The real costs of hiring the wrong person go well beyond dollars – with productivity, safety, work quality and staff engagement on the line. So how can be sure you’re hiring the best?
A recent Harvard Business Review article noted worrying statistics: only 19% of new hires are considered fully successful and 46% are deemed failures by the 18-month mark, according to a frequently cited US study.
Looking further into the study, 82% of managers reported that in hindsight, their job interview process hinted at problems ahead. However, they were too distracted, pressed for time, or unsure of their interviewing abilities to act on them.
More recent US research has shown that companies lost nearly $15,000 on every bad hire with nearly three quarters (74%) saying they’ve hired the wrong person for a position.
Questioned about the other ways that bad hires affected their business, employers cited less productivity (37 percent), lost time to recruit and train another worker (32 percent), and compromised quality of work (31 percent).
The consequences of poor recruitment also affect employees of course, with the survey showing that two in three workers accepted a job and later realised that was a bad fit (with half of those quitting within six months).
So, what can you do? One of the most proactive (and efficient) steps is to get it right at the front end, by having rock-solid systems for evaluating candidates.
And that’s where predictive analysis and machine learning are igniting a revolutionary change: automating the shortlisting process, slashing recruitment time, and filtering the applicant pool for best-fit (and high-risk) candidates based on data science.
Predikt-r is a breakthrough new platform that does just this.
Candidates do a simple, online assessment first up, which measures traits and competencies developed by highly qualified organisational psychologists for the advertised role. Then Predikt-r’s algorithms forecast individual on-the-job performance, pinpointing best-fit applicants with a single score for instant and objective shortlisting.
And that’s all before anyone has looked through a CV.
It eliminates guesswork and means recruiters can invest their time engaging top candidates to build rapport, assess cultural fit, and make confident decisions.
It seems ‘bad hires’ could well become a thing of the past, with unprecedented benefits for candidates, recruiters and the business bottom-lines alike.
Want to say goodbye to bad hires forever? Let’s talk about the power of Predikt-r.