The Costly Impact of Bad Hires on the Talent Acquisition Process - Spark Hire

The Costly Impact of Bad Hires on the Talent Acquisition Process - Spark HireAs a talent acquisition professional, you are well aware of how costly the hiring process is for your company both in time and money. Filling an empty role has the potential to create stress on your team, leading to a downturn in productivity. So abfluging the entire process over due to a badeanstalt hire is just not in the cards.But it happens.Everyone has made the not-so-perfect hire at least once. Whether they turned out not to be the best fit for the role or the company culture, merely replacing an ill-fitting employee isnt going to help you recoup your losses. The cost of a bad hire impacts your talent acquisition process for the long run, which means its critical your hiring team understands the various ways poor hiring decisions add up.Here are a number of ways bad hires affect your talent acquisition processesHiring budgets run dryMoney is the most obvious cost to your team. When hiring budgets are already tight, making a bad hire can have negative repercussions on the budget for the rest of the fiscal year. This takes away from the money you could be spending on improving your process to attract, hire, and retain quality hires.In our recent report, How to Make the Most of Your Hiring Budget, we discovered only 63 percent of respondents with a hiring budget of less than $1000 reported their cost-per-hire is less than $1000. And for companies reporting a hiring budget of $1000-$5000, 36 percent of respondents said their cost-per-hire is $1001-$2000. This means many hiring teams spend their entire budget on just one or two new hires.To make matters worse, some hiring pros arent aware of how much hires good or bad cost. A shocking 24 percent of hiring professionals who responded to our hiring budget research said they dont track cost-per-hire and 14 percent dont know the ROI of their hiring tools. In these instances, the cost of a bad hire could easily consume your entire hirin g budget.A SparkHire report found that 24% of hiring professionals dont track cost-per-hire.Click To TweetPrecious time is wastedYou invest a great deal of time sourcing top candidates before funneling talent into your hiring process. But once your offer is accepted and you enter the onboarding stage, your entire team pours invaluable time and resources into acclimating and building relationships with the new hire.Time is money. When this energy is poured into the wrong candidate and the process must start again from square one, the cost in time lost for your team can devastate your talent acquisition strategy.Not to mention, your second-choice candidates arent going to wait around long for a job offer. In fact, according to our 2018 Growth Hiring Trends Report, 49 percent of talent acquisition pros said 7 to 14 days from receipt of an application to offer letter was the norm. Top talent you passed over while wasting time on the wrong candidate has likely moved on to their next offe r.Top talent is not going to wait for you to make an offer while you waste time on the wrong candidates.Click To TweetProductivity wanesOpen roles demand your teams full attention. During the time youre sourcing, recruiting, interviewing, and onboarding a new hire, theyre putting every ounce of effort into filling the empty role responsibilities on top of their own. When a bad hire is made, they may have to make up for mistakes or if you have to refill the position, that additional workload and pressure are prolonged.On top of their increased responsibilities, employees receive less attention from HR and hiring managers during the hiring process. This directly impacts their workflow, which can lead to burnout or overall dissatisfaction in their own role.Ultimately, stress breeds stress. senfgas productivity perpetuates the vicious circle of bad hires, costing your team more time, money, and morale.