What is the True Cost of a Bad Hire?
If you don’t have much hiring experience, filling an open position on your team might not seem like a huge deal. However, there’s a lot more to it than simply sorting through resumes and interviewing candidates who appear the most promising on paper.
Finding the right fit means securing a candidate with the skills to succeed in the job and a personality that perfectly fits your company culture — much easier said than done. Failing to hire for both hard and soft skills will cost you.
Here’s what you have to lose by making a bad hire.
Your Bottom Line Will Take a Hit
The true cost of a bad hire differs by every company and position, but there are many estimates out there to give you an idea. For example, a CareerBuilder survey revealed companies lost an average of $14,900 on every bad hire, but research has also shown that the number can be two to three times the employee’s annual salary.
Hiring a new employee is supposed to help boost your bottom line — not decrease it. No matter how much you lose on a bad hire, it’s still too much.
The Entire Team Will Suffer
When a new employee doesn’t fit in, the entire team dynamic shifts — in a bad way. One person can wreak havoc on an otherwise happy, functioning team. This can be caused by a variety of issues, including the rest of the team having to take on several of the new hire’s responsibilities, because they’re unable — or unwilling — to do the work themselves. Additionally, a new employee whose personality clashes with the rest of the team can also create a hostile work environment.
Turnover Levels Might Rise
If work becomes perpetually unpleasant because of a bad hire, existing employees might reach their breaking point. This can cause them to leave jobs they previously enjoyed because things have changed for the worst. The last thing you want is to hire someone who effectively scares the rest of your talented, hardworking employees away.
Patients Will Notice
Your patient base really knows your behavioral healthcare facility. They’ve grown accustomed to the quality of care you provide, so if a bad hire has caused chaos behind the scenes, they’ll sense it. If patients feel like they’re no longer receiving the best possible care or are just plain uncomfortable with your new hire, they’ll likely go elsewhere. People aren’t willing to leave their health to professionals who no longer have their confidence.
It Will Consume a Lot of Your Day
A bad hire can easily consume your workday. Whether you’re trying to train them to complete tasks you thought they knew how to do or are dealing with complaints from other team members, continually putting out fires will keep you from your actual job. This can cause you to have to spend even longer hours at the office because your work won’t do itself.
Adding a new employee to your team is a very big deal. If you would like to learn more about how we can help you find your next behavioral health position, contact us today at (513) 651-9500 or by email at [email protected].
