Recruitment is one of the most cumbersome processes that involve multiple levels of marketing, several rounds of interviews, profiling, analysis, and so forth before finally filling in a particular vacancy. A good hiring decision surely has its worth weighed in gold, but what happens when you hire a bad recruit? According to a survey conducted by Harris Interactive, it can cause losses to the tune of Rs 20 lakh to your company.
The survey, that was conducted a few months ago across Brazil, France, China, the US, India, Italy, Japan, Germany, Russia, as well as the UK and involved 400 to 2,611 HR professionals from each country, revealed that 84% companies in India were affected by bad hiring decision last year. 29% of Indian companies reported that this bad hiring decision generally cost them more than Rs 20 lakh ($37,150). Such recruitments had their toll on the company in terms of productivity, loss of revenue, employee morale, and client relations.
But can technology become a game-changer in this scenario that affects nearly every business enterprise operating within our country? Yes. As a matter of fact, it already has. Let us find out how.
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