Hiring decisions are of the most important decisions a leader has to make, and they are often challenging and laborious work.
Here are some of the costs of hiring the wrong employees:
- Cost of the hire, including advertising, interviewing, screening, etc.
- Cost of onboarding, including training, uniforms, equipment and management time.
- Lost productivity—it may take a new employee a year or more to reach the productivity of an existing staff member.
- Cultural impact—whenever someone leaves, others take time to ask or wonder “why?” Staff members who see high turnover may become disengaged and/or lose productivity themselves.