This Insights was contributed by Rebekah Cardenas, Ph.D., vice president of business development and assessment solutions at EASI·Consult®.
She believes she already “knows everything;” after all, she read the right way to do things in a respected textbook and remembers each procedure word for word. She doesn’t need to ask questions of co-workers because they couldn’t possibly be more educated than she is. Suddenly, her technical knowledge isn’t enough to be successful on the job. Could this perfect hire turn out to be a bad hire?
We all know that hiring the wrong person is costly. But just how costly depends on whom you ask. If you put “Cost of a Bad Hire” into your favorite search engine, you’ll immediately be directed to several blogs that cite other blogs that offer bullet points summarizing the overall cost as a percentage of the bad hire’s salary. Some take this a step further and break down the reasoning behind these costs (such as loss in productivity, training costs, interviewing/testing costs, HR costs, recruiting costs, and the like). Others bring the discussion full circle, detailing what companies should have done to avoid the bad hires in the first place. So what is the consensus and who should we believe?
Exactly how much does a bad hire cost organizations today?
I visited several different sources ranging from LinkedIn blogs, to Harvard Business Review blogs to HR recruiting and selection firm blogs to examine popular thought on this seemingly elusive question. Interestingly, most dialogue on the topic points back to the same sources and figures:
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