The Rea Report Spring 2015 | Page 8

MAKING A GREAT CATCH Tips for Good Hiring THIS IS PART TWO OF A FIVE-PART SERIES ABOUT THINGS YOU CAN DO TO REDUCE RISK WITHIN YOUR SMALL BUSINESS. Got a job opening? If so, it could be straining your small business. Being down even one person could hurt productivity. But don’t let your sense of urgency cause you to make a hasty, regrettable hire. Small businesses frequently feel the pressure to fill crucial roles quickly. But there is a lot of risk associated with making a quick hire. Identifying The Risks If you aren’t thorough as you source, interview and select your candidates, and don’t fully understand their knowledge, skills, abilities and experiences, you are more likely to have a bad hire. Essentially, a bad hire is someone who comes on board and doesn’t perform as expected. And if a bad hire ends in a termination, you’re looking at extra costs, such as: By Pat Porter, human resources director (Dublin office) • Paying out medical, dental and vision insurance • Unemployment compensation • Time and energy to fill the role again But these aren’t the only costs you could face. What if your bad hire commits fraud? Fraud adds a whole other set of costs. That’s why it’s so important to do your due diligence and hire the all-around best candidate. Breaking Down The Risk READ PART 1 OF THIS SERIES HERE: www.reacpa.com/ Small-BusinessCorner-series 8 So how do you go about properly hiring a new candidate? Just break down each section of the recruiting cycle: Sourcing: Consider where you are going to find candidates for your open position. Think about where your top performing employees came from. Or perhaps solicit employee referrals and see if your current employees know any good candidates. Casting a wide net isn’t always the best strategy for small businesses – it can start to feel like finding a needle in a haystack. A talent agency can help you find the right candidates if you can’t handle this in-house.