“80% of employee turnover is due to bad hiring decisions.” – The Harvard Business Review.
When it comes to deciding on your recruiting methods and selecting the right candidates, the amount of choices available to you is nothing short of daunting. Unfortunately, making the wrong hiring decision can cost you time and money.
There is a wide disparity about what a wrong hire can cost a company because there are so many variables. But the cost of selecting the wrong person can run into the hundreds of thousands or even millions of dollars, not to mention the potential negative impact to a company’s reputation, morale, and productivity.
Specifically, recruiters have been known to say that a poor hiring decision for a candidate earning $150,000 per year could cost, on average, $375,000, and that expense comes right off the bottom line.