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How much will a bad hire cost my business?

This is a question that is often misunderstood because when you ask yourself how much does recruitment cost what’s your answer? 20% of the salary you paid out? Research by the Recruitment and Employment Confederation in the UK shows that if you lose someone in their first 12 months it can cost the business as much as 3.5X salary - so an employee costing £30k can cost your business over £100k of costs in direct and indirect costs. It sounds like scare tactics but just give yourself a few minutes to take this in, think of the internal time you invest in hiring people, the agency cost, the onboarding time and costs, the training time and cost, the impact on team performance and productivity, the impact of a poor performer on your performance and reputation. These costs add up.