Hiring a new employee carries some risk.
The person you choose to hire may look and sound great during interview, but he or she may turn out to be a poor performer in the end. It is essential that you try to avoid making a wrong hire, because it can cost your company dearly.
According to The Harvard Business Review, about 80 percent of employee turnover results from poor hiring decisions. Here is a look at the potential costs of a bad hire.
In a survey conducted by CareerBuilder, about 41 percent of companies estimated that a bad hiring decision cost them more than $25,000 and 25 percent said that it cost them more than $50,000.