Finding the perfect candidate for the job isn’t an easy task, but it’s certainly not a decision to take lightly as a bad hire can have negative implications for your company, both in terms of the work achieved and the financial toll it can have.
This infographic by the Accounting School Guide investigates the impact that hiring the wrong person for the job can have on a business, looking at aspects such as what constitutes a bad hire and how you can protect your business from the negative effects of a poor hiring decision.
- 6 in 10 employers have experienced negative effects of a bad hire, with the impact resulting in hurt employee morale, damaged client relationships and a decrease in sales.
- Hiring a new employee means having to fork out for the cost of HR and training, and the process of recruiting, hiring and training a new employee can set a business back an average of $4,000. The cost of a bad hire overall can cost a business anything between $25,000 and $220,000, so it’s worth taking the time to make the right decision!
- When hiring a new employee, double check that the job description outlines exactly what you want before posting the opening and really sell what you business can offer top candidates to attract the best people.
- As important as the technical skills are to complete the job, it’s also crucial to assess how well the individual would fit into your environment. If their personality does not suit your organisation, it is unlikely that they will stay for long and it may cause conflicts amongst your team. If you’re not sure about a candidate, ask other members of staff to help you to make the decision.
- Don’t just hire anyone to fill the spot, it’s best to take your time over hiring decisions and consider it carefully to ensure that you find the right candidate for the position.