The secret to your business’ success is also your greatest challenge: hiring the right people. The right team can create a kinetic spark, and take your business to the next level. On the other hand, on-boarding someone unsuited for your company’s vision and values can be downright toxic.
If that seems like an overstatement, let’s take a look at the ways in which a mis-hire
can cost your company more than a weekly paycheck.
Fans of any team sport understand the importance of dynamics. The right mix of players can spark motivation and momentum. But, drop one unfit, unmotivated, or careless player into the mix and everything shifts. It’s no different in the workplace. Morale is diminished when coworkers are dissatisfied, and it only takes one coworker’s apathy or poor performance to start an undesirable domino effect. Soon, others are shouldering extra work, or struggling to overcome a surprisingly contagious negativity. This kind of chemistry rarely makes for a winning team, and often leads to star players looking at other teams.
Most new employees are eager to make a good impression, doubling down on their efforts to ensure they deliver a focused, effective work performance. Mis-hires often have a different approach. Perhaps they lack the soft skills necessary to communicate with colleagues or clients properly. Or maybe it’s something less fixable, something as rudimentary as a careless work ethic. Whether born of inexperience or indifference, a dip in productivity has a potentially reverberating effect. Studies show that customers who have had a bad experience with a brand are 50% more likely to share their experience with others than those who’ve had a positive experience. That means a mis-hire’s mistakes can reverberate long after you think the issue is resolved, costing your business revenue and priceless credibility.
In today’s free market, consumers have more choices than ever before. If one coffee shop is consistently careless with their half-caff lattes, there’s likely another cafe on the next corner. From Amazon to Uber, customers are leveraging the power of choice, especially when they are eager for a better experience. However, a majority of customers will remain loyal to a business that takes good care of them. One of the best ways to create this kind of environment is by sustaining high employee retention. As consumers, we like knowing the faces and voices of those who take care of our needs, be it our tacos or our taxes. Businesses that strive to create Customers For Life know that a professional, yet personal, touch goes a long way in elevating customer loyalty. It’s challenging to create this kind of familial ecosystem when you are experiencing high turnover due to a series of mis-hires.
Compromised Bottom Line
While you may not feel it right away, the eventual outcome of a mis-hire will ultimately be felt by your books. All of the challenges created by mis-hires that we’ve discussed will impact your bottom line. In fact, studies show that hiring the wrong person can cost a company up to 15 times that person’s annual salary.
If that sounds like an inflated number, consider all of the areas that are potentially affected by a mis-hire:
With all of these financial touchpoints at risk, a mis-hire can feel less like an innocent misjudgment and more like a ticking time bomb. So, what can you do to mitigate the chances of ushering the wrong person into that vacant cubicle in the corner?
A Systematic, Sane Process for Hiring the Right Person Every Time
The wrong candidate can find their way onto your payroll in myriad ways. Maybe their interview was inadequate, perhaps someone didn’t have time to vet well enough before needing to fill a role, or maybe your radar was just “off” with this particular employee. What you need is someone who can provide a systematic, sane process for ensuring you hire the right person each and every time.
MATCH is a system of best practices that virtually guarantees you hiring success. It’s based on a decade of data collection accumulated over thousands of hires. Dan Erling, the President & CEO of Accountants One and Author of maTch, objectively collected the strategies that great companies utilize in consistently recruiting, hiring and retaining great people.
The MATCH process is the cornerstone of Dan’s Recruiting and Staffing Firm – Accountants One. The value of the process can be seen in the stellar success ratings of the firm. Using a twelve-month trailing audit, Accountants One has never dropped below 90%, and has been as high as 98%. In an industry where a 60% success rate is considered acceptable, 98% is virtually unheard of.
In fact, not only has MATCH been instrumental in the hiring process for numerous CFOs, Controllers, Accounting Managers, Audit Managers, Tax Directors, etc., but MATCH is also being utilized in the successful on-boarding of Clerical Accountants, Revenue Cycle Accountants, Audit and Tax Departments, and even Data Entry Projects.
What does this mean for you? It means hiring doesn’t have to feel like a casino-style gamble, where you take your chances and hope for the best. Recruiters are specially trained in modern hiring practices, using verified techniques to review resumes and cover letters, target strong candidates, and evaluate skills before any contact with your office. A capable recruiting firm can improve screening, streamline interviewing and facilitate a fast, effective process. The results? A recruiter can narrow your pool significantly, leaving you with only the strongest prospective employees to choose from, offering the best possible odds of success.
If you’re looking for a true match, we are here to help you avoid the costly consequences of mis-hiring. Contact Accountants One today to connect with top accounting and finance talent in your area!