Hiring the wrong employee can be costly for business in more ways than one. Here are some ways that a bad hiring decision may impact your business, and what you can do to avoid it.
Consultancy firm The Retail Solution recently reported that staff turnover in the first 12 months is costing $3.8 billion in lost productivity across Australia.
What’s more, the Australian Human Resources Institute recently found that nearly seven out of 10 survey respondents (69 per cent) said that their organisation does not measure the cost of employee turnover.
The survey of 603 businesses also found that 58.5 per cent of respondents surveyed believed that turnover had a negative impact on workplace performance.
These studies ultimately show that making a poor hiring choice can not only have a devastating financial impact on a business but can also transpire to other areas of the business, such as its performance, brand and reputation, and systemic workplace culture.