Hiring mistakes happen. The degree to which it will affect your organization will depend on how quickly a decision is made and what actions you take to correct the issue.
If you’ve made a hiring mistake, you are not alone. According to a study by Leadership IQ, 46% of newly hired employees fail within the first 18 months on the job. Only 19% achieve success in a new role.
Here, Toronto recruiters take a look at what to do next if you’ve made a poor hiring decision.
One More Chance or Cut Bait?
Once a mistake is realized, there are two general paths you can take:
- Keep the employee in hopes things will turn around
- Admit you’ve made a hiring mistake and make a change
If you choose to keep the employee, you risk having someone who could do damage to your team and will have to manage someone who is not equipped for the role they are in. The more likely scenario is to decide to make a change.
How to Handle a Poor Hire
Deciding to make a change is most often the best step, even though it can be a difficult decision to make. Here are 4 tips to handle this situation:
1. Run the numbers:
There is a cost to every decision you make. Consider how much a bad hire could hurt your team’s productivity, turnover of other employees and the impact of lower quality work. Compare this to the cost to replace them. What makes the most sense?
2. The sooner the better:
The sooner you make the change, the better. Even though you may find yourself short one person, you will be one step closer to finding a better-suited person for the role.
3. Be honest:
It’s very important to be honest with the employee about the situation. Talk about what is working and what is not. The employee may have a similar feeling and recognize the common issues. Perhaps there is a possible solution. Consider options to fix the situation. Maybe a different role within the company makes more sense?
4. Prepare an exit plan:
Work with the employee to exit them out of the company as amicably as possible. Speak with HR about your options, offer to provide support and have a clear directive for how severance, last date of work, and other things will be handled.
Get More Hiring Advice From a Toronto Recruitment Agency
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.