The Costliest Part of a Bad Hire

Finding the right candidate for a job is arguably the most important aspect of running your business.  Not only are elements of compensation—salary, bonus, severance, benefits—a costly effect of a bad hire; the impact on morale, productivity, corporate culture, and image can be severely damaging.

A bad hire can cause a disruptive effect on even your best employees, who will have to work harder to make up for the work the insufficient employee isn’t doing.  If the lousy employee is in a management position, they’ll harm not just themselves but will cause a ripple effect among those reporting to them.  One bad apple can be damaging to the entire organization.  Without the right employee, your ability to succeed as an organization is greatly compromised.

As expensive as it is to replace the wrong hire, a recent survey found it isn’t the money that concerns today’s business leaders the most.  When asked, Which is the single greatest impact of a bad hire?, here is how more than 2,100 Chief Financial Officers responded:

  • 39 percent felt that lower staff morale had the biggest impact.
  • For 34 percent of CFOs, loss of productivity was the most damaging factor of a bad hire.
  • 25 percent claimed that monetary impact was a big concern.
  • The remaining 2 percent of CEOs claimed the greatest impact was not one of these reasons.

When it comes to hiring an employee, you should always follow your intuition.  Your gut feeling is often one of the best indicators of employee success.

Working with a staffing agency can significantly reduce the risk of a bad hire.

At BOS Staffing, we prescreen candidates by conducting initial phone interviews, background checks, etc. and provide you with top candidates based on the requirements you give us.  We even offer temp-to-hire services which allow you to “try before you buy” candidates, to make sure an employee is a great fit before bringing them on full-time.

For more than 35 years we have helped clients throughout Northeast Georgia and nationwide complete work cost-effectively, hire smarter, and manage their workforces more efficiently.  Give us a call today to talk about customized staffing solutions for your organization.

 

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