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  • Jon Golding

What are the consequences of a bad hire?

How much will it cost my business if I get recruitment wrong?

 

Finding the right employee is crucial in ensuring efficiency in the workplace, should you get it wrong and make what we call a “bad hire”, this could affect your whole business.

 

According to Oxford Economics and Unum, 'the average cost of taking on an employee, on a salary of £25k, is £30,165 - which takes into account an average spend of £5,433 on recruitment and the loss of productivity while training the new employee to a certain level of proficiency. Should the employee progress as planned then your business will recoup these losses. If they don’t however, this will cost you in the long term; a poor hire at mid-manager level with a salary of £42,000 can cost a business more than £132,000 due to the accumulation of costs associated with the recruitment process, such as training, onboarding, wasted salary and much more!'

 

What are the consequences of a bad hire?

Monetary costs such as wasted salary, compensation, training, loss of business and rehiring costs. However, there are many non-monetary costs associated with a bad hire too:

 

  • Increased workload – Current employees may have to fill in for a role that is currently vacant during the re-hiring process, this leads to a bigger workload and increased stress.

  • Staff turnover – a bad hire may cause good employees to leave the company, as trust weakens.

  • Low morale – if the team begins to struggle and friction occurs, morale can be affected, leading to a loss of productivity.



Burning money
Burning money

 

So, how can we at Crossword Recruitment help you find the right fit for your needs and reduce the risk of a bad hire?

 

When working with us, we ensure that all candidates are fully vetted and verified prior to beginning the role. The talent pool that we have access to is considerably bigger, we can utilise our vast database of candidates, our expansive social media networks as well as sector specific job boards. We’re equipped to respond quickly and effectively no matter how urgent your hire is. We have an in-depth, rigorous process that we go through with every candidate to ensure they match what our clients are looking for - we will be releasing another blog in the near future to tell you exactly how our process works, so keep an eye out on our socials and our website!

 

Already swamped HR teams and Hiring Managers have enough on their plate without having to handle recruitment too – let us take the load, and make sure your 'recruitment is done properly!'

 

 

 

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