What’s the True Cost of Bad Hires?

When it comes to attracting candidates to your business, you don’t want to be stuck with only one option. Although a quick hiring decision can have short term benefits, the cost of bad hires will ultimately hurt your business. When it comes to choices, when you only have one, you have none.

This is also true in the context of cave diving. My friend, a cave diver, goes hundreds of feet below the surface of the water, through caves that are multiple kilometres long. When you’re down there, you don’t want to rely on a single flashlight. No. You want to have multiples of your critical equipment.

That’s because people put themselves in danger when they don’t have choices. An example of this is when someone is growing their business. They’re really busy, and they feel that they don’t have time to implement an effective process for attracting candidates. They don’t take the time to avoid the cost of bad hires.

When someone shows up who has some of the necessary skills, they get hired. Then they often turn out to be not ideal and have to be let go. This wastes time, money, and energy.

When there’s pressure to get a role filled, the tendency is to leap into action. I also see this when it comes to succession. In this situation, create a deal team of professionals who will make sure your business is in great shape and can bring you more buyers.

Don’t get stuck with the cost of bad hires just because there’s an immediate need. If you create an effective process for attracting candidates, you’ll be sure to always have options.

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