The job interview process is a chance for employers and candidates to get to know each other and decide whether they are a good match. While much is written giving candidates tips to help them overcome the stress of the interview situation, it can be just as difficult a process for the employer.
So, what is the true cost of a bad hire?
Well, beyond the obvious – finding a new recruit and training them up has been thought to cost in excess of £30k – a bad hire can also impact your existing team and even lead to further lost productivity.
A lot rides on finding the right person for a role – particularly if staff are overstretched due to a lack of people power. Get it right, and you can grow your business and drive success. Get it wrong and it could cost you more than you think.
The financial liabilities of a bad hire are substantial and can include induction, training, recruitment and salary costs. But, in reality, these are often outweighed by the hidden costs; a bad hire may affect morale, staff retention, productivity, perception and how the business is judged by clients and customers.
A bad hire is effectively the lost opportunity to hire the right person for the role.
A recent report from the REC has quantified these costs and they are much greater than you’d imagine – it can even cost over £100k for an unsuccessful member of middle management.
Find the right person for the job today.
Don’t stress about the risks associated with the cost of a bad hire. If you’d like to find a perfect match for your business, talk to Ten2Two. With over 11 years’ experience in flexible and part-time recruitment, we are experts at finding the right candidate for any role you’re looking to fill.