The Business Brief
Hire Slow and Fire Fast
The Best Tactics for Employers
Every instance of employee turnover costs businesses between 12–16% of their annual revenue. In 2018 alone, employers lost a combined total of $600 million due to turnover rates, and that number is projected to increase to $680 million by 2020. While nothing is certain, one strategy will decrease your turnover rate: the "hire slow and fire fast" strategy. This technique doesn't mean waiting for months to find an employee and firing due to knee-jerk reactions; rather, when it comes time to hire for an opening, consider these three questions. 1. Does this position actually need to be filled? By restructuring your workflow, you might be able to accomplish the same tasks with the team members you already have. good fit? Try gauging whether a prospective hire fits your company culture with a personality test. The results put you one step closer to determining who to hire. Remember, a good culture fit is key. 3. Is it time to give up the search? When you take your time to assess your candidates, you will be able to find the best fit for your company. 2. Are your potential candidates a
efficiently, and you won't waste time dealing with drama.
You want your company to be the place where everyone wants to work, and, if you're aggressive in your firing approach, that won't be the case. If they're not a great fit, tell them in the most polite and professional way possible. As an entrepreneur, there isn’t a clear path to success. However, making the wrong hiring decision can set you back many steps in your progress. If you do find yourself in a bad hire situation, I know it can be tricky to escape. If you need advice about the best way to proceed, give me a call at (208) 401-9300. If you want to talk after business hours or over the weekend, I'm always happy to help. Just send me an
Hiring slowly is imperative, but firing slowly can cause issues for your business, and you will inevitably waste more time and energy handling them. A bad employee will always poison your company culture. Keeping them around will negatively impact other team members' well-being. Furthermore, you want your customers to know you have a world-class staff. By holding on to a bad employee, you decrease the performance and quality of your team, which won't look good to your clients. While firing fast is essential, you must always fire compassionately, as you never know where an ex-employee will end up. They may take a job with a client and be in charge of purchasing decisions.
email to schedule a call at firstname.lastname@example.org.
If you have the right folks in the right positions, everything will run smoothly. When you maintain the right culture, work gets done
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