Understanding the True Cost of a Bad Hire

October 23rd, 2015

When your company is understaffed and your current team is seriously overworked, it’s only natural to want to hire someone, anyone to fill your open positions immediately. However, hiring decisions made in haste rarely have a positive outcome. In fact, it can have a detrimental impact on your entire organization.

In a recent CareerBuilder survey, 41% of companies said a bad hire has cost them at least $25,000 in the last year. If you think that’s bad, 25% of those surveyed revealed that a bad hire has actually cost them at least $50,000.

Hidden Costs of a Bad Hire

Monetary costs are easy to add up, but indirect expenses can actually be even more detrimental to your bottom line. Bad hires can result in lost worker productivity, lost time needed to recruit and train another employee, costly expenses to recruit and train another new hire, negative employee morale and they can have an adverse impact on client solutions.

The survey revealed that companies hire bad employees for a number of reasons, including a need to fill the position quickly (38%), the person just not working out (34%), the company’s failure to adequately test or research the person’s skills (21%) and not performing adequate reference checks (11%).

It can be difficult to avoid making bad hiring decisions if you don’t know which red flags to look for in candidates. Employers surveyed noted their bad hires displayed these characteristics:

  • Failure to produce high-quality work — 63%
  • Failure to work well with others — 63%
  • Negative attitudes — 62%
  • Immediate issues with attendance — 56%
  • Employee caused customer complaints — 49%
  • Failure to meet deadlines — 48%

 

Increase Your Chances of a Great Hire

Hiring decisions are always somewhat of a gamble, but you can greatly increase your chances of success by following these three rules:

  1. Learn How to Interview Right: All job interview questions are not equally effective. It’s important to ask open-ended questions, so you can learn more about the candidate and their fit for your team. Get below the surface to gauge the person’s true colors.
  2. Always Conduct Reference Checks: Calling a candidate’s references won’t take a lot of time, but it can save you from making a huge hiring mistake. References are people who have worked with the candidate in the past and can speak to their skills, personality and other key attributes. Don’t miss out on this valuable learning opportunity.
  3. Make New Hires Feel Welcome: The first day of work is always nerve-wracking, so make your new team members feel appreciated from the moment they walk through the door. Have their workspace prepared, plan a group lunch, introduce them to their new colleagues and get them started in a comprehensive training program.

Make bad hires a thing of the past by partnering with Accountingpros Recruiting + Staffing today! Our experienced recruiters are committed to finding the right fit for your team.

5 Ways to Appeal to Millennial Candidates

September 11th, 2015

Millennials will make up 75 percent of the U.S. workforce by 2025, according to Deloitte, so appealing to this young demographic is crucial to the long-term success of your company. You’ve probably already noticed that recruiting Millennials requires a different approach than you’ve used in the past, so you’ll need to make a few adjustments if you want your company to appeal to them.

This generation of workers is driven, notably tech savvy and a little more relaxed than what you may be used to. Recruitment strategies that worked on Baby Boomers and Generation X simply won’t cut it, so it’s time to learn what they want.

5 Ways to Attract Millennial Candidates     

Not quite sure how to entice Millennials to want to join your team? Get started by implementing these five company-wide initiatives

  1. Offer Meaningful Work: Millennials are more than happy to work hard, they just want to know their efforts won’t be in vein. Get their attention by presenting them with projects that allow them to make a positive impact.
  2. Provide Flexibility: Younger workers view being tied to a cubicle from 9am to 5pm as archaic. When possible, allow your employees to work remotely and hold flexible hours, as this work style is highly favored by Millennials.
  3. Arrange for Regular Learning Opportunities: The Millennial generation is eager to learn and grow their skillset. Set money aside to send employees to conferences and training sessions so they can keep up with the latest industry happenings.
  4. Implement a Mentoring Program: Devise a mentoring program with two-fold benefits by pairing Millennials with more established workers. Younger workers are able to get the feedback they crave and older employees can tap their protégé for help leveraging technology.
  5. Create a Strong Digital Presence: If your company doesn’t have a great website and a robust social media presence, Millennials will consider you obsolete. If you want to impress them, invest in your digital assets. Share details about the hiring process on your website and post engaging company updates on platforms like Facebook, Twitter and Instagram.

Need a little help attracting Millennials?

Partner with Accountingpros Recruiting + Staffing. Our team is committed to helping you find the absolute best accounting professionals to join your team!

3 Things an Accounting Manager Likes to Hear

September 4th, 2015

If you’re looking for a new accounting position, you’ll be relieved to hear the Bureau of Labor Statistics expects job growth for the field to increase by 13% through 2022 — compared with the 11% predicted for all occupations. However, competition is still going to be intense for the most highly sought-after jobs with the best companies. If you want to make a great impression, you’ll need to work hard to sell yourself as the absolute best fit.

3 Things an Accounting Manager Wants to Hear

Gain a competitive advantage on other skilled accounting candidates, by emphasizing these three points:

  1. You Thrive Under Pressure: As you’re well aware, accounting can be a very stressful field. Month-end and year-end closing can bring many long hours and late nights, so an accounting manager wants to hire someone who can cope with the added stress without a second thought. It takes a very special type of person to handle this, so use examples of past situations to explain how you’re able to stay calm under pressure and why you actually revel in it.
  2. You Enjoy Keeping Up with Industry Trends: Good accountants know how to get the job done right, but the best people in the industry truly love what they do. Prove you’re one of them by displaying a strong knowledge of current trends impacting the industry and describing how you stay up-to-date with them. If you make a point to attend periodic training sessions or are part of an accounting professional association, be sure to mention that.
  3. You Would Never Compromise Your Integrity: When you’re interviewing for a position that can seriously impact the company’s financials, the hiring manager needs to know you can be trusted. If you’re asked if you would be willing to lie for the company, you can be certain this is a trick question — and if it’s not, you don’t want to work there anyway! Always make it clear that you’re a very honest person who wouldn’t compromise your integrity for the organization under any circumstances.

 

Ready to find a fulfilling new accounting job?

Contact Accountingpros Recruiting + Staffing. We’re pleased to offer temporary/contract, temp-to-hire and direct hire opportunities with some of Seattle’s top companies!