Everybody makes mistakes, but hiring the wrong employee for your business can have lasting negative effects for years on end. Here are just a few ways a bad hire can impact your bottom line.
- Company morale: An employee who doesn’t fit in can lower the morale and productivity of your entire company, potentially influencing good employees to consider other options. You may find yourself faced with multiple vacancies or the reality of keeping a marginal employee for the sake of operations.
- Loss of productivity: A poor employee is likely to perform below the expectations of your business, leading to bottlenecks in workflow, back-logging, and mistakes.
- Opportunity costs: The reason to hire a new employee is to help your business grow. A poor hire occupies a space in your organization that could be filled by an exceptional team member who could grow revenue.
- Lost executive time: All the time you spent interviewing, negotiating, and onboarding must be duplicated. This will again take you away from the duties you have running your business.
- Hard costs: The costs incurred in travel and lodging for the candidate will never be recovered. It’s also possible to incur additional costs in equipment, computers, and furniture for a bad hire.
- Separation costs: Depending on the contract, severance packages and legal fees can be significant.
Working with ETS Tech-Ops reduces your exposure to these risks and unnecessary expenses. We save you executive time and marketing costs upfront while bringing you vetted candidates who have expressed interest in a company like yours. If you’re interested in partnering with ETS Tech-Ops to hire your next Materials Science engineer or scientist, contact us today and let’s get started.