Whilst there isn't a one-size-fits-all formula, some studies estimate the cost of a bad hire can be anywhere from 20% to 300% of an annual salary depending on seniority and impact. These costs can include: Hiring Costs, Onboarding Costs, Cost of Salary & Benefits, Loss of Morale, Loss of Productivity, Missed Opportunity Cost, Remedy Time Cost, Other Client or Internal Implications, Legal & Termination Fees.
You can use our bad hire cost calculator to see how much a bad hire might cost your business if it doesn't work out at any point within the first year...
Bad Hire Estimated Cost Calculator
By using this tool, you acknowledge that it is provided for general information only and that CJPI does not warrant the accuracy of any output. Results are estimates based on the data you enter and do not constitute professional advice. They should not be relied upon as the sole basis for business, financial, legal, or investment decisions. CJPI Ltd accepts no liability for any loss or damage arising from the use of these tools. For advice tailored to your specific circumstances, please seek guidance from a qualified professional.