The Full Cost of a Bad Hire, It’s More Than You Might Think
Understanding the true cost of a bad hire can be a very complicated prospect. In most cases even veteran HR professionals and hiring managers drastically underestimate the financial cost, they estimate it is in the thousands. Some studies show that the price of a new hire can be as much as 30% of their first year’s salary. Other estimates can get as high as $240,000 in the first 18 months with a “bad” new hire. This really shows just how detrimental a bad hire can be in any company, and it takes most hiring professional by complete surprise, blowing their assumed “thousands” out of the water.