MHR 701--Recruiting, Interviewing and Selection (Part 2)

MHR 701--Recruiting, Interviewing and Selection (Part 2) -...

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Recruiting, Interviewing and Selection (Part 2) MHR 701 Dr. Larry Inks Department of Management and Human Resources Fisher College of Business The Ohio State University
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2 Staffing Process Overview Recruiting Interviewing Thoughts re: the Candidate (You) Selection and Staffing Retention Summary Thoughts Overview
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3 Selection and Staffing
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4 4 Poor Selection Has Many Types of Costs Financial What are the business consequences of selection errors? Cultural What are the people and cultural consequences of selection errors? Personal How does a bad hire impact your personal credibility? Other What are the consequences of settling for a good hire vs. the best hire?
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5 5 Costs of a Bad Hire—Entry/Mid-Level Manager* Costs in Hiring $13,000 Compensation $188,000 Maintenance Costs $44,000 Mistakes & Missed Oppty’s $536,000 Severance $17,000 Cost of Disruption $47,000 Total Costs $840,000 (14x salary) * Source : Smart, Bradford D. (1999). Topgrading: How leading companies win by hiring, coaching, and keeping the best people . Paramus, NJ: Prentice Hall * Assumptions : Average base compensation of $62,000. 2.5 years in position Quantifiable Estimated
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6 6 Costs of a Bad Hire—Mid/Upper-Level Manager* Costs in Hiring $31,643 Compensation $255,452 Maintenance Costs $67,653 Mistakes & Missed Oppty’s $1,232,092 Severance $33,962 Cost of Disruption $242,356 Total Costs $1,502,436 (14x salary) * Source : Smart, Bradford D. (2005). Topgrading: How leading companies win by hiring, coaching, and keeping the best people . Paramus, NJ: Prentice Hall * Assumptions : Average base compensation of $102,692. 2.5 years in position. Total is after figuring in “value of contribution” Quantifiable Estimated
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7 7 Costs of a Bad Hire--Executive Level* Costs in Hiring $101,000 Compensation $555,000 Maintenance Costs $99,000 Mistakes & Missed Oppty’s $3,559,000 Severance $168,000 Cost of Disruption $168,000 Total Costs $4,707,000 (28x salary) * Source : Smart, Bradford D. (1999). Topgrading: How leading companies win by hiring, coaching, and keeping the best people . Paramus, NJ: Prentice Hall * Assumptions : Average base compensation of $168,000, 1.75 years in position Quantifiable Estimated
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8 A selection system is the collection of tools, processes, etc. used by an organization to make selection decisions, both internal and external.
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