- What is a Mis-Hire? It’s when a new hire fails to meet the desired results within their first year in their position
- Jack Welch says 1 out of every 2 hires are Mis-Hires
- What is the cost of a Mis-Hire? 5-24 times an annual salary. If a new hire has a base compensation at $102,692, the net average cost of a Mis-Hire =$1,502,436 (14.6 times base compensation)
- How do you prevent it? Consistent recruiting methodologies and thorough vetting processes (more details on this to come…)
“The toughest decisions in organizations are people decisions—hiring, firing, and promoting people. These are the decisions that receive the least attention and are the ones that are the hardest to “unmake.” —Peter Drucker
Image from – donaldepaor.wordpress.com