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The REAL cost of a bad hire

 

Some organizations bring incompetent or destructive executives into the fold just to fill seats.
Some organizations bring incompetent or destructive executives into the fold just to fill seats.

Organizations with open positions in the executive suite often rush to fill them. This common compulsion makes perfect sense. How can a business function effectively without leadership? However, some bring incompetent or destructive executives into the fold just to fill seats. This haphazard recruitment methodology often depletes company resources and creates long-lasting internal discord.

Dollars out the door
Bad hires often carry immense monetary impact, according to one study from an online career site. American businesses throw away an average of at least $11,000 per bad hire. Researchers from the same organization also found that almost 30 percent of U.S. employers have wasted as much as $50,000 on a bad hire. Of course, this amount only increases as you move up the pay scale and deploy further recruitment assets to woo C-level staff.

“An estimated 75 percent of American businesses have hired ill-fitting employees.”

Culture takes a hit
The impact of bad hires isn’t confined to the accounting department. Bringing in the wrong employee can also degrade workplace culture and create long-term issues that can live on long after you’ve corrected your error in judgment, Entrepreneur reported. Incompetent hires can create division and resentment among high-performing internal team members. Toxic employees, on the other hand, may abuse their co-workers outright and leave once exceptional contributors emotionally drained and less productive. Don’t forget the golden rule: Employees leave their boss, not their company.

An estimated 75 percent of American businesses have hired ill-fitting employees who wrought fiscal and cultural havoc on their workplaces. Chances are, your organization is part of this large group. Often internal recruiters are overworked and overloaded with “filling reqs.” As such it comes down to numbers and as to how many reqs are open or have been filled.

If this is the case, consider partnering with a retained executive search firm such as YES Partners. Our recruitment consultants can connect you with candidates who not only have executive experience to move your company forward but, more importantly, fit within your existing internal culture. The focus here is not by filling an open position, but by filling an open position with the RIGHT candidates.

To see some of the roles we have already successfully placed, click here.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.

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