I wish it was so easy to fire someone! The last person I hired took 4 months to ‘unhire’ and about 60 hours in documentation, meetings and lost productivity. That doesn’t even count the hours of lost sleep, plus all the extra time I put in to do her job! Unfortunately, in a moment of frustration, I forgot the phrase ‘Hire Slow, Fire Fast.’ If you are feeling desperate, frustrated remember how much a bad hire will cost you in:
- Interview Time
- Reference checking
- Manager training time
- Lost Profit Margins and customers.
- Potential customer problems
- Time in tracking and documenting
- Team Morale
- Mental, emotional and time drain on leadership
- Benefits and Perks
- Mistakes made
Eye Bogglers
- According to a recent Gallup Poll, the cost of each bad hire is approximately 3.2 time that person’s annual salary.
- The Bureau of Labor management estimated it cost $14,000 to replace someone.
- According to the Bureau of Labor Statistics less than half of all Sales or Customer service empolyees have recieved any formal job related training within the last 12 month.
Here is a little tool that can help you when you forget to Hire Slow and Fire Fast- ADP Bad Hire Calculator will let you know exactly how much it can cost you! Oh and it’s FREE!
Resources
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