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Mar 1, 2022

HOW TO WORK OUT THE COST OF A BAD HIRE


The CIPD estimates that the cost of a bad hire is 3 times the salary – some surveys have it as much as 5 times.

Work it out for yourself using this formula:
£ The actual cost of the salary
£ Employers’ National Insurance
£ Taxes
£ Contribution towards overhead (rent, rates, office space, IT support etc)
£ Cost of training over 12 months
£ Cost in I.T. licenses, accreditations, memberships etc
£ Expenses
£ Bonuses/commissions
£ Cost of onboarding
£ Recruitment / advertising fees
£ Admin overhead (HR time, payroll, holiday cover, internal time, stationery)
£ Company car
£ Pension contribution
£ Life assurance
£ Mobile phone
£ Laptop
£ Gym membership / perkbox etc
£ Private healthcare / Dental
£ Potential liabilities overhead (Maternity / Paternity, jury service, redundancy, sick leave, unfair dismissal claim)

This is not even an exhaustive list and you may want to pick and choose which of the above is relevant to you, but it will give you an idea of where to begin to work out your costs.
 

  • What this doesn’t tell you is the impact on your team that a bad team member can have.
  • Nor does it tell you the external damage a bad hire can have on your customers and your brand/reputation.
  • You don’t need to run the risk of getting this wrong. Work with FRS to find you a successful and lasting hire.
     

Email me today at graham@forcesrecruitment.co.uk .
#veteran #humanresources #businessowner #director

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