What is the cost of a bad hire?
Are employers aware of the financial impact to their business?
A recent study by the REC (Recruitment and Employment Confederation) states that 85% of HR professionals admit their business has made poor hiring mistakes.
The key findings of the report:
- 33% of HR professionals believe hiring mistakes cost the business nothing. (We say thank goodness for the other 67%!)
- £132,000 is the calculated cost of a poor recruitment hire at mid-manager level.
- Costs to be aware of – training costs, salary, recruitment costs, lost productivity, etc (We also believe there is a cost to the company’s reputation)
- 39% of employers admit to improvements being needed with regards to their recruitment processes i.e., interviewing and assessment. (We are always happy to advise!)
With the current economic climate and the continued difficulties with regards to the labour market and the availability of talent, this report comes as an alert to companies who are making mistakes with their hiring.
Maybe partnering with a specialist recruitment consultancy, suited to your business is the way to go!
For the full report please view via the REC website.
Glen Callum Associates is a member of the REC and has been advising and assisting companies on their recruitment methods for the past 18 years. For help with your recruitment methods don’t hesitate to contact our professional and friendly team on 01384 485274.