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August 2017

How To Lower Your Chances of a Failed Executive Hire

How To Lower Your Chances of a Failed Executive Hire

A failed hire can cost a company thousands, if not more, in lost revenue or payments. According to statistics, the average cost of a failed hire is between $6,000 and $15,000, for your typical employee.

The costs associated with a failed hire for an executive? Much, much greater.

The true costs of a failed executive hire are represented in forms that are not just monetary, though may have a monetary impact. These costs are:

1. Lower Morale And Productivity
Workers will notice when an executive is wrong for the job, and they will begin to question their company's leadership. They'll feel dissatisfaction and wonder if those on top have the ability to judge who is right for a team.

2. Higher Turnover Rates
Low morale and poor leadership will be a signal for your other employees. One by one, they may decide to seek employment in other locations.

3. More Stress And Work For Other Teams
Employees leaving always creates a vacuum; someone has to move in to take over for the lost knowledge and manpower. Every new hire after this point will force you to have to train them, and that takes time, money, and manpower.

How do you avoid all of this? You make sure you hire the right person as soon as possible. But how do you do that with all the applications and interviews?

Reach out to executive HR search firms.

These HR executive recruiters sort through all the individuals in their database to find the one that can fit your company's needs based on experience and prior knowledge. This process saves your Human Resources department time and money by finding the best possible hire at the start, instead of working through dozens or even hundreds of applications.

It also saves you money and lost productivity by getting a new team or branch leader as soon as possible.

Executive HR search firms will work as your talent acquisition force and prevent you from having to restructure your departments to cope with lost productivity and leadership while a new hire is brought on. They will explain, in detail, your expectations and work policy to the executive prior to the hiring process, allowing them to come in with knowledge of what to expect.

Their past experience and skills, chosen specifically for your needs, will make it easier for them to transition into the position and mitigate any losses. That same experience will make them far less likely to be a failed hire.

Reach out to an executive HR consultant and see what they can do.