A few bad hires can be a big blow to the company budget.
According to the U.S. Department of Labor, “it’s estimated that the average cost of a bad hiring decision can equal 30 percent of the individual’s first-year potential earnings.” That means that a $20 per hour bad hire could cost you $12,500. And if you make a few of those bad hires in a row, you are starting to feel some real pain.
But is the potential for loss even higher than that?!
Let’s take a look at some specific areas of cost where you might be losing money if you have acquired the “bad hire habit.“.
Like the saying, “You are what you eat.” We believe that “You are who you hire.” When you think of bad hires as a “cancer” within your organization, you can start to get a sense of how quickly these destructive costs can accumulate.
Don’t panic. You are not the first person or company to deal with this issue. In fact, it’s the eternal struggle, especially in a very tight job market.
Here are 5 tips that have helped many of our industrial clients improve their hiring from bad to good.
Industrial Trades Pros provides career resources as well as recruiting services to top industrial trades professionals and the companies that employ them in manufacturing, transportation, energy, automation/robotics and industrial services. We enable machinists, mechanics, welders, fabricators, electricians, installers, quality control techs, service techs and other related tradespeople to find great opportunities and achieve their greatest potential in their fields.