According to Gallup, hiring bad managers causes employees to disengage from their work to the tune of $450,000,000 in lost productivity and profits each year, and businesses generally select the wrong candidate to lead 82% of the time.
That means your business is very likely to lose profits by selecting a bad manager unless you do something to improve your odds! Small business with non-existent recruiting budgets to help them find qualified candidates are even more at risk. If that news isn’t scary enough, then you should also know that using poor hiring practices is the number one reason all businesses get into legal trouble and lose settlements (to the tune of over $200,000 per claim in Texas).
Coaching or training the wrong hire so s/he can successfully occupy a job is rarely effective and costs companies in terms of coaching expenses, employee disengagement, lost opportunities, and usually another round of recruitment and hiring expenses equivalent to 20% of that job’s annual salary.
The bottom line is: Using up-to-date and accurate hiring practices saves your business significant amounts of time, money, and hassle.
If you need more information on up-to-date hiring practices and how to efficiently implement more of them in your business, we are glad to help. If you think leadership development and coaching might be the answer, then we’re also glad to provide you with a free consultation so you can be sure before you buy.
Let us help you. Get a free consultation and assessment focused on your business. Learn what you do well and what you can do better to improve your bottom line.
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