What,Are,The,Total,Costs,Bad,H business, insurance What Are The Total Costs Of A Bad Hire?
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According toa study by the Corporate Leadership Council, hiring the wrong executivecan cost an organization as much as three times their annual salary.The Gallup Organization has noted that the cost of poor hiringdecisions may even be much higher than previously estimated. Someresearchers have calculated the cost of a bad hire can be as high astwenty four times the positions base salary.Presidents,CEOs, Boards of Directors, and Hiring Managers should neverunderestimate the ramifications of a bad hire. The fallout can affectan entire organization, doing far more damage than leaving the positionempty would have.Whilereasonable experts may disagree about specific salary-to-cost ratios,the fact remains that the cost of new executive failure is much higherthan merely search costs and salary. Those are just two of the directcosts.Indirect costs typically add up to much more.Some of the direct and indirect costs noted in various studies we reviewed include:wasted salary, benefits, and severancelost recruitment fees and training costslower personal productivity among dissatisfied employeesdisruptions caused by dissatisfied employeeshigher turnover rates among productive employeesdamages to reputation and market sharelost management timeincreased stress and anxiety from people problemsTheperson hurt most just might be the executive who was set up forfailure. This person accepted a position based generally on a vague jobdescription, and then found reality did not match up to their or thehiring manager's perceptions.Having astructured, formal, and sophisticated hiring process, with well trainedpeople in the process will ensure that these bad hires aresignificantly reduced and often eliminated.I welcome your thoughts and comments.
What,Are,The,Total,Costs,Bad,H