Can the wrong hire hurt Maryland jobs?
Posted on May 4, 2016
A new survey from Monster.com shows how the wrong hire can hurt Maryland jobs, among other locations.
Monster just release the results of their Small Business, Big Hire survey. Conducted by Braun Research on behalf of Monster, the study found that nine-in-ten small business owners (89 percent) identify hiring the wrong person for a job as a risk to the company, with half (51 percent) saying it is a major risk.
While most small business owners consider talent to be the greatest asset to the success of their business (82 percent), the majority believe it can be time consuming (89 percent) and expensive (70 percent) to find the right person for the job.
More than half have settled for a candidate who was not as qualified as they would have liked (56 percent) or have previously made a wrong hire (62 percent). In addition:
- 58 percent of owners fear laziness more than any other quality of a new hire.
- 44 percent of owners fear the employee not getting along with customers; whereas 41 percent worry they do not have the right skills for the job.
- Small business owners that have made the wrong hiring decision generally realize their mistake quickly – 70 percent realized it within the first three weeks, with about one-third (30 percent) being aware of it after only a few days.
Hiring the wrong person can have an emotional effect on small business owners. About three in four owners who have hired the wrong person before feel frustrated (73 percent), stressed (47 percent) and discouraged (36 percent) as a result. The survey also found that:
- Over half of those who have hired the wrong person before have experienced a loss of time (69 percent) and money (56 percent) due to wrong hires.
- Specifically, one-third or more of these owners estimate wasting over 50 hours of their time (34 percent) and over $1,000 (42 percent) due to their most recent wrong hire.
- Other issues caused by hiring the wrong person include product errors (51 percent) and loss of customers (24 percent).