I wanted to pass on this blog post from Debbie Fledderjohann, a partner of ours.
Mis-hires are expensive and disruptive. Contracting is a great alternative to relieve near-term pressure so you can, as Jack Welch says, Hire slow and fire fast.
Everyone makes mistakes, but when it comes to hiring, those mistakes can be quite expensive.
Citing a recent CareerBuilder survey, J.J. Keller reported that 69% of businesses experience bad hires. Forty-one percent estimated the cost of that bad hire to be at least $25,000 while 24% stated that it cost them more than $50,000.
It's more than just recruiting and training costs employers need to think about when considering what a bad hire costs their company. According to the survey, some of the biggest costs come in the form of lost productivity and the negative impact bad hires have on other employees and clients.
So why do so many companies make this costly mistake? The survey found that the biggest reason, given by 43% of the respondents, is the need to fill a position quickly.
By Debbie Fledderjohann, Top Echelon, adapted from their article at Top Echelon Contracting.