How to avoid the big cost of a bad hire

Tax, insurance and inventory are all inevitable elements of running a business. But what about the hidden costs which factor into your yearly spending but never feature in the budget? The cost of unsuccessful hires is responsible for huge amounts of wasted money according to REC’s recent report which suggests you could be losing £132,015 per bad hire. Here are three of the ways we avoid it:

 1.       Getting to know potential hires properly

If a hiring process lacks attention to detail you could find yourself with an employee who has the hard skills needed for day-to-day tasks but not the soft skills or cultural fit.  We endorse a multi staged interview process with group tasks designed to address how well the individual will really fit in with the company and the people, as well as individual interviews more specific to the role itself.

Internal time spent recruiting and training new employee £9,730