The 3 most common (and costly) hiring mistakes

Most companies are well familiar with their cost-to-hire metrics. In today's day and age, the job market is at its most competitive, and human resources and hiring experts understand the pressure that such intense competition creates. Companies want to hire the best talent there is and swiftly guide them through the recruitment process. Entrepreneurs want to ensure that their top talent feels at home from day one and they hope to do this without investing too much time or money. However, when an organisation hires a wrong candidate, it affects the company's business functionally and monetarily. Here are the three most common and costly recruitment mistakes companies tend to make.

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Not putting in writing who you are looking for

Without doubt, the most common and costly hiring mistake that companies make is not taking the time to think through and jot down on paper who it is they are looking to hire. From noting down the skill set you want your potential employee to possess to making a list of the key responsibilities the employee in that position will have to carry out, it is important to have a written detailed description of what you are looking for in the potential candidate. Only when you are clear about what it is that you want from the new hire will you be able to devise a proper hiring strategy and prepare the right interview questions. Too many entrepreneurs skip this crucial step, and as a result, they hire the wrong individual.

Getting swayed by star performers

All through your recruitment process you'll come across candidates who'll have stellar work experience that might not be needed in your company at that point of time. Don't get swayed with what they promise to bring to the table if your company doesn't need it at that moment. For example, a candidate might know how to lead a team consisting of 20 people, but if he doesn't know how to expand a team from five people to 20 people, what use is he to your company? Don't hire candidates thinking how effective they'll be to the company two years down the line. Instead, hire individuals who'll be able to contribute to the company at its current position.

Hiring generalists instead of specialists

It is always tempting to hire candidates for their versatility rather than a specific skill set. When generalists are given preference over specialists, they are groomed to take over managerial positions in the future. However, what most entrepreneurs fail to understand is that specialists come with a distinguished skill set and they bring something worthwhile to the table. Also, specialists have a unique and enriching perspective on things which can benefit the company in exciting and unforeseen ways. Recruiters should concentrate on which applicant can bring most to a role, and not who will receive hypothetical promotions in the future.

Start by establishing an effective process for sourcing, tracking, and evaluating best-fit applicants. Avoid the above mentioned hiring mistakes and see your business grow like never before.