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expert guidance - 02.03.21
Can a bad hire really cost £142,689?
WE ESTIMATE A BAD HIRE COSTS ON AVERAGE £142,689IN THE BUILDING SERVICES SECTOR.
Many businesses and hiring managers have the belief that a failed hire has minimal cost outside of the recruitment fee and the salary you pay the individual whilst they are in the business. As a result, provided you negotiate hard on the recruitment fee (or don’t pay one at all) and act quickly to root out a bad egg, you can move on to the next hire and at some point you’ll get it right…or, what is more likely, get lucky at some stage.
I wonder how companies and hiring managers in our industry would react if they understood the real cost of a bad hire to their business. Lets face it, £142,689 is just the average. Which side of average are you?
Our Hire Success research conducted in late 2020 shows that 23% of hires don’t last a year and 47% don’t last two. I would consider under 1 year a catastrophe and under 2 years a failure. That being the case, 47% of the time you are experiencing a £142k hit to your business.
Our bad hire calculator will open your eyes.
So what are the costs? There are so many and not all will apply to every business, but have a think about:
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These are the obvious ones that everyone thinks of, however they are not the biggies. What about:
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What will be the impacts be on your business?
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There is no substitute for quality talent. It is what will define the success of your business without doubt.
What if we reset?
What if a recruiter removed themselves from targeting volume and only approached you with high quality talent that would help you grow your business. No wasted time, no ruthless efficiency, you make far more profit as a result and experience great value for money in the long term. Would that be worth a few percent more upfront per successful placement?
Welcome to Greystone. We believe recruitment is broken and encourage you to be part of something better.
We have reset the recruitment industry.
Our message is simple. Don’t focus on price; focus on long term value and profitability.
Check out our unique model, view our exclusive 2021 Salary Guide and take a look at our Hire Success research document. We’re here for you.
