What is the cost of hiring the wrong candidates?
If you are, or have been, in a hiring role, you at some point have probably experienced making a bad hiring decision. The cost of hiring the wrong candidate is significant.
According to a recent report conducted by CareerBuilder, a bad hire can cost in excess of $50,000.
There are both qualitative and quantitative costs, including:
- Time and costs to recruit and train the worker
- Time and costs to recruit and train a new worker
- Lost productivity
- Negative affect on employee morale
- Negative impact with clients
- Lost sales/revenue
- Legal issues
- Unemployment insurance
How do you avoid the costs of a bad hire?
There are many ways, but consider using a strategic staffing partner to leverage this risk.
We at The Vesume Group have a very rigorous pre-employment screening process that includes video resumes and interviews. That process, coupled with our contract-to-hire strategy, has been very successful in helping our clients improve the quality of their hiring decisions and avoid the costs of a bad hire.