Filling a vacancy is never an easy task for a business and that is why they are hiring decisions should not be taken lightly. Not only is it a time-consuming process that requires effort and money, but the newest recruit to your advice business can really leave their mark—in good ways and in bad.
USA Department of Labour research shows that the average cost of a bad hire can be as much as 30% of that person first year earnings! However, from time to time, despite your best efforts, the process just does not work.
The person who ticked all the boxes through every part of the interview process simply is not the same person who shows up on day one—it happens. And while vacancies can cost money, the cost of a bad hire is staggering. Far beyond the monetary cost, bad hires can have a disastrous effect on team dynamics, productivity, and client relations.
Before hiring a new team member why not have a look at what the potential cost of what a bad hire may be for the position you are looking to fill.