What Is the Cost of a Bad Hire for a Business?
According to a CareerBuilder survey, 75 percent of employers have hired the wrong person. Unfortunately, the impact of a bad hire on the business can be far and wide, including:
- Loss of morale among employees
- Additional supervision required
- Lost productivity and revenue
- Impacted client relationships
And the real financial cost of all of these affects? CareerBuilder says it’s approximately $17,000 on average in just one year.
What Is a Bad Hire?
It may not take long for a company to realize they’ve onboarded the wrong person. While many factors contribute to an employee being labeled a bad hire, some of the most common signs include:
- A bad attitude
- Qualifications that aren’t suited for the job
- Inability to work with coworkers
- Poor quality work
- Personality mismatch
Improve Your Recruitment Process
If you’re planning to bring on more employees, hiring talent that fits with your organization can be a challenge. To make your decisions, you’ll need to go beyond a candidate’s resume today. While there’s no guarantee that you’ll avoid a poor fit, several steps can help reduce your chances, including:
- Clearly define the job’s role and responsibilities
- Set realistic expectations
- Vet adequately
- Trust your gut
To prevent the wrong person from impacting your bottom line, learn the top 10 hiring mistakes to avoid.