What are the Costs Of A Bad Hire?
As an Employer how many job hires have not worked out for you?
If Employers are to actually calculate how much it has cost his company in the obvious cost but also the hidden cost everytime the hire doesn't work out, they would be shocked at the total loss of income and lost opportunities.
Recruiters don't always get it right either that is why you need to be very careful about who you select to do your hiring. Minimising the risks is a good start!
A bad hire will and how it hits the bottom line figures each time it happens.
What Hiring Cost Does An Employer Incur in a Bad Hire?
ADVERTISING COSTS $
Price of Online ads $?
Cost of Number of Online and Paper Ads?
Price of Paper ads $?
HUMAN RESOURCES COSTS $
Time required for writing an engaging Ad and posting Ad $?
Time in initial screening: Answering enquiries, Short-listing Candidates, Initial Telephone Calls $?
Time to set up Face to Face appointments, Time lost from normal duties $?
Time lost from lost opportunities or normal responsibilities $?
Time to organise Online Psych tests, Skills Tests, Medicals, Police Checks $?
Time lost by Managers in inducting and training of new employee
Opportunities loss by Manager not focusing on their normal duties $?
INTERVIEWS COSTS $
Number of candidates interviewed $?
Number of interviewers $?
Time Costs and Expertise Costs of Interviewers $?
What level of ability reflects the company's image $?
REFERENCES COSTS $
Organising an acceptable number of referees required $?
What quality are the referees $?
Time lost from normal duties or lost opportunities $?
Time Costs for Reference Checking $?
Expertise of person/s interviewing $?
What level of ability reflects the company's image $?
PRODUCTIVITY COSTS $
Employee's Lost Salary $?
Poor Staff Morale and Negative Clients Impact $?
Training Induction Cost $?
Training Performance Cost $?
Loss Of Client Sales $?
Relocation Costs if applicable $?
STATIONARY AND IT COSTS $
Employee's Email or Accounts Set up $?
Stationary and IT Tools purchased for employee $?
TOTAL COST OF A BAD HIRE $?
START THE RECRUITING PROCESS AGAIN $?
TOTAL COSTS OF 2 HIRES $?
It has been estimated that bad or wrong hires have cost companies up to hundreds of thousands of dollars in lost revenue annually worldwide.
Bunyon Recruiters have over a minimum of 14 years of recruiting experience, wisdom you can trust.
