If you’re a hiring manager, you know that a bad hire costs an organization a significant amount of time, money, and resources. But do you know the full financial cost of a bad hire?
Hiring managers put in a lot of time and effort to avoid putting the wrong employees in the wrong position. However a bad hire sometimes happens to even seasoned hiring managers. A lot of effort is put in to prevent bad hires from occurring due to the staggering financial cost that can be incurred.
Some recent statistics from a recruitment firm fully details the cost of a bad hire:
- Up to a -298% return on investment
- 75% of hiring demand is to replace workers who have left the company
- It costs $7,000 to replace a salaried employee, $10,000 to replace a mid-level employee, and $40,000 to replace a senior executive.
- The average cost of turnover is $8000
- The average cost of work disruption is $59,498
Preventing a bad hire begins with understanding the exact type of worker a candidate is. Personality assessments such as the Workstyle & Performance Profile provide hiring managers with unparalleled insight into a candidate to ensure a stronger job-fit alignment.
Hiring managers can start reducing the risk of a bad hire by trying our 30-day FREE unlimited subscription to the WPP!