The True Cost of Making Bad Hiring Decisions

News and Notes - July 5, 2018 1:28 pm

1. Advertising the position
Number of ads placed X number of days

2. Administrative time to process all candidates
Allow a minimum of 3 hours plus benefits per candidate

3. Interview time costs
Allow 3 hours per interviewer per candidate plus benefits

4. Training
Average 1 month wages within the first year

5. Trainer
Wages/Salary 1 month plus
On-site and off-site seminars and courses

6. Candidate expenses (if applicable)
Travel to the interview(s)

7. Relocation expenses (if applicable)
Moving expenses and other benefits

8. Severance pay (when terminated)

9. Loss through embezzlement, product theft, larcenies, espionage

10. Lawyer/court costs