Making one bad hire might not seem like a huge blip on the radar. However, the negativity associated with the wrong fit could send ripples throughout your organization. This can impact your business’s bottom line in a variety of ways.
Below are several ways hiring the wrong person can impact your business.
Taking the time to find the right candidate requires resources in time spent and the costs associated with paying for ads on job searching platforms. Then, when you bring the new hire in, there’s onboarding. After all of this, if the employee isn’t the right fit, you’ll have to repeat the process again, requiring more time and money spent.
How much could this cost your business? On average, one bad hire could set a company back $14,900 — and this is for just one employee. This number also doesn’t take into consideration the costs to replace them or to retain other employees. The Undercover Recruiter states bad hires cost organizations on average $240,000.
This is a sizeable expense that not only impacts your company’s bottom line, it can affect other areas of your business as well.
Source - Read More at: hrtechweekly.com