The Cost of Bad Hiring in Healthcare
It’s no secret that hiring poorly can cost a business up to hundreds of thousands of dollars or more annually, which is why certain organizations put potential employees through such an extensive hiring process.
But even those companies who take their time hiring, instead of filling positions rapidly, still make the mistake of selecting bad hires each year.
To keep your company from making the same common hiring errors, it’s helpful to know what makes a bad hire and how much it costs a company both short-term and long-term each time a hiring mistake is made.
A bad hire is a person who negatively impacts an organization’s productivity and performance, retention rate, and company culture. Some other features of bad hires include:
- Being less productive
- Having poor retention rates
- Displaying poor performance
- Making a great work culture unpleasant
The Cost of a Bad Hire
Due to numerous variables, it’s hard to estimate precisely how much a bad hire costs an organization. However, when you factor in lost time and productivity along with the effect they have on other employees, a bad hire can cost a business anywhere from a few hundred dollars to somewhere in the millions.
Some of the things that go into the cost of replacing a bad hire include:
- Recruitment advertising fees
- Staff time
- Replacement hires relocation and training fees
- Delayed company goals
- The loss of customers
- Damaged employer brand
- Lawsuit fees
How to Ensure You Hire the Right Employees
While it’s never a company’s intentions to make a bad hire, it still continues to happen. If your company has made multiple mistakes of hiring people who were not a good fit, then working with an experienced national niche recruitment firm can help. A firm such as HealthCare Support (HSS), can help you identify, hire, and retain the right healthcare talent for your business. We put our focus on placing top talent in the dynamic healthcare industry, which includes administrative to executive level professionals in the clinical and non-clinical healthcare field. For more information on the employment solutions we offer, please call 1-888-219-6825.