The Cost of a Bad Hire

Posted by Bradley Metz on 2/21/19 4:10 PM

In Client Tips, Leadership, Management, Hiring Tips, interviewing, invertiew

Most companies don't know the full cost of a bad hire, so they under-invest and do not apply the resources upfront to avoid one. By some estimations, the cost of hiring the wrong employee can add up to anywhere from 250,000 to almost a MILLION dollars. If you make a bad hire, there is a ripple effect among all who work for you, your product quality and company image. 

Making a Bad Hire

Most companies have had experience hiring an employee who wasn't a good fit. How can a hiring manager avoid making a costly mistake while hiring? 

  • Proper sourcing. Sourcing for your ideal candidate is becoming increasingly more challenging as the job market becomes tighter. Eye care professionals are sitting at an all time industry low of 1%. Sourcing your career to the 1% of unemployed candidates that are ACTIVELY looking is not enough. The best candidates are already working and hiring managers will need to find a way to get their attention
    did you know imatters has an eye care exclusive database of over 150,000 eye care professionals, most of which are passive? Get in touch with the best candidates in the eye care industry with E-Blasts to the imatters network. 
  • Skill and cultural assessment. Interviewing for technical skills is important. Ensuring that the candidate fits into your company culture is crucial. A candidate with the perfect set of skills can completely clash with your company culture if not properly interviewed. Asking the right questions, knowing the ideal personality fit for the position.
    imatters conducts a thorough client interview to best understand your cultural and skill set requirements. With a detailed understanding of your opportunity, imatters will vet all candidates that apply and only present the perfect matches for your organization. GET IN TOUCH WITH AN IMATTERS RECRUITER
  • Don't always hire immediately. Especially in such a tight market, it can be tempting to take the bait and extend an offer to the first attractive candidate. Make sure to at least have a couple prospects before extending an offer after your first interview. 
    imatters' network consists of over 150,000 active AND passive eye care professionals. Interview the best candidates until you've found your perfect match!

the real cost of a badhire

Consider the expense and hassle you face when you have to cut your losses and dismiss this wrong hire. In the long run, it's more difficult and costly for a manager and team to accommodate a poor performer than it is to invest in an effective staffing solution. With a 97% successful placement rate, a guarantee of successful integration and a proven track record in the eye care industry, imatters is your solution to avoiding a bad hire!