National Living Wage and National Minimum Wage Increase
The cost of getting it wrong and the impact on employers….
- 85% of HR Decision Makers admit their business has made a bad hire.
- 1 in 3 HR decision-makers whose business hired the wrong person for a manager, director, or senior official role think it cost their business nothing.
- 1 in 5 HR decision-makers ‘don’t know’ how much a bad hire costs.
- Bad Hire Mid-Management Level with a salary of £42,000 can cost the business £132,015…
- Wasted Salary – £28,000
- Wasted Training – £1,500
- Recruiting and Training New Recruit – £9,730
- Lost Productivity of New Employee – £9,625
- Lost Productivity of Team – £29,160
- Staff Turnover – £54,000
The Impact of 1 Bad Hire Means:
Bad Performance + Team Frustration + An Impact on Productivity and Reputation
= A Financial Loss
How to safe guard yourself:
Choose a trusted supplier (like us!) that has proven results
When recruiting : Promote a flexible and inclusive workforce
Implement soft skills assessment tools : We use Talent Dynamics
Have a solid induction programme, getting current staff involved