Too many workplace leaders, including HR professionals have been guilty of not thoroughly assessing candidates for senior roles, citing their experience and skill levels as some of the major reasons why going about trying to vet them is unnecessary and a waste of time. Well, if you’re one of those who hold such views, then we’re glad that you’re reading this article because the following statistics might come as a shocker to you;
- Firstly, it’s been revealed that 40% of senior executives leave organizations or are fired/pushed out within 18 months because of a culture mismatch.
- Secondly, assessments have been discovered to have the ability to reduce turnover by 30%
- And thirdly, organizations currently lose 5 times their annual salaries to wrongly hired executives.
Looking at the statistics above, we’re sure you’re already seeing why it is very important to assess senior hires thoroughly? This is so critical because in such a case where you get it wrong either as an organization or as a recruiter, the implications can really be damning.
In-fact, in order to highlight how serious this can be for organizations, here are some of the potential costs of hiring senior level professionals without thoroughly assessing them;
1. Decreased staff morale in organizations: You see, no matter how easy the hiring process was, the organization would still have had to put a lot of effort and stress into finding the right individual, as such, they would therefore become demoralized if it turned out they were the wrong choice.
2. It damages the organization’s reputation: Since we’re speaking about a senior position, hiring poorly can raise concerns about the organization’s capacity to conduct effective searches. It also raises concerns about how the candidate was hired in the first place and if the proper procedures were followed.
3. This can lead to a corporate crisis within the organization: A classic example of a scenario like this was when a global brand Encron hired a chief financial officer to take its practices to a global level, only for the company to fall into a crisis due to the CFO introducing new accounting practices and committing massive financial malpractices for years.
4. The productive hours spent on hiring the wrong candidate could have been allocated elsewhere, leading to wasted time and effort
5. Terminating the contract of these professionals could also lead to paying legal fees, especially because they are senior roles.
So, with all of the above stated, can you now understand why you really cannot afford to hire for your senior-level management jobs without conducting a thorough assessment of candidates? That said, you’d probably agree that discussing the incredible advantages of correctly evaluating senior level applicants would be the best next step, wouldn’t you? So let’s jump into it.
Benefits of conducting proper assessment for senior roles
Getting your recruitment properly done by professionals is key to reaping some of the benefits we’ll be listing below, so as a business owner, you can always reach us at Reposebay to get proper management for your HR. By so doing, your organization;
- Reduces turnover by a huge margin
- Your employee retention is enhanced
- Time and hiring costs are saved significantly
- Your talents can be benchmarked against industry standards
- Hiring risks are drastically reduced
- Candidates skills and experience are validated, and above all
- You get the right fit for your organization.
Conclusion
Senior level positions are just as important as the name sounds, therefore, you need to ensure not to fall into the trap of thinking interviews alone can get you the right senior executive. The major trick to getting over this is by letting top recruiters and hiring managers do the bidding on your behalf.
At Reposebay, we specialize in matching our clients with the best candidates for their open positions through our professional consulting services. All you have to do is schedule a consulting session with us to discuss your unique business needs, and we’ll help you achieve your goals.