How Much Does A Bad Hire Cost?

(Hint: A TON!)

Despite all your hiring committees, interviews, tests and other tricks, you can still hire the wrong person for the job.

It happens all the time and to the best of accounting firms and departments.

A survey by recruiting firm Robert Half found that 41% of hiring managers who’ve made a bad hire estimate the costs in thousands of dollars—and the cost goes up for senior positions.

How high can it go?

How A Bad Hire Drains Your Company

The U.S. Department of Labor estimates that hiring the wrong person can cost you roughly three times that person’s annual salary.

But it’s not just about salary and time spent recruiting and onboarding a bad accounting hire. It’s also about the downstream costs of disrupted business, damaged client relationships, department re-organizations, even computer hardware and IT support.

In his latest book, hiring guru Bradford Smart estimates the true cost of a bad hire to be from four times annual salary for supervisors all the way up to 15 times annual salary for vice presidents and executives.

WOW.

Check out this awesome infographic [click here] that Robert Half put together on the pain (“ouch”) of a bad hire.

Free White Paper: How To Get More From Your Accounting Hires

Often a bad hire isn’t about the actual hiring decision. It comes down to onboarding and expectations.

That’s why the accounting experts at John Wiley & Sons have put together a free white paper that details 7 key strategies you and your team can use right now to ensure your hires work out.

You can download a copy today [right here].

It’s an excellent (and fast) read.