When a company decides it is time to hire someone, it can be an exhausting process. From job postings to interviews, a lot of time and money goes into a company’s hiring process. While hiring can be a burden, it is crucial for a company’s development and success. Let’s dig into the pain of hiring.
The Pain of Hiring
Here are some of the potential downsides that come with the hiring process.
Cost
Hiring provides you with new struggles and worries that might really affect your wallet. First, you must pay for the job posting if you sponsor a job ad. Depending on who your target market and outreach is, this costs a hefty buck. No one’s time is free. After that you or your employees have to spend time interviewing them, you have accumulated a lot of paid time focusing on that position. Now, once you have screened your candidates, there are various routine procedures that can add on to the cost, such as assessment tests, drug tests, and background checks.
Time
Not only does the hiring process impact your financials, it also takes a lot of your time. Countless number of hours go into finding the perfect candidate. From the interviews to the training, time keeps ticking. That is valuable time that you could have been spent elsewhere improving the company, making sales, or retaining customers. Time is money!
Hiring the Wrong Person
Even after spending a lot of your company’s time and money, you still run the risk of hiring the wrong person for the job. If you hire the wrong person, then not only do you have to go through the hiring process all over again, but it can also cost the company in a variety of ways. From decreasing company productivity to impacting customer relationships, hiring the wrong person can have large negative effect. In addition, terminating the new hire can also be a difficult task that is avoidable if you screen, interview, and vet properly.
[box] Learn what to look for when hiring with our 5 Guiding Principles to Recruiting a Star-Quality Team. [/box]
How We Are Altering the Hiring Process
Here at The Strategic CFO, we have developed our own unique version of hiring that can save you countless amounts of time and money. Instead of screening hundreds of candidates, interviewing dozens more, and risking not even finding the right candidate, Short|LYST does that all for you. Our team of experienced HR and financial executives take the financial and time burden off from the employers. All the employer has to do is pick and choose which recommended candidate they want to take forward. Learn more about Short|LYST here.
