How to Avoid the Costs of Hiring Mistakes

By Rich Bond

Entrepreneur and Oracle’s NetSuite are offering a free webinar on how to mitigate the costs of hiring mistakes (https://www.entrepreneur.com/article/420015). NetSuite is a hot product in the middle market space.

The article promoting the webinar makes the point that “hiring decisions are arguably some of the most expensive and highest risk decisions you make as an entrepreneur.” The risk comes from “everything from wasted money when you hire someone who doesn’t work out, to putting your company at risk, to decreased team morale.”

My feeling about hiring better is like motherhood and apple pie. Everyone is for it, but they don’t do anything about it. In my 30-year career as a financial recruiter, I’ve often been brought in to undo hiring mistakes of the past. In witnessing what goes wrong and what goes right, I’ve developed a specialized, 5-step approach to recruiting and hiring I call Smarter Search.

The fifth step may be the most important one: Hire with a plan and quantified objectives taken from the Position Description that we develop in Step 1.

The result of using Smarter Search is that over 50% of the people we have placed are still with their organization after five years, and almost every one of these hires have been promoted at least once.

You can read more fully about the process on my website: https://bondandcompany.com/smarter-search/.

What have been your hiring experiences? Shoot me a message: Richard.Bond@bondandcompany.com.

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