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What is the real cost if you employ the wrong person?

It’s hard to find the right person to fill a vacancy these days. There are less applicants to choose from and the right skills can be in short supply. But, what is the cost if you employ the wrong person?

The latest report from the REC (Recruitment & Employment Confederation) gives some very interesting details about the costs to a company after recruiting someone and finding it was a bad hiring decision. When I talk about cost, it’s not just about loss of money.

Poor hiring decisions do happen, but employers can often underestimate the impact that they have on their teams and company as a whole.

Perfect Match REC Employ the wrong person

Someone new joining your company, if you are large or small employer, always changes the dynamic of the team they join. Usually adding fresh ideas and enthusiasm.

But, if they are the wrong person for the position it can mean performance quickly drops off. This then can cause upset within the team.  The result can be an impact on the teams’ productivity and ultimately financial loss.

  • When HR decision-makers were asked 85% said that their company had made a bad hiring decision.
  • Of those decision-makers hiring the wrong person for a manager, director or other senior level position, 1 in 3 believed that it cost their business nothing.
  • 1 in 5 HR decision-makers ‘didn’t know’ how much hiring the wrong person cost.

What could hiring the wrong person in a Mid-level Management position, with a salary of £42,000, cost your company?

Perfect Match Costs REC Employ the wrong person

The report doesn’t only give out bad news that you may have ignored until now!

It has some great advice on how to ensure that your success rate for hiring the right person for the vacancy improves.

Download the whole report here:

https://www.rec.uk.com/news-and-policy/research/perfect-match

If your company has vacancies that you’d like help finding the ‘perfect match’ for, click, send us a message and one of the LMR Recruitment Team will get back to you.

Contact us

Anice McNamee (Marketing Manager)