barriers to high potential candidates not fitting the traditional career path or keyword match.
- Technology may be color blind, but it also does not do employers any favors in ensuring diversity, equity, and inclusion as an active part of recruiting efforts.
Relying solely on technology to gather, analyze, and source data is a gamble. And an expensive one that can cost your organization for years to come.
Realistically, today’s technical advances should be viewed as a complement to human intervention. Gut feelings, those instinctual signals from your body to your brain, are valuable and should be a part of all the tools at your disposal including screening technology, assessments, and recruiting firms that assist with evaluating candidates for your organization.
Time is money. The investment in your hiring process carries an hourly rate. Having a partner, an unbiased resource who understands your organization, mission, strategic plan, and brand can shoulder some of that burden. Further, there are great firms who are adept at evaluating the right fit for your opportunity.
The costs associated with the misses, miscues, and mismanagement of a bad hire often continue after they leave with momentum lost. What is one to do – Begin again? Then the process restarts with the costs of finding a replacement, at a minimum. Maybe it’s time to partner with the very best resources available to you, on the front end, to identify, assess, and attract top talent to your organization. The good news is, we can help.