Bad hires are expensive based on an interesting survey performed by CareerBuilder revealing that 41 percent of companies estimate that a bad hire costs more than $25,000; 25 percent of companies said a bad hire costs more than $50,000. And the higher the position, the higher those numbers become. Besides such costs, which are extraordinarily high — and which can be avoided — there are other contributing elements: ones measured not in dollars but in lost productivity, impact on team morale, and total time wasted in recruiting, onboarding, and training the new employee. Certainly there are several other negative factors as well. Many would agree that an improved hiring process could minimize if not eliminate altogether such avoidable expenses.
