August 4, 2021
But wait, before we get there - do you know, in one of the reports published by Forrester Research, studying the return on investment (ROI) that organizations have experienced with the UKG Pro™ and UKG Dimensions™ - It quite significantly demonstrates an exceptional average return of 89%, with a payback period of under 6 months and $12.6 million in extended benefits over 3 years.
Which is quite remarkable. So, when you are looking for a candidate who is going to be a perfect match to leverage these numbers you need to be sure that they are going to be the pick of the bunch.
But what if the candidate is not the perfect match and leaves the organization preliminary to 12 months of employment? In which case, you are sure to face some bad-hire costs, which could be Direct or Indirect, but it is going to leave a significant dent in your organization.
Let us straightaway get into what they are, and how you can avoid it at a much earlier stage.
Direct Costs
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Unrecoverable Salary - If the candidate has left your organization within 12 months of employment, then voila! Your money has just gone down the drain. Since they were not the perfect fit, their productivity level would have been questionably low, to only leave you realizing you have not gained anything out of it.
But what if we told you, you could use a more robust approach and avoid this situation for yourself completely? DreamHire can help you there. With DreamHire you get to assess the candidates based on multiple levels of assessments, using advancement in science and technology which the other recruiters fail to. That is where DreamHire has an upper hand and you get a long term contended employee.
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Recruitment Agency Fee - The recruitment charges are additional that gets added up to your Direct costs. To avoid this, DreamHire gives you a 12 months risk reversal assurance and has a 96% success rate. Did we just introduce to you the most cost effective way to deploy your next Kronos candidate?
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Waste of Management Time - A lot of your time and the time of the other top level managers has been consumed just to hire this candidate and guess what? The candidate has left the organisation and you have just wasted A LOT of time. Lost time is never found again, but DreamHire can help you find the perfect candidate in less than 6 weeks. You would be happy to know that 96% of DreamHires are still working on their First Anniversary!
Indirect Costs
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Loss of Team Productivity - If the employee had been a part of a team, specially working on a priority project, now, upon his/her set off, the effort that the team had put in to integrate this employee is wasted, and that brings in loss of overall productivity. To avoid going through this, DreamHire assesses the candidates, prior to you interviewing them, based on their soft-skills. Which a lot of recruiters skim over. It is a very crucial step to understand how the candidate will behave given a certain situation, circumstance, or an environment and if at all he/she is content with the given role or not.
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Loss of Business - This could be a huge dip for any organization. If the employee is not satisfied with the job role - post employment, he/she is most likely to underperform, which could lead to not achieving the turnover that is expected of him/her. This could be a serious repercussion, which you would want to avoid at all costs.
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Reputation - Once the employee leaves the organization dissatisfied, he/she is likely to criticize and reprehend the work culture of the organization. A lot of organizations would look past this, but losing your reputation could affect your projects and business in variable ways.
Incurring bad-hire costs is highly worrisome, and that is why, we recommend you to make your hiring decisions wisely. DreamHire has a track record to prove why it remains unsurpassed when it comes to hiring the best, most - suitable candidate.
We will be glad to help you if you have any questions / concerns. Feel free to take a look at our brochure or contact us directly.
