[Infographic] The Damaging Cost of a Bad Hire

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Information about [Infographic] The Damaging Cost of a Bad Hire

Published on July 7, 2016

Author: Paychex

Source: slideshare.net

1. Both small and large businesses can struggle to hire the best and the brightest employees. BUT WHAT IS THE COST OF A BAD HIRE? A bad hire can affect your bottom line, company morale, and much more: THE HARD COSTS TO THE BOTTOM LINE INDIRECT COSTS ALSO ADD UP 150% of an employee's salary to replace him/her in your workforce $ 1,200 to train each employee 11% of CFOs reported lower sales THE DAMAGING OF A BAD HIRE CO TCO TCO T 17% of companies reported supervisors spending one day a week managing poor employees 13% of companies lose half or more of new hires within the first year Bad Hires May Lead to: 57% 22 days of job openings take 3 months or more to be filled Nearly 30% of companies reported that it takes over a year for new employees to reach full productivity Paychex FlexSM Hiring helps untangle and streamline complex hiring processes. Your team brings its knowledge of the business and current procedures, and our team brings powerful technology, an end-to-end infrastructure, and personal service. Average time to complete the interview process • Reduced morale Time to Refill Roles in Your Company Hire BetterHire Better To learn more, call 855-973-2460 or visit payx.me/BadHire. • Undermining of business brand • Increased overtime and burnout • Reduced organizational experience • Weakened relationships with clients The forgoing is provided for informational purposes only and is believed to be accurate at the time of its release. © 2016 Paychex, Inc. All rights reserved. Sources: www.investopedia.com/financial-edge/0711/the-cost-of-hiring-a-new-employee.aspx www.roberthalf.com/cost-of-a-bad-hire www.brazen.com/blog/archive/job-search/heres-long-real- ly-takes-employers-fill-open-positions/ www.glassdoor.com/research/studies/time-to-hire-study/ hriq.allied.com/pdfs/AlliedWorkforceMobilitySurvey.pdf www.paychex.com/human-resources/

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