It’s much easier to track the impact of the stars you hire. New business, happy customers, improved teamwork, more revenue. When you make a good hiring decision, everything gets a little better. But the hires that don’t work out are costly. How costly, no one really knows, because their impact on your business stays off the books. But in uncertain times like these, bad hires are a cost your business can’t afford.
HR professionals do estimate the cost of unsuccessful hires, mostly in terms of recruiting. Let’s start with the low estimate. A 2017 CareerBuilder survey report estimated that companies lost an average of $14,900 on every bad hire. Almost 74 percent of companies reported making at least one bad hire in the past 12 months.
But that’s just the beginning. Disengagement is contagious and a disgruntled or incompetent worker can bring down the performance of the whole team. They can also cause high performers to leave. CareerBuilder’s survey respondents estimated the cost of losing a good hire at $30,000.
The U.S. Department of Labor estimates the cost of a bad hire to be 30 percent of the worker’s annual salary, so mistakes at the high end of the org chart can be extremely costly. Recruiting, onboarding, and training replacements use up both financial and human resources and may take months – time your employees have to spend taking on extra work and stress.
How can you avoid the risk and cost?
Work with a staffing partner to help you find and select the right candidate. At The CSI Companies, it’s what we do – in fact, it’s all we do. We’ve spent a million dollars on training our recruiters to source and screen the best candidates for our clients, and we have a database with pre-screened candidates ready to work immediately.
Hiring contract workers makes sense for almost any company. For peak season, especially, contractors will alleviate the stress from your full-time employees. Plus, they offer you an opportunity to ‘try before you buy’ before committing to a long-term fit.
The benefits of working with a staffing partner include being able to try out a candidate before you make a commitment to hire them permanently. If it’s not a good fit for you or them, our recruiters will find a great replacement fast – we guarantee it. We’ve been recognized year after year for excellence in service, receiving ClearlyRated’s Best of Staffing® Award.
We take on the cost of advertising your job and screening hundreds of resumes to find the best fit for you. Your dedicated recruiter will understand your company’s culture as well as the skill sets you require and handle background, education, and reference checks before we pass a candidate on to you.
Trust your instincts.
Many employers tell us they should have trusted their instincts with their bad hire. They saw early warning signs that something wasn’t right, but they stayed the course anyway, only to have to go through a painful termination months later.
Trusting your instincts is good but trusting 25 years of staffing experience and thousands of successful placements is better. From banking and finance to administration, IT, healthcare, risk management, and professional staffing, we have the experience to find the right match at the right time for your company.
