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Brandon Hall Group, a preeminent research and analyst firm, defines a bad hire as someone who negatively impacts organizational productivity, performance, retention, and culture.*1
While most organizations are intimately familiar with their cost-to-hire metrics — and the variables that influence this formula — many organizations overlook or underestimate the true cost impact of a bad hire. Brandon Hall Group identified three variables that are constant in calculating the cost of a bad hire: Compensation (salary for the job position), training (new-hire training and employee training fees), and cost to hire (traditional recruitment costs).*2 But the true cost of a bad hire can include additional variables such as missed-business opportunities, loss of customers, weakened employer brand, loss of productivity, and, perhaps most important — but more difficult to measure — reduced employee engagement.
Today’s Human Capital Management (HCM) tools can help to reduce the risk and cost of a bad hire. With an automated, integrated HCM recruitment solution employers can more effectively staff their organizations with the best people for the job. The recruitment process is simplified through automated hiring tools and integrated reporting that enable employers to track applicants in a paperless environment while applicants apply, upload resumes, and answer pre-screening questions online. Recruiters can screen, identify, hire, and on-board those candidates who are most likely to be productive — the best-fit employees who will perform better and stay on the job longer.
Schedule a live demonstration for more information on the ONEMINT Recruitment tool.
*1 Brandon Hall Group, The True Cost of a Bad Hire (August 2015).
* 2 Ibid, 13.