The hiring process can be long and difficult on both sides of the desk, and can sometimes lead to a “less than ideal” hire at a moment of desperation. But the consequence of that decision can be large and lasting on your organization. The article, “The Staggering Cost of a Bad Hire,” posted on The Daily Muse, lays out just how much it can cost you in dollar amounts, lost productivity, and also how to avoid this mistake.
Let’s talk money…
- A bad hire can cost a company as much as $25,000 to even $50,000!
Cost outside of cash
- Company culture shifted in a negative direction
- Client satisfaction decline
- Time lost on on-boarding/training of the new hire
How to Spot a Potential Bad Hire
- Candidate was late returning paperwork
- Candidate doesn’t get along with other employees
- Bad Attitude
- Continually tardy
How to Avoid this
- ALWAYS check references
- Conduct thorough interviews
- Help new hires feel comfortable and confident on their first day
The article goes into further detail and explanation with the help of statistics and charts to prove how critical a hiring decision can be!