In Episode 46 of our podcast, we talk about the significant impact of bad hires on companies, emphasizing the financial and operational costs associated with poor recruitment decisions. Hosts Eric Farber and Hunter Miranda explore strategies for identifying and avoiding bad performers, the necessity of founder involvement in the hiring process, and the importance of implementing a predictive hiring system to ensure long-term fit and reduce turnover. The discussion highlights the critical role of systems in successful hiring and the need for a structured approach to recruitment.
Takeaways:
A bad hire can cost a company around 30% of the employee's first-year earnings.
The cost of bad hires can be significantly higher for strategic roles.
PIPs (Performance Improvement Plans) are often ineffective and disliked.
Founders should be directly involved in the hiring process.
Casting a wide net in recruitment is essential to find the best candidates.
It's better to leave a position unfilled than to hire the wrong person.
Hiring for both skills and cultural fit is crucial.
Building systems is key to successful hiring and company growth.
Chapters:
00:00 The Cost of Bad Hires
02:40 The Importance of Involvement in Hiring
06:03 Hiring Strategies and Best Practices
08:54 Predictive Hiring Systems and Long-term Fit
About the show:
Hire Smart helps business leaders build teams that scale smart and stay strong. Hosted by Eric Farber and Hunter Miranda, the show offers actionable insights into hiring, company culture, and leadership in the age of rapid growth and AI-driven transformation.
Subscribe and learn how to hire better, lead stronger, and grow smarter.
More episodes:
Subscribe to our newsletter:
