WESTON, Mass., May 3, 2016 /PRNewswire/ -- Monster
Worldwide, Inc. (NYSE: MWW), a global leader in successfully
connecting people and job opportunities, today released the results
of their Small Business, Big Hire survey. Conducted by Braun
Research on behalf of Monster, the study found that nine-in-ten
small business owners (89 percent) identify hiring the wrong person
for a job as a risk to the company, with half (51 percent) saying
it is a major risk.
Small business owners today are very mindful of how hiring the
wrong person can put their business in jeopardy. Among small
business owners who view hiring the wrong person as a risk to their
business, top reasons include a negative impact on the company's
reputation (68 percent) and decreased productivity (62
percent).
The 'Right' Hire
While most small business
owners consider talent to be the greatest asset to the success of
their business (82 percent), the majority believe it can be time
consuming (89 percent) and expensive (70 percent) to find the right
person for the job.
"We've heard loud and clear that small business owners struggle
to find the right person for the job, and as a result have made the
wrong hiring decision on more than one occasion," said Meredith Hanrahan, Senior Vice President of
Small Business Solutions at Monster.
On average, small business owners spend $1,872 to hire someone new and up to 4 months
searching for the right candidate, depending on the job level.
Furthermore, about four in five owners are looking for a strong
skill set for the industry (78 percent) and past job experience (77
percent) when hiring someone new, while half (52 percent) also look
for something less tangible: grit.
"When we have a really great hire, it means to me that we have
someone we can rely on, is here for the long-term and really
becomes part of the Meyer Sound family," said Helen Meyer, co-founder of Meyer Sound, a
Monster small business customer (Meyer Sound's Small Business, Big
Hire story can be viewed here.)
Small business owners like Meyer Sound have unique needs and
limited time, but without the necessary resources and data in
place, the employee search can take a toll not only on them, but
also on their business as a whole. As a result, more than half have
settled for a candidate who was not as qualified as they would have
liked (56 percent) or have previously made a wrong hire (62
percent). In addition:
- 58 percent of owners fear laziness more than any other quality
of a new hire.
- 44 percent of owners fear the employee not getting along with
customers; whereas 41 percent worry they do not have the right
skills for the job.
- Small business owners that have made the wrong hiring decision
generally realize their mistake quickly – 70 percent realized it
within the first three weeks, with about one-third (30 percent)
being aware of it after only a few days.
Risking it All
In addition to being a financial
burden, hiring the wrong person can have an emotional effect on
small business owners. About three in four owners who have hired
the wrong person before feel frustrated (73 percent), stressed (47
percent) and discouraged (36 percent) as a result. The survey also
found that:
- Over half of those who have hired the wrong person before have
experienced a loss of time (69 percent) and money (56 percent) due
to wrong hires.
- Specifically, one-third or more of these owners estimate
wasting over 50 hours of their time (34 percent) and over
$1,000 (42 percent) due to their most
recent wrong hire.
- Other issues caused by hiring the wrong person include product
errors (51 percent) and loss of customers (24 percent).
Experience Needed
While many of today's small
business owners continue to devote more of their own time and
effort to finding the ideal candidate, some are actually not
improving their search whatsoever. Of those who have hired the
wrong person before, 56 percent are investing more time to make
sure they don't do this again, but only about one in five aren't
doing anything at all (18 percent).
Although nine in ten (89 percent) small business owners find the
hiring process time consuming and three-fifths (61 percent) wish
they had more help in finding the right person for the job,
significantly fewer owners are currently hiring an outside service
to help recruit (11 percent). Monster's goal is to make small
business owners aware that these resources and solutions exist, all
within their budget.
"Monster has been able to reach the type of person we want, in
the way they're searching for jobs, be it a smart phone, social
sites," said Brian Bailey,
co-founder of Old Carolina Barbecue company, another of Monster's
small business customers (Bailey's Small Business, Big Hire story
can be viewed here.)
As the small business industry and recruiting process continue
to evolve, owners will need to expand their current approaches to
find the right candidates. Specific tools such as social recruiting
and talent CRM targeted emails, as well as campaigns and alerts
from potential candidates, can increase their search results,
ultimately saving time and money. To learn more about these
specific tools and more, visit:
http://hiring.monster.com/solutions/Small-Medium-Business.aspx.
Survey Methodology
Monster commissioned Braun Research
to poll the views of a representative sample of 639 small business
owners in the U.S. who have 1-50 full-time employees. The survey
was fielded between March 16-21, 2016
and was carried out online. Margin of error was +/- 3.88% at the
95% confidence level.
About Monster Worldwide
Monster Worldwide, Inc.
(NYSE: MWW) is a global leader in connecting people to jobs,
wherever they are. For more than 20 years, Monster has helped
people improve their lives with better jobs, and employers find the
best talent. Today, the company offers services in more than 40
countries, providing some of the broadest, most sophisticated job
seeking, career management, recruitment and talent management
capabilities. Monster continues its pioneering work of transforming
the recruiting industry with advanced technology using intelligent
digital, social and mobile solutions, including our flagship
website monster.com® and a vast array of products and services. For
more information visit http://monster.com/about.
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SOURCE Monster Worldwide, Inc.