The Cost of a Wrongful Hire

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If you have been a hiring manager for any period of time, you have probably experienced the pain associated with hiring the wrong person. If you think through some of those bad experiences, what often comes to mind are the pains associated with the hire. This could include a wide variety of things such as the negative impact they had on team unity, the impact their lack of engagement had on productivity, or the stress that dealing with the employee had on your life. Making the wrong hire can have a wide ranging impact on your business. Frankly, the best case scenario of a wrongful hire is that it is bluntly obvious very quickly to all parties involved. Then a quick separation can be made prior to significant long-term damage. However, in many cases, it’s simply not that easy. The process evolves slowly and the impacts to you and your team and business can be wide-ranging and costly. We have seen many cases where wrongful hires have an impact easily in the tens of thousands of dollars and not uncommonly in the hundreds of thousands of dollars. Some of the costs, such as impact to team morale and customer relationships can be a little tough to quantify.

Bluewater has developed a worksheet to help you think through and define the costs associated with a wrongful hire.(Click here for the Cost of a Wrongful Hire Worksheet) Through this process, we hope the importance of ensuring your new hires are a true fit for both your position and company becomes more apparent.

Our process and tools help to significantly increase the likelihood of your new hires being a strong fit. Feel free to reach out to any member of the Bluewater team to discuss how we can help your firm improve the caliber of your new hires.

Now Available:  The Hiring Compass

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Categories: Professional Development and Talent Management.

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