The Cost of a Bad Hire
Every company wants to hire the best people. But sometimes the cost of making the wrong hire isn’t entirely clear. And the consequences maybe be more severe than they initially look.
Bad hires end up costing companies a lot of money- up to $1.5M for executive replacements. Costs don’t stop there, however. A bad hire can spread bad habits throughout the organization, leading to lost sales, unsatisfied customers, and more work for A players, leading to burnout.
There are steps companies can take to reduce bad hires. By hiring proven internal candidates and being specific about the company’s needs in job descriptions, companies can increase their quality of hire and reduce bad hire costs.