There’s one word that makes C-level executives, human resources departments, operations personnel, sales teams and financial staffs cringe:

Turnover.

When a single new hire doesn’t work out, stress ripples through the organization. When it happens repeatedly, those ripples of stress quickly become a tidal wave that wipes out profits, employee engagement and revenue growth. Turnover affects almost every aspect of a business, including tangible and significant costs such as squandered payroll expense, litigation, wasted training dollars, wasted onboarding dollars, and much more.

The Huge Cost of Bad Hires - And How to Stop It
Source : https://emmersonkitney.co.uk/

And yet these tangible costs, substantial as they are, really just represent the tip of the iceberg. Hiring mistakes hurt morale, productivity, customer relationships and brand image. Once a company acquires a reputation for having heavy turnover, it will be seriously challenged to attract top job candidates, great customers and top-tier suppliers.

The infographic below, What Are Bad Hires Really Costing Your Business?, provides a high-level overview of the costs of bad hires, why it happens and how to fix it. For new companies, it’s an excellent place to start putting together a solid recruiting team and interviewing process. For everyone else, the infographic serves as an excellent reminder and useful in-house training tool. Read on to learn more.

Leave a comment

Your email address will not be published. Required fields are marked *