The Cost of a Bad Hire: The Importance of Strong Values (Cultural Principles) in the Interview Process
Hiring the wrong employee can be a costly mistake for any company. Not only does it result in decreased productivity and morale, but it can also lead to increased turnover, missed opportunities, and damage to the company's reputation. The cost of a bad hire can be staggering, and it is crucial for organisations to take steps to minimize this risk.
Here at Paysend, we made a conscious effort to ensure that not only did we embed our Paysend 7 Cultural Principles (see below) into the business but to integrate them into the evaluation process when candidates are interviewing for roles within the organisation.
Having worked within the Recruitment / Talent Acquisition field for a number of years, I've witnessed on numerous occasions when Hiring Managers have introduced candidates to the recruitment team and put pressure on individuals to push them through the process (“I worked with them previously and they were a great person”, “They will bring loads of business to our company” etc). Here at Paysend, every candidate introduced is evaluated by the Talent Acquisition team against our 7 Cultural Principles prior to moving the candidate to the next stage of the process, ensuring that the next Paysender is exactly that - A true Paysender. The key - We're not afraid to push back if the candidate doesn't demonstrate the right Paysend principles.
We have been keen to have this process in place to make sure that these individuals who are in the interview process and potentially joining Paysend have demonstrated positive attributes against our principles, so that everyone internally are aligned and set up for success within the business.
Finally, it is important to consider the long-term impact of hiring a candidate who does not align with the company's values. While a candidate may seem like a good fit based on their experience and qualifications, if their values are not aligned with the company's values, the potential for conflict and disengagement is high.
Ultimately, the cost of a bad hire can be significant and is something that all organisations should strive to avoid. By focusing on values during the interview process, organisations can reduce the risk of hiring the wrong employee and increase the likelihood of hiring someone who will be a positive and productive member of the team. Strong values create a positive work environment, increase employee engagement, and drive success for the company.
If you'd like to see more about our Culture and the way we work please visit: https://paysend.com/en-gb/culture and follow us on our LinkedIN page for more updates and information.
Article by Mark Rossiter-Smith, Head of Talent Acquisition at Paysend
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Back-to-school season can be one of the times of year you feel furthest from the people you love. It's also one of the most expensive – school supplies, uniforms, tuition, and everyday essentials all add up at once. Many people help cover these costs by sending money internationally to family abroad. To support that, new Paysend customers get a fee-free first transfer at a better exchange rate during the back-to-school period.
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