Forty-one percent of companies estimate that a bad hire cost them more than $25,000.
One in four say it cost them over $50,000…
And these estimates are conservative.
Calculating employee turnover costs is always tricky. For those brave enough to try, simply add:
- Cost of time spent writing/posting jobs descriptions, reviewing resumes & interviewing candidates
- Cost of time spent training & providing orientation
- Cost of salary, benefits and perks
- Cost of providing severance or (oh no!) dealing with a lawsuit
Then add some of the less-obvious costs:
- Lost clients and new business opportunities
- Substandard work with rework, due to poor skills or mistakes
- Inefficient management of time and resources
- Missed deadlines
- Poor attitudes and lower morale
The numbers are gruesome and impact both hiring managers and their teams.
Besides, we all love zombies… As long as you don’t hire one!
Infographic after the jump…