Cost of a Bad Hire

Why it’s important to hire the best

Imagine the amount of time, money and effort it takes to recruit, hire, onboard and deal with the general disruption of a new hire. It can be extremely costly and negatively effect your business at all levels. Potentially, you could even lose customers and damage the moral of the rest of the staff.

Now, think of what the cost and general hassle is that you must now face if you have to terminate that bad hire. In the long run, it’s more difficult for you and the entire organization. Perhaps it’s easier to simply accommodate the bad hire and the disruption that he/she brings? But who wants to do that?

There’s a better, more efficient and less risky hiring process.

The cost of a bad hire: higher than ever

In a market with extremely low unemployment and candidates receiving three or more offers, the old tried-and-true methods simply don’t work.

There is more at stake than ever. Gone are the days when you could simply “hide” a bad hire by placing them in an unimportant or unimpactful role. There is no longer a place to hide as each employee makes a direct impact on the bottom line and everyone is pushed to do more with less!

Roles once thought as routine are gone. Again, doing more with less is stressed at all levels. More and more companies are being pushed to flatten their organizational charts to save costs and drive the bottom line.

Technology has a direct impact on the bottom line. Most if not every task in business these days must be done faster and cheaper, and now companies of all sizes are relying on technology for assistance in streamlining their processes. 

How to avoid making a hiring mistake

So, we’ve identified the cost and risk of a bad hire but how do you avoid it, especially if you don’t have the team and resources to identify the good, the mediocre and bad candidates in this tight market?

You get help! Staffing agencies such as New England Staffing have the experience, expertise and knowledge of the hiring market to alleviate as much risk as possible.

How?  Just ask!

Additional blogs by New England Staffing

What makes a candidate accept an offer?

How Will Low Unemployment Affect Your Business?

Using Social Media to Find Your Next Hire

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