As companies seek to fill openings within their organization as they arise, carrying out all the typical candidate sourcing strategies, reading through stacks of resumes, interviewing and re-interviewing, then following through with extensive background checks and other assessment techniques, despite all the hard work, time, and resources that are spent in finding that one individuals who stands out from the rest and appears to be the perfect employee, sometime however, mistakes are made and it isn’t long into this new employee’s tenure before management begins to realize they may have made a bad hire. At this time the general response from those in charge is simply to fire the individual and start the whole executive search and hiring process over from the beginning. Unfortunately, recent studies have produced some alarming statistics regarding just how often recently hired employees fail to meet the expectations set for them, and, if these results are to be believed, it seems that it is fart to often that employers find themselves trapped in a vicious circle of hiring and firing, and wasting any amount of time and resources in the process.
However, many companies have now come to make use of a perhaps far more effective strategy for handling with bad hires, methods which allow them to mitigate turnaround and the high cost of these mistakes to their organization. To begin with, once a new hire has started to demonstrate that they may not be as promising as they appeared on paper and in their interviews, the first question employers will need to ask is in what area are these individuals failing to perform. If the problem these individuals represent is an irreparable one, then of course the employers will need to cut their losses as soon as possible and the employee in question will need to be let go. However, if the issue is one of under qualification, some piece of knowledge or training that they lack, or some flaw in their education, well then perhaps the company can consider alternative means of handling the issue and mitigating the situation, namely through providing this bad hire with educational and training opportunities to fill in the gaps and shape them into the employee that the company needs.
Not only does such a strategy mean that employers can avoid the high losses to time and resources that would otherwise be felt in having to fire an employee and begin their executive search and hiring procedures again from scratch, but by training these employees instead, the company is then taking advantage of the situation and turning it to their advantage by taking such an individual from being a bad hire to the ideal employee through shaping their development to meet the exact needs of their role within the organization. While the development and application of these training systems will also cost the company time and resources, the greater payoff seems evident, as the end result is that of an employee who will potentially be a far better fir for their role than any individual they might have been able to find in the first place.Published by Conselium Executive Search, the global leader in compliance search.