New Report: The Hidden Costs of a Bad Hire
As businesses engage in “Hasty Hiring” to beat labor market competition, they’re racking up huge costs in hiring mistakes.
Key Takeaways (TLDR)
- A bad hire can have hidden costs beyond the price tag of nearly $21,000.
- Negative workplace morale and lost productivity are amongst the steepest costs of a bad hire.
- Other contributing factors to modern-day workplace upheaval are the 60% of American workers who are afraid to speak up in the workplace, record low employee engagement, and a stunning 96% of workers who say that they are looking for a new job in 2023.
When business owners allow the pressures of a small labor pool to force bad personnel decisions, they hire hastily and settle on a wrong hire. That can be fatal to their business.
Moscow, Idaho (Newsworthy.ai) Wednesday May 10, 2023 @ 7:00 AM Pacific —
RedBalloon released a groundbreaking report that outlines the hidden costs of a bad hire – costs that go beyond the average price tag of nearly $21,000 dollars unwinding a bad hire.
“A bad hire impacts workplace culture like a match to dynamite,” said Andrew Crapuchettes, CEO of RedBalloon. “But businesses are falling into the ‘availability fallacy’, as HR teams increasingly overlook fatal flaws in the only available applicants in this tight labor market.”
A plurality of employers have reported lost productivity, compromised quality of work, and negative workplace morale as being amongst the steepest costs of a bad hire.
Other contributing factors to modern-day workplace upheaval are the 60% of American workers who are afraid to speak up in the workplace, record low employee engagement, and a stunning 96% of workers who say that they are looking for a new job in 2023.
“There’s an absolute correlation between the high number of employees who are unhappy and disgruntled in the workplace, the high number of employees saying their looking for a new job, the tight labor market, and the rapid increase in bad hiring costs,” continued Crapuchettes. “The entire ecosystem of the American workplace is being turned on its head, and we’re seeing survey numbers about lack of engagement, lost productivity, and overall dissatisfaction between employees and employers – numbers that are off-the-charts.”
Download the report here. If you would like to schedule an interview with RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997–8013 or [email protected].
Founded In 2021, RedBalloon has quickly become America’s largest connector of employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates. RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator who has founded several successful tech companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago.