While there is no guarantee a c-suite leader will live up to expectations, the costs of hiring the wrong person for a leadership role are clearly astronomical.
The Cost of a Bad Hire
How costly is it to hire the wrong person for a leadership role?
A study by renowned economist Eileen Appelbaum and sociologist Ruth Milkman found a bad hire can translate to as much as 213% of a c-suite level employees’ salary.
That figure is enormous. But it may be even higher, as many companies are still recovering from the vestiges of the pandemic, making the role of resilient and dynamic leaders even more vital to a company’s success.
As I wade through the cascading effects a mishire has across an organisation, you’ll see it costs not only time, energy and money, but much more.
“The cost of a bad hire is always extensive,” notes the Society of Human Resources Management (SHRM). “If you make a bad hire, there is a ripple effect among all who work for you, your product and your product quality.”
Bridget Papanicholas is CEO & Managing Director of TRANSEARCH USA. As head of the project delivery team, Bridget leads a team of senior recruiters and researchers as she oversees all the TRANSEARCH Chicago searches. She partners directly with executives to provide terrific insight on candidates and outstanding service during the interview and on-boarding process. Her passion for process and consistency has been instrumental in streamlining and improving search processes and project timelines.