Despite increased costs and time spent on talent acquisition, 60% of business leaders globally worry they’ve hired the wrong person, according to a survey released Dec. 3 by SmartRecruiters. The survey included 500 companies across North America, the UK and Australia.

It also found that 45% of business leaders spend more than half their working hours on talent acquisition tasks, diverting crucial resources from core operations. The study noted this inefficiency is driving up costs and impacting brand reputation, profitability and overall business growth.

Top negative impacts of ineffective hiring include damaged brand reputation, 30%; weaker sales performance, 29%; slower business growth, 28%; and reduced service quality, 28%.

“Our research highlights the need for businesses to rethink their talent acquisition strategies. In a rapidly evolving, distributed workforce, traditional hiring processes are no longer sufficient,” SmartRecruiters CEO Rebecca Carr said in a press release.

The survey also revealed confidence issues. Six months after hiring, 60% of business leaders feel confident in less than half of their hires, while 34% remain unsure about hiring decisions, reflecting flaws in current talent acquisition processes.

Overall, 56% of business leaders reported talent acquisition has grown more complex in recent years with the rise of digital nomads, remote workers and international employees. Many expect these professionals to become more significant in hiring strategies over the next two years.