Hiring the wrong employee can affect your business in too many ways â€“ by costing you time and money, certainly, but also by driving down the morale of your other employees.
Every candidate will put on their best face during the interview process, and theyâ€™ve got a huge range of online resources to help them say the right things, anticipate tough questions, and portray themselves as the dream solution to your staffing needs.Â Â But their true selves and real work ethic arenâ€™t easy to discern during an interview.Â Making the wrong decision can be costlyâ€¦and now thereâ€™s even a formula for projecting just how costly.
Research by TheUndercoverRecruiter.com gives us a formula that shows the true monetary effects of a bad hire.Â If youâ€™re paying that person $65K a year over 2.5 years, youâ€™d see a cost to your bottom line of $840,000.
Why?Â Â Because you need to add up hiring costs, total compensation, costs of maintaining the employee, â€œdisruption costs,â€ severance, on-the-job mistakes and missed business opportunities â€“ among other factors.
At North Bridge, weâ€™ve given hundreds of clients the option to test the water with attractive candidates through temp-to-hire.Â Moreover, we screen those candidates thoroughly before we send them on to employers.Â Plus, if anyone takes a hit in the unusual case of a mismatch, we take that burden â€“ not the client â€“ since s/he is on our payroll, not yours.
Tags: staffing insights