The Cost of Making Poor Hiring Decisions and How to Avoid Them

Mastering the art of recruiting top talent is a priority for growing businesses, but the hiring process can be complex. Occasionally you may make the wrong hire, a misstep that can be costly on many levels. The true cost of a poor hire can be difficult to measure, mostly because there are so many direct and indirect factors to contemplate. Here’s why you may want to consider employing a professional recruitment firm to serve you in finding the perfect, long-lasting candidates.

What Does a Bad Hire Cost You?

The cost of a bad hire varies depending on the industry, location, and job position. Senior-level positions or those requiring very specialized knowledge usually involve a steeper cost, especially when those opportunities are in larger cities. When considering the monetary consequences of a bad hire, remember all the costs associated with each step of recruiting a new employee on your own; job posting fees, advertising costs, time screening candidates and vetting references.

Costs of Advertising Job Positions

Some job boards can be costly and bring stress with wading through the endless applications. Just as advertising your business will help it achieve more visibility, having a recruitment firm advertise open job opportunities on your behalf can maximize exposure. This can save you the costs of subscriptions to job posting platforms and having a skilled recruitment firm manage your active job listings increases the likelihood of the right fit seeing the opening and applying.

Costs of Interviewing Candidates

As a business owner – time is money. Interviewing candidates can be time-consuming and arranging virtual or in-person meeting times can create scheduling conflicts due to distance and time zone differences. Working with a professional recruitment firm means that these interviews are going on behind the scenes and aren’t interfering with your schedule.

Costs of Training Replacements

Once you’ve chosen a replacement after a hire that didn’t work out, the direct costs of a bad hire shift to onboarding the new employee. This might include helping cover relocation costs or the cost of extensive training to get the new team member up to speed on the company and the ins and outs of the job. In the early days of employment, new employees cost more than they are earning for the company; as it can take weeks for new hires to reach full productivity, which usually involves the time of several individuals.

Do what you do best, and leave the skilled interviewing, vetting and candidate presentation up to the professionals at KAN Recruitment. If you’d like to learn more about what outsourcing your recruitment looks like, head over to our Employer Resource Section or connect with us;

KAN RECRUITMENT

📞 (250) 864.2401
✉️ kristie@kanrecruitment.com