8 Surprising Facts About Hiring Employees
Hiring a new employee can be exciting for a small business. It means that you’ve grown your company to the point where you need and can support additional help. However, hiring is not something that should be taken lightly. In fact, there’s probably many things about hiring that will surprise you.
Here are eight facts about hiring employees that you should know before you ever enter the hiring process.
8 Surprising Facts About Hiring Employees
1) Hiring is Expensive
While in the long run, hiring should have a positive impact on your bottom line, the initial impact is expensive. It cost an average of $4,000 to hire someone.
This number includes the money and time spent recruiting, interviewing, and training. Time is a significant expense because any time you spend on these activities means less time spent on revenue-generating events.
The cost is even higher if you make the wrong hiring choice and have to repeat the process. Studies have shown that It costs a company on average 6 to 12 months of that positions pay to replace a current employee.
That’s over $7,000 to replace just one full-time minimum wage worker!
Therefore, it’s crucial that you make the right hiring choices the first time.
2) Resumes Don’t Always Tell the Right Story
You might be surprised to hear that about 40% of resumes are not factually correct.
These candidates are either leaving out important information or embellishing the truth. In some cases, they are outright lying. The misinformation can be found in any part of the resume including previous jobs, education, soft skills, and qualifications.
Uncovering the truth is essential because a candidate that is dishonest during the hiring process is very likely to be a dishonest employee.
By conducting effective interviews and performing background checks, you should be able to identify honest candidates and make the right hiring choice.
3) You Need to Use Social Media
Social media currently plays a big part in a lot of people’s lives. This is even true when they are job hunting.
79% of the people looking for jobs will use social media during their search. This figure is even higher for the Millennial and Generation Z generations.
Therefore, if you do not post your job openings and grow your employer brand on social media, you might be missing the opportunity to talk to your ideal employee.
Watch: Eight Surprising Facts About Hiring Employees
4) Your Reputation Matters
A bad reputation will not only drive away customers, but it will also drive away potential employees.
Almost 70% of people who are looking for a job, including those currently unemployed, will not take a position with a company that has a bad reputation.
Therefore, you need to spend time building your employer brand if you want people to consider employment with your company.
5) Many People Won’t Apply
A lot of eyes need to see your job posting to get applicants.
On average, only 8% of the people who view your job posting will apply.
To increase the number of candidates you receive, you need to post the job in the right locations and make the application process short and simple. Good, qualified applicants will stop midway through an application process if they determine its too long or complicated.
6) The Hiring Experience Impacts the Effort of the Employee
Want your employees to perform better on the job? Create a better hiring process.
15% of job seekers say that they will put more effort into a job if they had a positive hiring experience.
If the candidate was not made to feel valued during the hiring process, they believe that they will not be valued while they are an employee. When this happens, they tend to do just enough to get by and collect their paycheck.
7) You Need to Move Fast
The best candidates are said to be off the market within ten days of starting their job search.
However, on average, it takes 27 days for companies to make a hiring decision. This means that great candidates might no longer be available once offers are ready.
The problem becomes worse when you lack thorough hiring process knowledge and take longer than average to complete each step.
8) People are always looking
Around 75% of full-time workers are either actively looking for a new job or would be willing to switch jobs if an opportunity presented itself.
This means two things for you as a small business owner. One, it is possible to find the right new hire even when unemployment rates are at an all-time low. Two, retaining your current staff needs to be a priority.
Be Prepared for Hiring
Successfully planning the interviewing and hiring process is the first step in having loyal employees. It will also help you avoid a lot of the pitfalls and surprising facts about hiring employees.
To help you navigate the hiring process, download your FREE copy of Effective Hiring: The Hiring Checklist and Process Guide today.
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