Turnover can be a serious issues regardless of the global economic health. According to a new CareerBuilder survey on the cost of a bad hire, 69 percent of employers reported that bad hires lowered their company’s productivity, affected worker morale and even resulted in legal issues. On the other hand, if you choose the wrong employer it can hurt your career because you’ll be questioned about it in your interviews, you’ll be frustrated which could lead to a bad attitude and it may delay your career progression.
When an employee and a company aren’t a match, who is at fault? Everyone! The interview process should be designed so that you can weed out the wrong candidates and so that candidates can experience what it would be like working for the company. If it’s not a good fit, don’t hire because you need to immediately fill a position or it will end up costing you more money and time to re-hire. These situations happen more with Gen-Y who is known for job hopping. I’ve spoken to many Gen-Y’ers and some have had more than three jobs in a single year. The cost to companies adds up so it’s more important now than ever before you be selective, especially when the economy gives you a huge pool of candidates to choose from.
Author: Dan Schawbel is the Founder and Managing Partner of Millennial Branding.