A Bad Hiring Decision Costs MORE Than JUST MONEY!
We’ve known for a while that a bad hiring decision can cost companies a shockingly large amount of money.
In fact, depending on the role, a bad hire can cost a company anywhere from 25% to 250% of their first years salary! (Source: Dice) We’ve outlined WHY it costs a company so much money (ranging from wasted salaries to training costs), but now there is more to consider than just lost money – what about GRIEF?
We recently came across an article by Michael Lang, titled “The 5 Stages of Greif of a Bad Hiring Decision” and we realized that some companies and hiring managers face more than just wasted time and money – What about emotional impact?
Lang suggests that after a bad hire, hiring managers often experience five stages of grief, which range from denial to acceptance, and points out that often people go through emotional stages before being able to hire successfully again. Sounds exhausting, right?
The only solution to preventing the financial and emotional impact of a bad hire is to change the hiring process.
Finding and keeping the right hire is worth whatever time and effort it takes. If it is costing too much time or effort than what the hiring manager or organization can invest then it warrants the intervention of an expert!
Improving hiring processes, job descriptions, mastering interview techniques and hiring education is all worth finding the right hire, rather than risking the costs of a bad hire, both tangible and intangible.
