The best recruiters know this fact: always hire the best talent one can afford. It’s not only because great hires add tremendous value to the company; the problem is that the opposite is also true – there’s a cost that comes with poor hiring decisions.
Not only bad hires lead to high employee turnovers, the impact is manifold, from higher HR costs, loss in productivity, training costs, damaged client and partner relationships, amongst others. And consider this scary number: a poor hire can be as much as US$25,000 for a low-level job, to a whopping US$220,000 to a high-paying, senior level one.
Here’s an infographic that outlines the financial costs of a bad hire.
[Infographic credit: AccountingSchoolGuide.com]