The Huge Cost of Bad Hires — And How to Stop It

A habit of hiring the wrong people can cause major issues throughout the entire company. Employee morale and reputation is hindered while earnings, engagement and growth are weakened.

So, why are corporations making such awful hiring decisions? It’s possible that your firm is in a haste to fill a position and has reduced the vetting procedure to save time. Your company may be evaluating the wrong talents, necessitating a thorough redesign of your evaluation techniques.

Establishing a standardized, documented hiring process with skilled personnel will help you reduce the risk of making a bad hire. With 74% of companies admitting that they make at least one bad hire annually, this isn’t the area that you should put aside and hope for the best. Prioritize your hiring process and watch your new hire retention skyrocket. If done well, employee morale and engagement will increase while your hiring costs, ($15,000 is the average amount companies lose in direct costs on a bad hire), will greatly be reduced.

For more on this, check out the graphic below.

What Are Bad Hires Really Costing Your Business? from Torch Group, a C-level Recruiting Firm
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