Peter Drucker says that 2/3 of all hiring decision are found to be a mistake within the year. Dr. Peirre Mornell says that if you rectify the situation of a bad hire within 6 months, then it will cost you 2 ½ times that person’s annual salary. The cost of a bad hire is staggering. Could this be a reason that we are in a recession? Could an improved interview process help businesses succeed? Of course! As a matter of fact, if we want to get serious about business, then we need to get serious about interviewing effectively. I helped a small retail store by teaching the manager how to interview effectively. We hired together 7 people, from the front line, to the marketing director, to the manager. Within 90 days, we saw a 96% drop in customer complaints, and all 3 revenue centers increased an average of 19%. Imagine what GMC could do if they revamped their interview process.
Recessions and Interviewing
