New report reveals what hiring the wrong person can do to a company

There’s no doubt folks going on job interviews are dealing with a lot of pressure, but did you ever stop and think about the pressure put on people doing the hiring? Finding the right person for a job can be really nerve-wracking, and according to a new survey, picking the wrong candidate can be quite costly.

A survey by CareerBuilder finds that 74% of employers say they’ve hired the wrong person for a position, and such bad hires can cost companies an average of $14,900. What’s more, 37% say such bad hires resulted in less productivity, while 32% say it resulted in lost time trying to recruit and train another worker, and 31% say it compromised quality of work.

So, what constitutes a bad hire for employers? Reasons given include:

  • The worker didn't produce the proper quality of work (54%)
  • The worker had a negative attitude (53%)
  • The worker didn't work well with other workers (50%)
  • The worker had immediate attendance problems (46%)
  • The worker's skills did not match what they claimed to be able to do when hired (45%) 

And hiring the wrong worker isn’t the only costly mistake employers are making. In fact, letting good workers go can cost them even more. Turns out, the average cost of losing a good hire this year was $29,600. And losing those workers could come down to how they are treated. The survey finds that while 75% of workers believe they are loyal to their employer, only 54% believe their company is loyal to them.