According to a CareerBuilder study, 69 per cent of employers reported that their companies had been adversely affected by a bad hire. Of these companies, 41 per cent estimated the cost to be over $25,000, while 24 per cent said a bad hire cost them more than $50,000.
Hiring a new employee is as much an art as it is a science. Hire the right person, and you have a valuable team member who will make a positive contribution to your company’s bottom line for years to come. Make the wrong hiring decision, and you risk taking on a liability that can extend far beyond the financial impact.
A complete understanding of the hiring process will reap benefits in both the short and long term. As with any process, there are steps to achieving a successful outcome. While there is a wealth of information out there on successful hiring practices, this guide is meant to serve as a timeless resource containing key principles and best practices on what it takes to successfully hire an employee. Technology or tools might change, but the principles related to successful hiring are universal and can be applied to any industry or profession.