![]() ![]() There are other forms of loss that can be associated with a bad hiring decision according to People Matters. The more training wasted on the person, the higher the cost of the bad hire.The longer the ill-placed person has worked at the organization, the higher the cost of the bad hire.The higher the position within the organization (and thus higher the salary), the higher the cost of the bad hire.RELATED WEBINAR: Culture – The Key To Your Employer BrandĪdditionally, she pointed out three rules to consider when trying to determine cost of a poor hire within an organization. Join HR Exchange Network today and interact with a vibrant network of professionals, keeping up to date with the industry by accessing our wealth of articles, videos, live conferences and more. In her piece entitled What’s the Real Cost of a Bad Hire? – Rebekah Cardenas said, “One would expect that organizations systematically gather data that allows them to calculate how costly a bad hire can be. There are some additional items to consider. CareerBuilder says 74 percent of companies who made a poor hire lost an average of $14,900 per poor hire.Those are broken down into costs related to hiring, pay and retention. The Undercover Recruiter reports bad hires can cost $240,000 in expenses.Department of Labor says the cost of a bad hire can reach up to 30 percent of the employee’s first-year earnings. Regardless, the information points to one big conclusion: companies who make bad hires suffer as a result. Some of the data will be old and some new. HR professionals or those in recruitment who go to Google and type in to the search engine keywords related to the cost of a bad hire will see a plethora of results. The Cost of a Bad Hire The Statistics Monetary Doing anything less can cost the company in a multitude of ways. Given the perceived labor or talent shortage, the pressure is on for HR and recruitment professionals to make the best hire possible 100 percent of the time. ![]()
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