How Much Does A Bad Hire Really Cost?
This is one of the most common questions asked when deciding if you should hire in-house or outsource it to a specialized HR recruiting firm.
Let’s take a look at what the stats say:
"The cost of a bad hire can reach up to 30% of the employee's first-year earnings” - US Department of Labor
"Bad hires cost $240,000 in expenses related to hiring, compensation and retention” - The Undercover Recruiter
“74% of companies who admit they've hired the wrong person for a position lost an average of $14,900 for each bad hire.” - CareerBuilder
Additionally, we have to take into account recruitment costs. There are a wide range of hidden costs to consider before hiring a candidate. These normally include:
Advertising job listings and using an applicant tracking system to manage resumes
Costs to attend career fairs and other networking events
Costs for internal hours reviewing candidates, screening, background checks and negotiating
If the interview process stalls without a job offer or if a candidate quits within the first three months, the employer continues to incur costs until the role is filled, whereas Andiamo! Group provides you with a refund of the paid fee
How Can We Be Sure (as a company) That We Can Trust Andiamo Group Talent Partners?
Our Process
In today’s world it’s hard to find and know who to trust when it comes to finding the right employee or contractor for your company. Below you will see that we understand the difficulties you deal with on a daily basis with hiring.
01
Complete Background Research
We gain a complete understanding of our client’s business through two areas of research: Direct dialogue with key management team and/or board members (via face-to-face meetings, phone conversations and emails) and a review of the company and industry literature, such as business plans, press releases and websites.
We want to have a broad perspective of our client’s business proposition, funding, revenue model and its culture.
02
Detailed Needs Analysis
From our initial conversations and client review, we outline our understanding of the key responsibilities and requirements of the open positions.
03
Identify Candidates and Coordinate Interviews
To expedite the search process, we work around probabilities. Sometimes we might look for a “best-all-around” type of candidate; other times we narrow our search to specific industry sectors, well regarded companies or geographic locales known for developing high-impact talent. Our intent is to present only those candidates that have a distinct possibility of being accepted by our client partners.
We plan and schedule meetings between our client’s key decision-makers and leading candidates. Also, we conduct a debriefing with both the client and candidate after each discussion. In addition, we hold regular conference calls with the key contact within the client organization to discuss progress and make adjustments as necessary.
04
Conduct Reference Checks
We only rely on information provided to us by individuals who are or have been in positions to evaluate the potential successful candidate’s qualifications and performance.
05
Assist in Negotiations
On our client’s behalf, we anticipate functioning as a sounding board to both our client as well as the potential successful candidate. Our intent is to facilitate the compensation discussions our client would initiate with the candidate. The ultimate decision to pursue and/or hire a specific individual rests with our client – our role is purely as an intermediary.
We recognize that our success is based upon the continued support of our client companies and the dedication and quality of both our internal workforce and the candidates we place. We proudly retain personalized service and accountability for each and every placement we make.