51 per cent of HR directors admit to not knowing their average cost per failed hire. More still said they didn’t know how to accurately work it out.
Pre-hire assessment specialist ThriveMap has developed a new, easy to use calculator that quickly shows just how much failed hires are costing your business each year. Best of all, it’s completely free to use.
The calculator has been developed using data from ONS, Oxford Economics, Leadership IQ and the CIPD and covers a wide range of industry sectors including retail, hospitality, technology and media.
Just four pieces of information are required, these are:
- industry sector
- current employee headcount
- Per cent of headcount growth per year
- Per cent staff turnover
Unlike other calculators, ThriveMap’s reveals not only the logistical costs incurred of hiring a new individual, such as agency fees or advertising, but also the impact of lost productivity associated with failed hires too.
It’s the first time such a meta-analysis of industry data has ever been compiled into one calculator.
Click here to start calculating, and start building your business case for more HR budget.