The Cost of Bad Hiring

Recruiting and hiring employees can be the most important work that a leader does. Current statistics show that a bad hire can cost a company from 4 to 20 times that position’s annual salary.   Take a moment to do the actual math for the average salary in your organization and it will become quickly clear the extraordinary dollars lost.

A bad hire has many components which impact your organization.  Add together the costs of hiring including interview dollars, travel costs and recruiting fees.  Then combine the salary paid to the underperforming individual and unemployment and/or severance pay.  Factor in the high price of lost customers. Now add the re-recruiting and rehiring costs.  Finally include the impact to you as the leader of the organization:  lost hours spent over-managing the person, cleaning up after and doing the work of the person.  And never miss the price of added stress during the firing process.

THE SOLUTION:

So what is the solution?  How does your company prevent the cost of bad hires?

The Wineinger Company works with you to develop a customized hiring process.  We provide the tools to help you formulate a plan that has scientific validity to the evaluative process.  We train on effective interviewing techniques.  We have provided literally thousands of hiring consultations to our clients across the US and in several foreign countries.