What impact can a mis-hire have on your organisation?

Did you know that 40% of accountancy and finance professionals have left a job in the first 12 months because of a mismatch of expectations with their employer? This is what our latest research into what workers want when applying for jobs shows, which includes survey responses from almost 11,900 professionals.

As recruitment specialists in the professional services industry, we understand how important it is for organisations to find the right talent who can deliver value from the get-go. A mis-hire – when a business employs the wrong person for a role – can have a significant impact on an organisation, including on its finances, time, resources and team morale. We explore some of these impacts in more detail and discuss how you can reduce the likelihood of mis-hiring in your organisation.

Impact on time and resources

Writing an effective job description and advert takes time, not to mention the time spent promoting roles, shortlisting applicants and holding interviews. To add to this, you can sometimes wait up to three months for the successful applicant to work their notice period before they start with your company. Human resources teams and hiring managers invest a lot of time into the recruitment process, so a mis-hire can add to their existing workloads and lead to frustration if they have to begin the process again to find a new candidate.

You can limit the impact that a mis-hire has on your company’s time and resources by evaluating your hiring process to see where it can be streamlined, perhaps by reducing the number of interview rounds and the time in-between application stages. Our What Workers Want report reveals that around a third (31%) of finance professionals think that the job application process is longer than necessary and takes up too much of their time, so making your hiring process more efficient will also lead to an overall positive candidate experience.

Impact on team morale

If a new hire leaves your organisation prematurely, it can disrupt team dynamics and the management of long-term projects. The departure of a mis-hire can create a level of uncertainty and insecurity within the team, as colleagues may learn of the employee’s reasons for leaving and start to examine whether they share any of the same grievances. What’s more, a mis-hire is likely to lead to an increased workload for the remaining team members, which can result in lower productivity and morale.

Reducing the chances of a mis-hire

Giving a full and accurate picture of what it’s like to work at your organisation throughout the hiring process is key to securing professionals who are aligned with your company’s values and ways of working. You can reduce the likelihood of mis-hiring by ensuring your job adverts include details about the salary, benefits, hybrid working policies and opportunities for career development.

It can be beneficial for prospective employees to meet your existing staff members during the application process, as it allows you to judge whether they’d be a good culture fit and it gives the applicants an authentic view of what it’s like to work at your organisation before they begin in the role.

Investing in your hiring process, being open about all aspects of your employee value proposition and providing a positive candidate experience are effective ways to reduce the chances of a mis-hire in your organisation.

Visit our website for more insights from our What Workers Want 2024 report. To chat to a specialist about professional services recruitment, reach out to our director at Hays, Lorraine Twist, on email or give her a call today on 07436450340.