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5 Important Hiring Tips When Building Your Company Spend the extra time to vet optimal candidates wisely, and you won't consume precious resources that are critical for your growing company.

By Randy Moore

Opinions expressed by Entrepreneur contributors are their own.

Aleksei Morozov | Getty Images

As an entrepreneur, time is not on your side. Yet spending those tedious hours to identify and vet the optimal candidates for your growing company is crucial.

When your team needs to expand rapidly to meet organizational demands and challenges, it's quite easy to hire the first person who looks good on paper. But making the wrong hire costs about 30% of the individual's first-year expected earnings, according to the U.S. Department of Labor.

I can also tell you from experience that the wrong hire doesn't just constitute monetary repercussions; it can permeate throughout your organization. It can have a detrimental impact on team morale and cause employees to question your leadership and decision-making abilities. The wrong hire consumes more resources than if you spent the time and due diligence to identify the right employee from the onset. With one wrong move, you're consulting with employment lawyers, combing over your hastily created HR policies, trying to define how to handle coaching and development, and more.

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