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SPOTLIGHT ON: Hiring for Talent vs. Need and the Cost of a Bad Hire

February 27th, 2020 | Published by NEW Construction Alliance

Jeremy Carver wrote an interesting article for Construction Executive titled “Lessons from the NFL Draft: Recruit for Talent, Not Need,”which offers “In sports (and in business), there are two types of recruiting: recruiting for need (working to fill a specific position on a team) and recruiting for talent (acquiring the best available talent on the market, regardless of need).”

Carver’s premise explores the potential upside of shifting from a need-based hiring model to a talent-based decision process. He delves into a major expense that is all too-often ignored as well: the cost of a bad hire. This cost isn’t just the salary paid to the new hire that didn’t last, but includes all the time spent searching, interviewing and training this hire—these are expenses that include the salaries of several employees as well as other related costs. And when they’re gone just a few weeks or months later, the expense of doing it all over again.

He cites, “According to London-based branding agency Link Humans, a bad hire can cost a company $240,000 in wasted recruiting, hiring and onboarding efforts.”

You can read the whole article here and perhaps incorporating some of his strategies will
benefit your hiring efforts.

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