How Much Would a Bad Hire Cost Your Company?
A great employee has the ability to positively impact the business he/she works for. While there are certain costs that are always present with replacing a bad hire, such as recruitment efforts, interview time, and training costs, there are several factors such the person’s seniority, number of people directly managed, department, and tenure that will determine the total eventual impact a professional has on the business. Just like a new rock-star hire can have a tremendously positive effect on the company, making a bad hiring decision can have a significant and long lasting negative effect. This is why top companies trust executive search firms to find and vet executives who may or may not have the hard and soft skills needed to be successful in the role. Below is a tool to help hiring managers and top level executives understand the impact a bad hire may have on their company’s bottom line.