2017-04-05 00:00:00HiringEnglishWeigh the pros and cons of hiring fast vs hiring slow. The speed at which you hire personnel depends on your industry and your business's...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/manager-conducts-orientation-for-new-hires.jpgHire Slow v. Hiring Fast

Hire Slow v. Hiring Fast

1 min read

Hiring the right staffers is one of the most challenging parts of running a business. You might spend a lot of time interviewing someone, and the person still turns out to be a wrong fit for your team. Depending on the type of business you run, there could be benefits to hiring employees quickly instead of taking your time. Hiring slow certainly has its benefits. Taking the time to get to know job candidates means you’ll hire the person with the right skill set for the job. You’ll also experience lower turnover when you take your time finding the right people for your team. If you prefer not to advertise an open position, consider taking on a temp or contractor to fill the position and grooming the person to become a full-time employee down the road. Making fast hiring decisions might work to your advantage if you run a fast-paced business, such as a retail store or a manufacturing company. The drawback of hiring fast in any industry is high turnover rates. For example, retail businesses that often hire fast experience a turnover rate higher than 20%. Still, there are benefits of hiring fast, such as money saved on marketing open positions. Also, making a fast hiring decision reduces the time you spend interviewing candidates. Hiring fast and hiring slow each have advantages and disadvantages. Consider your business’s needs to decide which method works best for your company.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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