It’s a sign of the times. Current economic and competitive pressures are forcing most IT organizations to do more with less. It’s no wonder then, when a manager gets approval to hire an additional person, they want to move quickly to fill the spot - and for the least cost.
Unfortunately, if you select the wrong candidate, the cost incurred by the employer may far outweigh any benefit of having the new hire in the role. According to Mary Lorenz, the most recent CareerBuilder survey on the cost of a bad hire shows that “69 percent of employers reported bad hires lowered their company’s productivity, affected worker morale and even resulted in legal issues”. Although it’s difficult to totally quantify the cost of a bad hire, ADP’s Bad Hire Calculator provides some perspective. ADP estimates a $65,000 full-time hire that goes bad will cost an employer over $94,000. If fully on-boarding a technical resource takes 6 months, the calculator estimates the bad hire cost growing to over $110,000!...Read More