Cost of a bad hire
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Recent studies have demonstrated that the cost of hiring the wrong person for your job could cost you anywhere between 1.5 to 3.5 times their annual salary. These numbers are just touching the surface. They are referring to the costs which you can measure and calculate objectively such as cost of posting, cost of HR time, cost of managers involved in the interview process and training. On top of this there are other much more difficult costs to identify. Those are the intangibles such as how it affects morale of the team, how your clients view the changes and so on. These extra components can inflate the 1.5 to 3.5 number exponentially. We encourage you to consider, carefully, your recruitment methods and tools used to make those final hiring decisions which are so key to your success!