Mis-hires are the silent killers within most organizations. They are one of the most costly mistakes that an organization can make. Some of these costs are hard to quantify, such as the cultural impact of hiring and keeping poor performers on board. Poor performers, or toxic employees can drag an entire team or company down, causing top performers to leave or reduce their productivity levels dramatically.
Other costs are very tangible and easy to quantify, but the results may be surprising. Up to 3 out of 4 hiring decisions result in a mis-hire! And the average cost of mis-hires are estimated to be anywhere from 5-25 times that persons salary. Lets take a look at how that adds up in our infographic The Real Cost of a Mis-Hire where we share a common example of what it could cost an organization to hire the wrong candidate.