5 Interesting Ways to Save Recruitment Costs and Avoid Bad Hires

A recruiter on a boat looking for ways cut back on recruitment costs

Have you recently made a bad hire? Did you fly through the recruitment process knowing very well the candidate met all the requirements, but for some reason they’re not delivering on their work?

Did you know that almost 20% of new hires tend to be unsuccessful? And 60% of these bad hires tend to negatively affect the team’s performance. To make it even worse, 42% of businesses claim that the cost of a bad hire is around $25,000. Which is a staggering number!

But the great news is, there’s always a way out. And there’s always going to be a solution.
If you’ve made a bad hire, don’t punish yourself about it. It happens to us all!

The best way to make sure that won’t happen again in your recruitment process, then follow these great tips to heart!

Make sure recruiters have clear expectations

First and foremost, don’t let your recruiters start hiring, if expectations are not clear. Never underestimate the power of a good meeting. Which is why we suggest that you sit with your recruiting staff and clear everything out. Specify the recruitment process, HR strategy, hiring goals, and recruitment KPIs.

Discuss with your team what results you expect to see at the end of the quarter. Then, discuss the kind of candidates you’re looking to hire, and how these candidates can help you achieve all your goals and KPIs. This way, recruiters won’t ever find themselves in a pickle in the middle of an interview, when they can’t tell the candidates more about the job. By making sure recruiters have clear expectations, they will have a full grasp of the actual work the candidate is expected to do, and therefore hire the right people for the job.

Don’t ignore cultural fit

Hiring the wrong candidate is a costly endeavor. One of the main reasons why recruiters make the wrong hire is because they focus so much on skills and talent, and completely neglect cultural fit. Whereas assessing cultural fit should be of primary importance!

A candidate could literally tick all the boxes, but if they don’t fit well with your team, or if they don’t truly resonate with your core values, then you can bet that they will be a wrong hire for your company.

So to hire for cultural fit, make sure you clearly define your company culture with your team. Then, don’t hold yourself from clearly incorporating your company culture into your job postings. Next, make sure that recruiters ask candidates behavioral interview questions, and finally, make sure you involve your recruiting team in the hiring decisions.

Utilize a great hiring solution

If you ever doubt your hiring decisions, then resort to a hiring solution to help you out. A hiring solution like ours, is powered by AI and cutting-edge technology. This means, that it can powerfully and reliably help recruiters automate, enhance, and optimize every aspect of the recruitment process.

For instance, our AI technology is intelligent enough to filter through candidates by certain keywords, and extract the candidates that are the most fit for a certain job position. What’s more, it can instantly rank candidates and match them to any pre-existing job vacancies or job descriptions.

This can help recruiters hire candidates based on data-driven insights and with a technology that is reliable, secure, and trustworthy.

Collaborate more with team members

Making decisions on your own is not easy. Sometimes, you’re going to need your team’s insights and opinions. Collaborative recruitment is the process where HR professionals work together, and make team-based hiring decisions. This way, you can include people from different expertise before hiring candidates. From recruiters, hiring managers, or HR executives – collaborative hiring can boost your recruitment process and help you make the right hire with greater speed and certainty.

Act fast and cut bait on bad hires

Don’t succumb to the urgency of filling a role quickly. That would be a tremendous mistake for your recruitment process. However, if you made the wrong hire, and red flags begin to surface, then take action fast. Don’t wait a year to find a new candidate for the role!

Otherwise, your department and company will lose valuable time and resources! So don’t delay or rationalize second chances if things are starting to look grim. Your top performers would most likely find themselves being overworked and burnt-out trying reverse the impact caused by the wrong hire.

Schedule a meeting with a wrong hire and kindly inform them why you’re letting them go. Then, ask your recruiters to act quickly and tap into the talent pipeline to find a qualified and suitable replacement.

Last word

Recruitment is not a one-man show. To hire the best people for your company, you’re going to need the help of technology, your team, and these great tips. So make sure you set your hiring intentions clear, invest in a hiring solution, hire for cultural fit, collaborate with team members, and replace wrong hires as soon as you can.

Looking to combat wrong hires in the future? Our hiring solution has a track record of helping recruiters make hiring decisions with 90% accuracy and take the risk out of the recruitment process. You deserve that too!

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