Wednesday, March 2, 2011
The Hiring Decision
Yesterday’s blog in the NY Times by Jay Goltz struck home. The Hidden Cost of Bad Hiring brought back some not-so-wonderful memories of hiring decisions I’ve made which were less than memorable. In addition to the costs that Jay mentions, there are also the costs involved in hiring the new worker who didn’t work out as well as the cost for their replacement. Remember those interviews that you and your key team members did? Think of the time you spent doing the interviews, preparing for them, following up, the ads, the time drafting the job description…all costs that impact your bottom line. Plus, keep in mind that most employees take at least six months before they really start producing for you, which means that you have a boatload of costs which will never be recouped every time you hire somebody based on a gut reaction that says that he or she is the right person. Do the work, hire an HR expert, ask the right questions…and good luck!