Hiring Practices: The Costly Truth About Bad Hires
As a leading talent management consulting firm, we’ve seen first hand the common hiring mistakes organizations make.
Often times our clients don’t even realize the cost of time and money. But we know the money lost, as a result of bad hiring practices, should be a huge wake up call for businesses to do a better, SMARTER job of hiring the right people, the first time.
We help companies figure out what their true cost of bad hires actually is, because the alarming truth is that a bad hire can cost a company anywhere from 25% to 250% of their first years salary! (Source: Dice)
Here are 5 areas we have companies focus on when calculating the cost of a bad hire:
As you can see many of these costs we list are intangibles – and it’s difficult for companies to put a figure to them – but without a doubt – THEY ARE COSTLY!
With unemployment at an all time low, companies feel pressure to fill empty roles ASAP. And because of this urgency, they often make poor hiring decisions – and settle for the skills-fit candidate, rather than the right-fit.
Its time to get serious about hiring right – the first time!
Here are the 3 tips we share with companies who are interested to use best practices in hiring:
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We are a leading Talent Strategy Consulting firm specializing in talent management, hiring processes, exit strategy planning, recruiting solutions and employee retention programs. We also have a California executive search recruiting division finding top sales, business development, marketing and operations talent. We love helping companies connect their business strategy to their talent needs.
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