When making a major purchase, you don’t normally buy your big ticket item blindly and then go on your merry way. You put thought into it, consider the pros and cons and determine whether you are willing to invest your money. The same goes for hiring a new employee. Hiring and training an employee can cost $4,000 or more!
Many employers make this mistake over and over again, losing the profit they could be making in their struggle of putting the right team together. The Institute for Research on Lab
or and Employment at the University of California at Berkeley reports; “The average cost for managerial and professional employees may be as high as $7,000.”
The losses you’re dealt in hiring a bad employee go beyond your bottom line. This also impacts your office morale and the way your business operates, not including the loss incurred to training and productivity. If you must spend your time searching for a suitable employee over and over again, you can’t focus on making your business into a success story. An objective hiring process can help decrease employee turnover and save you money. Using pre-employment testing and looking beyond the resume are excellent steps to take when searching for the ideal employee.
Using cognitive tests along with reading, writing and mathematical assessments can help you understand every candidate that is placed in front of you. While a resume may be one way to review a candidate’s work history and employment patterns, it does not provide clear insight into how their mind may or may not work.
Using alternative hiring measures in today’s fast paced, technology driven world can help you define your office life, company culture and the way your business operates, all of which are important when you consider the costs behind hiring even a single employee. Every employee contributes a financial figure to your business, whether it be a benefit or a loss; therefore every hire counts. It is in your best interest to make each hire a successful one.