What is the cost of a bad hire?

what-is-the-cost-of bad-hire

As a business practice, you need the right consultant to recruit the ‘good’ suitable candidates for you – because you cannot afford to hire ‘bad’. The costs of selecting the wrong candidate include not only the tangible finances but the climate in your company as well. Examine these facts as a result of a bad hire :

• Eighty percent of employee turnover is due to bad hiring decisions.

• Replacing a recent new hire costs one-third of the new hire’s annual salary. The costs will rise up the organizational hierarchy – that means much more costs when you hire bad for the senior positions !!

• Hiring Managers spend an average of 3 to 4 days sourcing, screening, interviewing and conducting background checks on each position. But, if you engage the right recruitment consultant who has the requisite work experience in the relevant domain or the industry you are recruiting from, you can save yourself from this trouble. Candidate search is a specialized skill-set that is not possessed by all recruiters and hence, the job portals cannot help you every time.

• In addition to the hiring manager’s time, the HR assistant may spend an additional 20 hours per position on administrative functions, such as reviewing resumes, filing, recording, scheduling etc. But, when you have out-sourced the recruiting activity to the right ‘dependable’ external consultant, you save time and cost.

• Poor hiring can negatively impact the work culture in your company, lowering the morale and productivity of other employees too.

Understandably then, there is very little scope for committing an error when selecting the good suitable candidate. At Rambuna consultants, we focus on the verticals and/ or functions where we are well-networked, knowing and capable. With more than 2 decades of work experience in Sales & Marketing from the same industry we recruit for, we cannot go wrong. In addition, we have helped the SME (Small & Medium Enterprises) client companies, by getting the best and right (suitable) talent for them. You will only stand to gain from our recruiting expertise ! Visit our website to know more about us.

Read More:
Should you select the best or the right talent ?

Advertisements

One thought on “What is the cost of a bad hire?

  1. Pingback: Successful Succession Planning « Visibility Software

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s