Do you know the cost of a bad hire?

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Losing employees is always difficult but are you aware of the financial implications? This info-graphic does a great job of explaining the cost of a bad hire and how detrimental it can be for a company. According to this data outlined by Resoomay, the cost of a bad hire can be in the hundreds of thousand of dollars.  

In IT recruiting, an area that TopLine Strategies specializes in, our studies have found that it can take up to one year to get back to efficient levels of productivity if a key domain knowledge holder leaves the firm. So the importance of hiring the right individual the first time, and for the long-haul, becomes critical to the success of your company. 

A few things to consider when recruiting your next employee: Pay attention to the candidates job history timeline on their resume. A candidate that moves from job to job on a yearly basis could indicate this person grows restless with a position very quickly. Be weary of these individuals even if they are qualified. You do not want to waste months of productivity, training an employee that will be gone before they can be an effective contributor to the team. And remember that training periods also lower productivity levels of your current employees, who in many cases are the ones in charge of training new employees.  Develop an effective recruiting strategy to mitigate the risk of hiring the wrong person and learn to develop a company culture that will encourage employees to stay for years to come.    

 

 

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