When there are so many potential candidates for open slots, how do you find the right one? Hiring an employee can be seen as a task most executives look forward to with anticipation but also some apprehension. How does your prospective boss differentiate between dream and nightmare employees when they all seem very qualified... especially in the post-pandemic market?!
How Can You Avoid the Real Cost of Turnover?
The cost of turnover is a serious issue for employers. One study estimates that when an employee leaves, the company pays up to three times their annual salary in lost productivity and engagement costs due to replacement activities like recruitment efforts or training new hires while also incurring expenses related directly with recruiting candidates.
When considering the salary and benefits you're willing to pay for a new hire, it's important that they will be worth your investment. You may have some numbers in mind like advertising costs or time spent interviewing potential candidates but these don't really tell us anything unless we know how much money was actually made after all this work was done!
Hiring the wrong person can have a devastating impact on your business. Wrong hires might not provide you with productivity or customer service, which means that even more customers will leave for another company. Morale among other employees is likely going to drop as well because they're now partnered up and must work together with this new hire causing morale issues all around! And if things don't go smoothly from day one then it's possible job performances could suffer too meaning even greater loss of revenue due in part by having such high turnover rates within certain departments - something no reputable employer would ever want happening at their workplace.
Predictive Hiring Helps Hiring Managers Make the Best Hiring Decisions
Behavioral tools, such as PeopleKeys 4D Report to assess "soft skills" and workplace behavior (personality, values, team orientation, behavioral attitudes) that correlate to actual job-specific traits necessary for optimal performance. Additionally, these tools can have a performance benchmark applied to determine whether new hires fit in a specific behavioral range for the job role. Based on predictive analytics, behavioral interview questions can be generated with the report for hiring managers to remove bias by asking more in-depth questions to target key areas that could cause stress within the new work environment.
