Cost of Hire | Visit our blog page for articles on Simulation and Staffing

How Staffing Firms Can Boost Your Company

Bad hires are hard to measure. The U.S. Department of Labor reported the cost of a bad hire to be at least 30% of an employee’s first-year earnings. The monetary value of a bad hire may be calculated, however, it is hard to see how a bad hire affected your employees, work progress, etc. SHRM places the cost of a new employee to be as much as $240,000, including recruitment and onboarding costs. The time and resources put into making the bad hire are wasted and now you must put in more time and resources to find a replacement. Not only can a bad hire cause you to lose money, but it can disrupt company flow and deteriorate company culture. Now those costs are immeasurable and hard to quantify in U.S. dollars. You can read more about the dangers of a bad hire here. Whether it is a bad hire causing another employee to be upset or disrupting general workflow in a company, a bad hire is sure to negatively impact your company!

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Dangers of Making a Bad Hire

It is natural to make mistakes when we are pressured or rushed. I’m sure you’ve experienced a time when you sent an email to the wrong person; or a time you didn’t see that autocorrect changed the word shirt to something inappropriate. Rushing never leads to good results. So why would you rush on hiring? We understand you may need an immediate hire: Someone just quit, or your business is expanding. One of the most dangerous mistakes you can make during these situations is making a bad hire. Read More…

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