Even in the best of circumstances, recruiting, hiring and onboarding, the right person can be a challenge. Consider how much worse it would be if after all that, you hire the wrong person.
The cost of a lousy hire is nothing short of incredible!
You may not even be aware of exactly how much a bad hire will set your business back. Here are only a few of the bottom-line costs:
- Hiring costs (both for a lousy hire and their replacement)
- Total compensation
- Employee support costs
- Lost Productivity
- Money missing due to neglected sales or business opportunities
- Loss of clients and reputation
When deciding on a recruiting method for locating and selecting candidates, the sheer number of choices can be overwhelming. In recruitment, failure is never an option since making a poor hiring decision will surely cost your company time and money.
Maybe you are thinking, “How bad could it be?” Consider this; hiring the wrong person could add up to hundreds of thousands of dollars. In some cases, the price tag of a poor hire can skyrocket into the millions of dollars!
That is money right off your bottom line.
For example, a second-level manager earning $62,000 per year could cost your business, after 2.5 years, more than $840,000 in associated costs. The numbers might vary, but the math can apply to employees at every level of an organization.
If lost money and profits aren’t serious enough; add the potential negative impact a unsatisfactory employee can have on your company’s reputation, morale, and productivity. One lousy hire and your business could spend years to recover from the damage!
There is a way to reduce your chances of suffering with a bad hire. Ovation Technologies have all the tools your business needs to engage, screen and hire the best, most-qualified talent. From creating effective and accurate job descriptions to developing a reliable supply of candidates with the right experience, Ovation helps you hire the right person for any type of job.
Ovation even provides pre-hire criminal background checks, as well as driver’s license checks for jobs requiring drivers, truckers and heavy equipment operators.
In a new infographic from Resoomay, a terrible hire doesn’t just cost you time and money. Employees have to work harder to make up the difference, so a lousy hire might just cost your best employees, as well!