An infographic compiled by MBA Stack, providers of helpful and accurate information to current and prospective MBA students, confirms the value of hiring slow and firing fast.
The research shows that almost 3 in 4 employers say they have hired the wrong person for a position. This tendency to fill roles with unsuitable employees underscores the need for a slow and calculated hiring process.
Benefits of Hiring Slow and Firing Fast for Businesses
MBA Stack advises employers give themselves time to carefully consider needs and expectations. This methodical process should include drafting a new job description based on business goals, describing the skills and attributes needed for long-term success, and considering how well candidates will compliment team dynamics.
Testament of the tendency for companies to hire too fast, the infographic quotes Vishal Garg, CEO of Better.com, who said: “Today, we acknowledge that we over hired and hired the wrong people, and in doing that, we failed.”
The infographic points to the fact that firing does not have to be extreme but sometimes all businesses need to find the right person for a position.
Businesses should refrain from keeping an employee who is a bad fit. They should think of firing as a hiring mistake and confront it head on. Instead of focusing on immediate needs, employers should concentrate on the long-term benefits. They should also approach employees with compassion and aid their transition, the infographic highlights.
The study lists the multiple benefits of hiring slowly, including maintaining positivity and corporate culture, ensuring company success, and achieving better success for all.
The research cites the statistic that in November 2021, 4.5 million people voluntarily left their jobs. With this in mind, hiring slowing to ensure the right candidates fill the right roles, so that long-term objectives are met, is more important than ever.